AIB Loan + Online Banking

Random

(Before anyone suggests I ring them and ask, I intend to when I can get a chance - just looking for experience and info from anyone who might know .. )


So, if you take out a AIB loan for 500eur. It shows up in your Online Banking. You can then transfer the 500eur from the Loan 'account' and into your current account (in whatever amounts you want, i.e. you could take 10eur first and then 100eur and then 880eur..)

The direct debit will then take the money each month.

You can still transfer out of the loan account? I.e. keep taking from it as you pay it back? Provided you pay off the whole balance by the due date?

Maybe I'm just confused by the way it's shown up in online banking.

Anyone? Thanks

BuffyBot

They transfer the money to your current account, so effectively the loan account is -500 euro. So no, you can't take any more than the 500 out of it. Each payment you make will reduce the -500 limit (i.e pay back 50, it reduces to -450, and so on, so forth).

Random

If I pay back 50eur BuffyBot, and then decide I want 25eur of that back - can I transfer some back to my current again?

RuggieBear

that sounds like an over draft tbh

Random

You mean I should be looking at an overdraft instead of a loan? Or that you think they gave me an overdraft instead of a loan?

Just trying to work it out, seems very confusing. I really should ring .. maybe tomorrow at lunch time

xebec

An overdraft shouldn't appear seperately on your online banking afaik...

What Buffybot said is accurate in my experience

BuffyBot

ciaranfo wrote:

If I pay back 50eur BuffyBot, and then decide I want 25eur of that back - can I transfer some back to my current again?

No. To carry on my example, if you pay €50 back, you have a balance of -€450. That's the limit your account can now be. You can't take out €25 euro to make it -€475.

An overdraft wouldn't show up seperately from your account, so it would definitely appear to be a loan account you have.

Random

Grand so, cheers

Random

So it turns out I ****ed the whole thing up.

I transferred from the loan accuont to my current account getting my loan. I assumed this would only be possible IF I WAS SUPPOSED TO OR ALLOWED TO DO IT - how wrong I was. I did this on Friday.

So then midnight Sunday comes and my current acc balance goes up another loan value.

Joy, they've given me double! I ring online banking who tell me "they'll take itb ack tomorrow proberly, if not ring the loan guys".

I ring the loan guys today and they tell me I shouldn't have done that and I jumped the gun. I asked why the loan account showed up then, yada yada, no explanation.

I end up transferring 1x loan value back to them!.

Anyhow - don't do it.


++ edit ++
I just reread that - if anyone can make sense of what I said then you should get a medal

ircoha

ciaranfo wrote:

So it turns out I ****ed the whole thing up.

I transferred from the loan accuont to my current account getting my loan. I assumed this would only be possible IF I WAS SUPPOSED TO OR ALLOWED TO DO IT - how wrong I was. I did this on Friday.

So then midnight Sunday comes and my current acc balance goes up another loan value.

Joy, they've given me double! I ring online banking who tell me "they'll take itb ack tomorrow proberly, if not ring the loan guys".

I ring the loan guys today and they tell me I shouldn't have done that and I jumped the gun. I asked why the loan account showed up then, yada yada, no explanation.

I end up transferring 1x loan value back to them!.

Anyhow - don't do it.


++ edit ++
I just reread that - if anyone can make sense of what I said then you should get a medal

Silly boy, they have no right to take back the second lot out of your acc, you could have had it for free- been there done that

Random

They had added money into my current account bu the loan account was now further in debt! So I don't see how it makes me silly?