Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Bank refused re-structure of a loan

Options
  • 15-09-2011 9:55am
    #1
    DaithiL
    Closed Accounts Posts: 5 ✭


    Hi Guys,

    just looking for a bit of advice / your thoughts on something.

    Two months ago I went in to Bank of Ireland (who Ive been banking with for 15+ years) and asked if there would be any way I could restructure the loan I have with them. I needed to bring down the monthly repayments (€700) as Im struggling badly every month. And I also had to fix my car which has cost me €1000. I was refused the refinance but offered an 18 month additional loan, which I had no option but to take to pay for my car. Now my repayments are €780 a month. I decided to go back in to the bank two weeks ago to see if i could spread out the repayments over three or four years as opposed to the two years i have left on the loan, and lower the monthly repayments. This was also refused. (They offered to shorten the length of the loan and increase the monthly repayments for 18 months, i politely declined). The reason they gave for the decline is that I have never missed a payment and my credit rating was too good?

    Someone told me if i intentionally miss a payment on the loan the bank are forced to restructure upon request. Is this correct?

    Ive tried to get a loan from other banks to refinance the bank of Ireland loan but no joy. (Im being made redundant in 2013, when Im going to pay off the loan remainder out of my redundancy package)

    Any advice would be greatyly appreciated. :confused:
    Tagged:


Comments

  • Options
    #2
    Bullseye1
    Closed Accounts Posts: 5,731 ✭✭✭Bullseye1


    That seems ridiculous that you are a responsible client and because you haven't missed a payment they cannot do anything for you. Hopefully some of the insiders here can help you out. Best of luck with your question.


  • Options
    #3
    Darragho
    Registered Users Posts: 40 ✭Darragho


    Hi Op,

    I am shocked to be honest that they would not assist you. I met with them 3 months ago my story is below:

    I am a customer also of boi for 15 or so years, had a loan with them of circa 8000 remaining and was paying approx 300 per month, also had an overdraft of 3000, I sent a letter and told them I was at my wits end as was trying to pay back everyone, owe MBNA about 8 grand also.

    They rang me after I sent in the letter and I called in and they restructured my loan cleared my overdraft so owe them now circa 11k and am paying it back for the next 7yrs, yes it is a long time but it has taken pressure off.

    Also MBNA I have found to be most helpful also.

    I think it sometimes depends on who you get to speak with in the branch, I would say chance them again and ask them would they rather u default which is in neither of your interests that you are approaching them now for assistance,

    Best of luck


Advertisement