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Pay off chunk of loan and alter monthly payment amount

krazymuthafuka · 2019-07-04 22:35:54

Hi, I'm a couple of months into a five year loan. I would like to know if I pay off a chunk of my loan, say about a quarter of it, is it possible to get my monthly payments reduced over the same term rather than keeping them the same with shorter duration?

04-07-2019 10:35pm

#1

krazymuthafuka

Registered Users, Registered Users 2 Posts: 98 ✭✭

Join Date: June 2009

Posts: 62

Hi,

I'm a couple of months into a five year loan. I would like to know if I pay off a chunk of my loan, say about a quarter of it, is it possible to get my monthly payments reduced over the same term rather than keeping them the same with shorter duration?

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Comments

#2 05-07-2019 7:40am

Bank of Ireland: Kathryne

Closed Accounts Posts: 218 ✭✭

Join Date: July 2019

Posts: 212

Hi there,

Thanks for getting in touch with us here.

You can certainly make a payment to the loan account. If the loan is visible on your Online Banking you can do a Quick Transfer into it whenever you'd like. If you can't see the loan then you simply add the loan as a payee and transfer money that way.

If you'd like to restructure the loan, it's best to link in with them directly on 1850222200.

I hope this information helps.

Many thanks,
Kat

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