BoI loan Restructure

Cork2021

hi I’ve just engaged with BOI over arrears of two loans I have with them. My working hours have been reduced and have struggled over the past 12 months to pay them on time or missed a few entirely.
I’m worried they won’t restructure and reduce the payments. It’s stupidity on my part but bad luck as well with work. I thought I could get in line but haven’t been able and I really don’t want to see any more letters come through the letter box.

Has anyone had any dealing lately with BOI or any other bank with regards this? How does this show up on your Credit report if they create a new loan etc? Thanks

Q&A

According to the bpfi (https://bpfi.ie/wp-content/uploads/2021/09/Central-Credit-Register-CCR-QA-Final-UPdate.pdf):

"If a restructure of your loan is agreed with your lender as the result of financial distress, this credit event will be reported to, and recorded on, the CCR. Your lender is required to report any alternative repayment arrangement, such as restructuring your mortgage, to the CCR.

However, no matter how long is left to run on your mortgage, where loan payments are still being made, or are expected to be made, a lender will only see the most recent two years of payment information on the credit report. So, when you manage to get back on track over time, this will be reflected on your credit report. Data is kept on the CCR for up to five years."

While they mention mortgage above the same likely holds for other forms of credit.

davehoneyyy

https://www.boards.ie/discussion/2058397351/boi-loan-restructure

It’s good that you’ve reached out to BOI about the arrears—taking action early is always better. Banks do offer restructuring options, especially if you can show reduced income as the reason for payment difficulties. They might extend the loan term or adjust repayments to make them more manageable.

If they create a new loan as part of the restructuring, it could show up on your credit report as a "restructured loan," which might impact your score, but it’s usually better than missed payments. Have they mentioned any options yet, or are you still waiting on their response?

Cork2021

https://www.boards.ie/discussion/comment/123217502#Comment_123217502

still waiting on a response. Sent in revolut statements last Friday and have heard nothing since. So I’ll ring today and see what the story is

JVince

You have arrears, so don't be concerned about credit record.

They are very pragmatic about repayments and restructuring.

You will need to show you are making an effort too.

Check all your regular expenditure and see where you can make savings - especially things like phone, TV subscriptions, discounted electric etc etc.

Cork2021

https://www.boards.ie/discussion/comment/123217572#Comment_123217572

yeah I’ve been doing my best but I doubt I’ll catch up

JVince

https://www.boards.ie/discussion/comment/123217894#Comment_123217894

That's all they want to see. Once you show you are minding expenditure and things are still very tight, they will do a consolidation to give you a more manageable repayment over a longer period