# Change in Bank of Ireland attitude to refinancing a refinanced loan



## almadden (17 Jun 2009)

Hi Guys

Like everyone here we’re trying to get a handle on our finances.  Last Nov 08 we refinance   a BOI loan for €37,000 over 4 yrs variable.  It was all sorted for us with a 15 minutes meeting with our local manager.

  In the last few months we have found it hard with the €927 per month payments on the loan.  So in the last week we have gone back to try and reduce the monthly payments. Spread the loan over a longer term. 

  It has been 10 days now since I applied to have the same amount refinanced over a longer term and still no word back. I rang the manager a few times and she’s never available.  The last call I could hear her in the background telling the person on the phone that she would contact me when she had heard back from them. 

  I realize that the whole recession and banking thing has happened but my myself and my wife’s wages are still being paid into our account as they have been over the last 3 years.  We are just trying to free up a bit of cash that we can use to pay off a credit card we have.  


  Has anyone else found that the banks have become so unfriendly and helpful.

  How long should it take to have the refinanced loan Approved / Disapproved?


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## Locke (17 Jun 2009)

*Re: Change in Bank of Ireland attitude*

The fact that you are looking to restructure a loan that is only 7/8 Months old might raise questions with them.

Also, you may have to take into account that their criteria will have changed and they may be a lot stricter as well as the fact they may just be busy with applications for restructuring and are spending more time on each case as opposed to flying thorugh like original case.


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## almadden (17 Jun 2009)

*Re: Change in Bank of Ireland attitude*

The reason we are looking to restructure a loan that is only 7/8 Months old is because we want to be sure that god forbid either of us lost our jobs we will be able to pay off the monthly payment on one wage.  We’re trying to be proactive rather than reactive.  I would have though that the bank would think this was a good thing. 
  They are leaning us no more money than they have already and will actually make more money off us in interest. 

I've been with BOI since 95 with my wages being paid in every month all that time. Never have been over drawn in all that time.  Does that not stand for any thing?


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## meatmonger (17 Jun 2009)

*Re: Change in Bank of Ireland attitude*

I went to talk about taking on another loan (commercial) with this same bank.  I have a loan (all perfectly fine) at 2pts above base already for a few years.

If i am to take a second loan its going to be 3 points above base rate, plus it triggers an action on my first loan which will also have to move to 3 above base.  

Even more amazingly it has been explained (with legal clarification apparently) that "base rate" no longer means Bank of England Base that was verbally spoke about in meeting but rather can now be whatever Bank of Ireland Base is.

Needless to say i will not be taking out a loan with them ever again and have moved other business away from them.


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## gnubbit (17 Jun 2009)

*Re: Change in Bank of Ireland attitude*

I'm with BOI and I've actually found them more helpful than ever.  I had a couple of minor complaints that were taken very seriously and they bent over backwards to sort out my problems and send me away happy.   Part of what I wanted was to overpay a fixed loan without penalty.  I wonder if they would have been as nice if I wanted to underpay!


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## Bronte (18 Jun 2009)

*Re: Change in Bank of Ireland attitude*

If you are afraid of losing your jobs that it would be far better try and overpay the loan rather than putting it over a longer term, this is based on the fact that you only refinanced 7 months ago and are having problems repaying it and also having problems paying your credit card bill.  

Banks are not refinancing in 15 minutes as they were in the past, decisions seem not to betaken at head office only and the rules have changed.


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## Mommah (18 Jun 2009)

*Re: Change in Bank of Ireland attitude*

I'm sorry you are in this pickle, I really am.
But it seems to me to be a waste of energy being mad at the banks, when it's your own spending patterns that are getting you into trouble.

You are spending too much and have built up more debt than you can handle. That is the holy all of it. You still have your incomes, interest rates have fallen and yet you still are struggling.

What you need to do is sit down with your partner and do a root and branch assessment of your spending. Try not to blame each other...just look at the facts as they are.

I personally like the "Total money makeover" www.daveramsey.com 
Its quite american and a little spiritual...but very very good.
Like weightwatchers for overspenders.


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## TarfHead (18 Jun 2009)

*Re: Change in Bank of Ireland attitude*



meatmonger said:


> .. at 2pts above base .. 3 points above base rate .. 3 above base.


 
I assume you mean '_percent_' ? If you mean basis points, then I assume you mean 200, or 300 ?


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## meatmonger (18 Jun 2009)

*Re: Change in Bank of Ireland attitude*



TarfHead said:


> I assume you mean '_percent_' ?


 
sorry yes,

that was clearly unclear


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## smartdock (24 Jun 2009)

*Re: Change in Bank of Ireland attitude*

that change in the base rate is due to the inter bank one month rate no longer being used for pricing loans,due to volitility it is now being averaged over 3 months,although i can only speak for the eurozone I assume it must be the same for bank of england and northern ireland customers


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