Advice on BOI Loan

V

vin82

Guest
I am a long time lurker, first time poster. I am looking for any advice on dealing with my current financial situation. Thanks in advance.

I currently hold 2 loans with BOI, still paying the first for student loans and the second a motor loan from 2 years ago. I lost my job in Ireland 18 months ago and went to Oz to find work. In the couple of months i was looking for work I missed 2 monthly payments on both loans as I was completely broke. They pressured me on it and I communicated with them as much as possible, I have since made every payment and made up most of the arrears on the payments I missed, as per the agreement with the credit control department.

I subsequently lost my job in Oz and had to return to Ireland when my visa expired. I am now unable to find work and will not be able to make payments past my December payments, so I'm looking at being back in arrears in January and I have no means to stop this. I want to contact credit control to discuss the issue and look at my options. Would it be reasonable or possibly to suggest combining both loans and respreading them over 3 or 4 years so that I can keep making the payments? Or will they insist I make the existing payments and the only option is solicitors and court? I have no intention of not paying back my debt, but I am hoping to restructure it for the next few months (possibly longer if things stay the way they are) to suit my dire income situation.

FYI, the outstanding amounts on the loans amount to 18k.

If you have experience of a situation like this or know what I should expect from them, I would appreciate any input before I get in touch with them, tail firmly planted between my legs.
 
Firstly, sorry to hear of your difficulties, not easy I'm sure...

I would hope the bank would look at it in these terms...

a) honest customer, who like many others unfortunately has run in to employment difficulties

b) track record of keeping lines of communication open with bank

c) has honoured past agreements - even when located on the other side of the world (when the easy option may have been to say 'they can't get me over here'...)

d) now forsees a problem on the horizon, and is again communicating same with bank up front...

e) has no intention of defaulting on the loan, but is seeking some restructure of same to ease repayment buden at least while seeking employment....

In summary, I'm probably trying to help script you for your discussion with them.

Best of luck - I hope this and your overall situation work out well for you...

Regards,

PJMN
 
Hi vin82,

BOI would be one of the most reasonable of the lenders. I recently restructured a loan, cc and overdraft with them so I would suggest that you approach them and ask about doing the same. It definitely pays to be proactive with them on these things so give them a call and be upfront. They don't want to go down the legal route either if they can avoid it.
 
thanks for the advice guys.

i have been in touch with credit control twice, my case officer (if that's how she would be referred to) was very reasonable. she looked at my accounts while i was on the phone and saw that i was lodging my entire social welfare payment every week and i was not spending much at all. she agreed to half my payments for thee months and i am to call her after that to update her on my situation and we could review it.

she pointed out that i am falling deeper into arrears but that so long as i kept in touch with them they would try to be reasonable and organise things to suit my circumstances (which hopefully will change for the better sooner rather than later!)

thanks again.
 
Hi can you help me. Im looking to get a student loan also with boi. And jst want to know do they check up on your university when you apply for it?
 
Emma, on another thread you're looking to apply for social welfare and on another you're a student abroad ? Now you don't want to supply proofs that any lender may request !?
 
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