Anyone doing personal loans for longer terms than five years?

crunched

Registered User
Messages
14
I'm divorced and as part of the agreement I am part funding my son's education. He has three year years to finish. I have been funding this through credit union loans and top up loans. Up until now I have been borrowing four grand a year, paying back around three grand and then topping up - and 'stretching' - as the next batch of fees are due.
As recently as November my CU, who know my situation, said it would be possible to 'stretch' this system to an eight-year term.
I am currently at 4.5 years. I planned on stretching the loan for now, and then increasing my monthly payments when both the fees and my maintenance payments start dropping off in about three years.
However, when I last applied for a loan for fees this January, I was told that the financial regulator had fixed the term of credit union loans to five years and they could not stretch any more.
I currently owe 11,000 to the credit union and am paying back at 250 per month. I have 5,000 in shares which is pretty much dead as I have to use it as collateral for further loans. So my total debt is around 6,000.
What with pay cuts, levies, suspension of TRS etc I am not in a position to increase my monthly payments to them.
I estimate I will need to borrow 18,000 (6,000 + 5,000 shares to pay off credit union) over eight years, leaving me with 12,000 for these fees.
Is there an institution that would be amenable to this?
 
Have been into Bank of Ireland and they are doing 7 year personal loans.
 
Hi Crunched,

If Bank of Ireland doesn't work out you should try the bursers office. It worked for me.

Regards
Eamonn