Advice need please: have an overdraft; credit card and personal loan with AIB. When our eldest child started college we got into bother with repayments. Long and short of it bank sent a letter to call in to them to discuss. Had meeting four weeks ago and was told by the bank that they would consolidate all into and affordable monthly payment. Was delighted with this. Question is - we are now four weeks later and decision has not been made yet - we are effectively locked out of our accout. Is four weeks not a long time to make some sort of decision? Thank you.
Bank Loan Consolidation
- Thread starter htbgwm
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Sconeandjam
Registered User
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The banks are slow to sort situations like this out quickly. You need agreement in writing confirming what was agreed. Put everything in writing and register post every letter sent saying is there any update from the meeting stating the time since the meeting.
In the mean time do the following.
Don't know how much is overdue but you need to sort out your finances and set up a budget and see what your short fall is each month. Try not to default on what minimum payment is due. Make sure you pay at least a euro or so after the minimum.
See if you can sell anything,reduce your food by bill downsize the brands. Go to discount food stores.
Can you eldest get a part time job during term time and full time during holiday to help with the costs? Term time is nearly at the end and there are a good few months of full time work they can get so you are not paying out for them. That will help bring down the debt.
Cut out entertainment bill until all is sorted. Take lunches and coffee to work. You would be surprised how much you would save.
Open a new account with a different bank and get your wages put into that one and do a transfer into the old account what costs are due.
If you are in a credit union approach them and see what they say.
Use a snowball tool(moneysavingsexpert uk site has one) to see what is the best way to pay off what you owe if the agreement with Aib does not go through. There are plenty of websites that can help even if it is uk based.
In the mean time do the following.
Don't know how much is overdue but you need to sort out your finances and set up a budget and see what your short fall is each month. Try not to default on what minimum payment is due. Make sure you pay at least a euro or so after the minimum.
See if you can sell anything,reduce your food by bill downsize the brands. Go to discount food stores.
Can you eldest get a part time job during term time and full time during holiday to help with the costs? Term time is nearly at the end and there are a good few months of full time work they can get so you are not paying out for them. That will help bring down the debt.
Cut out entertainment bill until all is sorted. Take lunches and coffee to work. You would be surprised how much you would save.
Open a new account with a different bank and get your wages put into that one and do a transfer into the old account what costs are due.
If you are in a credit union approach them and see what they say.
Use a snowball tool(moneysavingsexpert uk site has one) to see what is the best way to pay off what you owe if the agreement with Aib does not go through. There are plenty of websites that can help even if it is uk based.
Last edited:
Brendan Burgess
Founder
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- 52,046
How do you mean, you are "locked out"?
Have they closed your account, or just cancelled the overdraft? In other words, if you clear the overdraft, your account will then function.
Either way, you need to call them and resolve the issue.
If your salary goes into your current account, it will get swallowed up. So you might need to tell your employer to stop paying into that bank account.
Brendan