BOI - personal loan question

C

carina

Registered User
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So I have a personal loan with BOI. It is for about €6k.
I have no other debt bar my mortgage. I am going abroad for about a year in Sept. Am renting out my room in apt.
Does anyone know if it is possible to take a 12 mth break from paying my personal loan? If not can I reduce the payments for this time?
I work in an open plan office so am finding it difficult to call the bank.
If anyone knows I would appreciate it.
Cheers,
Carina
 
If you find it difficult to make a phone call to the bank try and send them an email or maybe ring banking 365 after work I think their lines stay open till 8pm they might be able to give you some advice.
 
I called Banking 365 yest at lunch. They said that I'll have to ring my branch so think I'll just call into them.
Thanks for replies.
 
carina said:
Does anyone know if it is possible to take a 12 mth break from paying my personal loan? If not can I reduce the payments for this time?
Click to expand...
I'm not familiar with taking breaks from payment of personal loans, but if you have no luck with the investigation (and find yourself badly stuck for a way forward) you could consider taking a break on the mortgage payments. AFAIK, these are usually only offered for periods of 6 months, but something to keep in the back of your mind as an additional option (it's far from an ideal option as you're paying for a short term lifestyle expense over the life of a mortgage. You could look to increase mortgage payments on your return to reduce the debt back to the original term.).
 
Thanks for the suggestion but I bought the apt with my friend who's not going anywhere - couldn't ask her to do that!
If I can't take a break I could maybe ask my parents for a loan and I could then pay them back monthly when I get home.
Would prefer to do this on my own though if I can.
Thanks.
 
What about rescheduling your current personal loan? This would mean taking out a new loan but you could negotiate to take it out over a longer period and minimise the payments. However, look for a Variable Rate Loan. This will allow you to make additional payments at any time and there should be no early settlement fees. When you come back from your travels and back on stream with your earnings, you could plough extra money into the loan to bring it back into line with your current outlay.
 
FI, Tesco loans are fixed rate (6.9% APR - cheapest personal loan AFAIK) and do not attract penalties for early termination...but repayments are fixed.
 
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