Changing Frequency of a Loan

hi all just a quick question i have a BOI loan which i pay back once a fortnight. Within my job we will be paid monthly beginning in June instead of fortnightly, no choice in this.
I had sent a letter to the BOI branch to change the frequency of the loan but they said I have to re-apply for the loan, which doesn't make sense. All I want to do is change the payment frequency , I wasn't asking for more money or anything. The term of the loan is over 5 years and I have paid 2 years and 3 months to date on a fortnightly basis and it is at a fixed rate of 6.9% at the time. If I re-apply for the loan in order to pay monthly I have to pay 13% fixed rate, which would mean an additional 80 euros approx a month for the remaining term, so basically I have no choice but to leave the frequency as is. I am with the bank 18 years and I have changed frequency of payments in the past with just a letter for previous loans. My question is, why do I need to re-apply for the loan when I thought it was a simple amendment? I rang my branch as said it was policy, there is nothing they can do.

Sorry for the rant.. just a little annoyed.. thanks for your help in advance

I take it that you will be paid the same. I know it might seem easier to have the payment come out once a month but why not just stick to the way it is and save yourself the 80.
I appreciate that you have been able to alter payments in the past but the bank do have the right to change policy on this. Perhaps it was not policy before but they did it anyway and now they have to be more careful of sticking to policy.

While it seems stupid I know that is probably a computer thingy, fortnightly loan type is set up under one code and a monthly one under another. Probably not an option to amend product code from one to the other.

They are all target and bonus driven now. So, it looks better to have a loan paid and new loan taken out, than a few seconds taken up in front of a computer screen.

Thanks niceoneted.. you're right will leave it as is, it's the best option..it would have been easier to have it taken out the day I get paid, I just thought it was a simple amendment as there was no hassle before. As you say they must sticking to policy.. cheers

Yeah, I though it was a simple re-calculation of the amount over the remaining period on a monthly basis..obviously not.. more to it so..cheers