Loan repayment problem

I'm currently off work with an injury and now in a very difficult financial position where I'm unable to meet my loan repayments. Does anyone know if it's possible to get a moratorium for a personal loan or is that designed for mortgages only?

If you're in danger of missing repayments then approach your lender sooner rather than later to see what they can do in terms of offering flexibility.
Who is the lender, what is the amount and what are your overall financial circumstances?

Thanks for the info. I'm with BOI, the amount is 11k and I'm my income is about 50% of my wages which just about pays all my other bills. I rang the bank and they said I could apply for a distressed restructure loan but at the moment I have nothing to contribute towards that. I spoke with mabs and they suggested asking for a moratorium but from what I've read a lot of banks are unlikely to grant this as they obviously want their money back. I'm just worried that they might take me to court or something.

What was the original loan amount and term?
What's the outstanding amount and term?
I doubt that they'll bring you to court if you engage with them.
Certainly not without exhausting all other possibilities first.
Follow the advice from MABS.
If necessary see if they can assist with liaising with the lender.
I presume that you've seen this already?

Thanks yeah I called the number on that webpage and those guys advised of the distressed restructure loan, they said my credit rating would be affected but not much I can do about that at this point. The original loan was 30k over 5 years now with 11k outstanding. Mabs advised to send a letter to their head office then see how they respond, maybe they'll be sympathetic to my situation but I doubt it. Not exactly sure which address to send it to, I see a few different ones but none specific for their loans department.

If you address the issue, you have very little to worry about.

Call BoI again and ask about the Distressed Restructure Loan which they mentioned to you.
Take the name and number of the person to whom you spoke.
Ask for the name of the Department, or even better, the person to write to.

Tell them you can't pay. But that you will resume as soon as you can.

If it's at all possible, it's a good idea to set up a payment for a small amount even €10 a month to show you are not ignoring it.

They deal with these problems all the time.

Brendan

Thanks Brendan, that helps put my mind at ease a little. I've read stories of people being taken to court for falling behind on payments so it's a bit worrying. I'll call them back and see what they say.

edition90 said:

I've read stories of people being taken to court for falling behind on payments

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They would not take anyone to court for falling behind.

They would only take you to court if you stopped paying completely and avoided any contact.

Brendan

Ah okay that's a relief, thanks very much for the info!