Lowering monthly repayments

[tetraa]

Hi,

I have a small loan with just over 1,000 Euro's left to pay off. I was laid off and the insurance / payment protection was paying it. Now, I have left Ireland and the insurance has stopped. Should they still be paying it? I have been paying it on time each month since the insurance stopped but I am not working full time and can't afford the repayments.

Does anyone know what my best option would be?

Thank you in advance

 

[almadden]

Talk to the bank and explain your situation .

I'm sure that they would rather rearrange payment option that you can handel & have you pay off the loan rather than you default on it.

 

[moneyhoney]

Hi,

I have a small loan with just over 1,000 Euro's left to pay off. I was laid off and the insurance / payment protection was paying it. Now, I have left Ireland and the insurance has stopped. Should they still be paying it? I have been paying it on time each month since the insurance stopped but I am not working full time and can't afford the repayments.

Does anyone know what my best option would be?

Thank you in advance

First off, call the insurance company & find out why they stopped paying it - sometimes these policies only cover repayments for 12 months.

Then call the bank as almadden suggested. Ask them if they can waive the interest & re-schedule repayments. No point getting a bad credit rating for a loan that's almost paid off.

 

[tetraa]

First off, call the insurance company & find out why they stopped paying it - sometimes these policies only cover repayments for 12 months.

Then call the bank as almadden suggested. Ask them if they can waive the interest & re-schedule repayments. No point getting a bad credit rating for a loan that's almost paid off.

Thank you both for the replies.

The insurance stopped paying because I (being out of the country) couldn't get social welfare to stamp a letter biweekly to say I was still signed on.

I've since been in touch with the bank. Just waiting to hear back from them now.