Hello,
Back in Feb of this year I asked my branch of AIB if I could change the date of my loan repayments (say from the 14th to the 21st) as it was within the same week of my Mortgage repayments and things were tight. They said fine and the loan repayment date was changed to a week later to give me some breathing space.
In March my loan repayment was deducted on the 21st but had increased from €230 to €277. When i queried this, the lady at the counter said that she would look into it.
I received a letter today from my bank saying that my loan was a variable loan and over the years the interest rate had increased numerous times. If i continued paying the €230 per month , it would leave me a shortfall of €1600 after the final due date in 2016. So the bank has increased my loan repayments ( which put me under severe pressure) so that there is no short fall in 2016.
I actually dont think i will be able to continue paying the loan at that repayment level. I dont think it is fair that i go to the AIB to change a date so I can Pay my loans and end up having to pay €47 more a month.
Any ideas what I could do ?