Unable to pay personal loan and credit card

A

adsdb13

Guest
Hi guys,
I was made redundant just before Christmas last year and have continued paying off my personal loan and credit card.
However it has now got to the stage where my funds are pretty much at 0 and can no longer afford the monthly payments.
Thankfully i took out payment protection on both the personal loan and credit card and am hoping to approach Bank Of Ireland on Monday to see what sort of resolution we can come to. (i have checked the terms and i am covered in the case of redundancy) I realise i could have done this sooner but was hoping to pay off as much of this debt myself before approaching the bank.
I have 6 payments left on the loan (which should total around €1550) and owe around €4000 on the credit card.
Basically i am just wondering if anyone has any experience in dealing with BOI in this situation. As i'm not the most confident person on the phone i was hoping to get a heads up on what i can expect to come up against or what i should expect the outcome to be.
Will they cancel or suspend the loan payments or will i be expected to pay some monthly contribution towards lowering the debts?
Thanks so much in advance,
Adam.
 
adsdb13 said:
Hi guys,
I was made redundant just before Christmas last year and have continued paying off my personal loan and credit card.
However it has now got to the stage where my funds are pretty much at 0 and can no longer afford the monthly payments.
Thankfully i took out payment protection on both the personal loan and credit card and am hoping to approach Bank Of Ireland on Monday to see what sort of resolution we can come to. (i have checked the terms and i am covered in the case of redundancy) I realise i could have done this sooner but was hoping to pay off as much of this debt myself before approaching the bank.
I have 6 payments left on the loan (which should total around €1550) and owe around €4000 on the credit card.
Basically i am just wondering if anyone has any experience in dealing with BOI in this situation. As i'm not the most confident person on the phone i was hoping to get a heads up on what i can expect to come up against or what i should expect the outcome to be.
Will they cancel or suspend the loan payments or will i be expected to pay some monthly contribution towards lowering the debts?
Thanks so much in advance,
Adam.
Click to expand...

Check the terms on the insurance and claim on it immediately. Why on earth did you not do so before? The insurance should pay the loans and the bank should be happy. This is what insurance is for.

Payment protection insurance is quite restrictive, so check and apply immediately. There may well be a time limit for applying and you don;t want to be caught.

best of luck, it must be a stressful time for you,

Diziet
 
I once helped a friend of mine to claim through his insurance and had no problems . We done it all in writing and never had any contact with BOI direct.

You will be diverted to their insurance ,and will deal direct wih them
 
You should be ok. Once the PP is approved the insurance compamy will pay directly into your loan & credit card, they should also back date the payments from when you were made redundant.
 
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