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Clearing Bank Loans??

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  • 26-02-2010 6:21pm
    #1
    topazblue
    Registered Users Posts: 57 ✭✭


    I took out a 4 year personal loan with AIB in 2008 and the balance is around 4k at the moment. I have heard that banks are offering discounts for customers who clear outstanding debt.

    What i want to know is, has anyone heard of this happening and if so what kind of discount could i expect for clearing the entire balance?

    Phil


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    #2
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    No banks are offering discounts for clearing personal debt. It's an unfounded rumour.

    If you pay off your bank loan now you'll save yourself 2 years worth of interest on the loan, that's the discount :)


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    THe only way this is happening is if you are in arrears and the account is passed to a collections agency, most of them can offer discounts with no problem.

    But otherwise the bank will stick you to the contract you signed.


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    #4
    ekwi
    Registered Users Posts: 19 ✭ekwi


    It's well for those who can think about clearing their loans in one go! :D
    I want to know can you top up your loan if you are unemployed - a small amount, I have my loan (originally €8k) down to €1k (was lucky to be able to pay off big amounts when I had a good job, back in the good old days, I'm only 28!) but would like to get €2k top-up. Have they really tightened their belts in that department of late?? Do I have a chance?? :confused:


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    #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    You could try it but seeing as you are currently unemployed I can't see them giving further credit.


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    #6
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    They'll allow you to restructure it if you're having difficulty meeting the payments but there's no way they'll allow you to increase the loan if you're unemployed.


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    #7
    Mrs Garth Brooks
    Closed Accounts Posts: 2,865 ✭✭✭Mrs Garth Brooks


    Is there much of a chance of them offering student loans? Is there any chance of asking now while i have a job and getting the loan before i start college?


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    #8
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    They still do offer student loans. AIB and BOI seem to cater more for students, you don't have to be employed to apply for one, but if you're not you will have to have some sort of income, be it an allowance from parents, grant etc. Most will look for an indemnity from your parents too.


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