BOI / living abroad / refinancing loan

rsj

I took out a five year loan about three years ago with my local BOI in a small town in cork, repayments are e225. At this stage i live and work in the UK and would like to halve my repayments to allow me to clear some credit card debts, as at present about 40% of my wages go on repayments (loan plus two credit cards). I know BOI don't give loans to people not living or working in Ireland, but what's their stance on refinancing? I have a good relationship with my local bank at home (small town), would that make a difference? I will be home first weekend in june so can call in person.

I'll also mention, getting a loan in the UK is not an option as I've only lived here since christmas, though obviously at the moment the weak euro would be to my advantage.

chris85

rsj wrote: »

I took out a five year loan about three years ago with my local BOI in a small town in cork, repayments are e225. At this stage i live and work in the UK and would like to halve my repayments to allow me to clear some credit card debts, as at present about 40% of my wages go on repayments (loan plus two credit cards). I know BOI don't give loans to people not living or working in Ireland, but what's their stance on refinancing? I have a good relationship with my local bank at home (small town), would that make a difference? I will be home first weekend in june so can call in person.

I'll also mention, getting a loan in the UK is not an option as I've only lived here since christmas, though obviously at the moment the weak euro would be to my advantage.

I understand you may have a good relationship with your branch which may help a small bit but all the decisions on refinancing are put through the underwriters so it would be their decision ultimately. They are not refinancing very easily at the moment but definitely worth a try. From what i am hearing they may offer half payments for maybe 6 months and then back onto contractual payments with a bit extra. May not be of any help.

You could alsways try get a top up on the loan which is probably as unlikely but it may mean you can clear your credit cards which are at a higher rate of interest and thus priority to clear aswell.

rsj

Thanks for the reply chris. Six months would be a start, how much would they be adding at the end, roughly? I want to avoid a top up loan for paying off CCs as that's what got me in this mess (approx e15000 debt) in the first place - my plan is to knuckle down for a while and pay off the cards, then cancel the MBNA one (as they're an absolute shower) and reduce the limit on the BOI one to about e500.

3DataModem

Suggest cancelling both cards (or just cutting them up). This will enable you clear debt quicker.

rsj

Have long since stopped using both.