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Restructuring Finance Loan

  • 11-09-2011 1:15am
    #1
    Muffinman1
    Registered Users Posts: 218 ✭✭


    Hey Everyone,

    Just a quick query about a bank loan.

    Took a loan out in Aug 2008 and due to finish in Aug 2012. However that was when I was working but since then I've lost job and am now back working on the FAS jobridge scheme. I was luckily out of work only the bare 3 months before getting a job on this scheme. My wage packet obviously has dropped. (€340 per week to €190)

    My loan payment in €109 every 2 weeks.
    Question is for remaining 9 months is it possible to restructure and lower repayments over a longer period and if so would I be hit harder. Can anyone advise me as well I not going to default loan as I want a good credit rating but it is extremely hard and well I am determined to try keep up repaying loan but bit of breathing space would help.


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Who is the loan with?

    If it's a higher purchase kind of loan then a restructure is not an option on most of them.

    Another option would be a bank/cu loan to clear this loan.


  • #3
    Muffinman1
    Registered Users Posts: 218 ✭✭Muffinman1


    Hi loan is with Bank Of Ireland and was a motor loan.
    Any information is appreciated thanks.


  • #4
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Then go in explain your situation and see what options you have.

    Anything other than keeping the loan as is will cost your in the long run.

    There will be interest only, restructure or payment break. IMHO a restructure is the most likely option. Go onto boi website, I'm sure the have a loans calculator and you can see how much more a restructure will be.


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