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Moving Abroad and Re-Structuring Existing BOI Loan, Overdraft and CC

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  • 25-07-2012 4:14pm
    #1
    MikeCork2009
    Registered Users Posts: 1,208 ✭✭✭


    I have a small variable rate loan with Bank of Ireland (it's due to be paid off in 2014), some overdraft debt and some credit card debt (with Bank of Ireland). I have been a BOI customer for 10 years and have always paid my wages into my BOI account and have never missed payments on loans etc.

    I have gotten a full-time job in the UK and will be moving there for 2 years, starting in September. I was thinking of applying for a personal loan so I can pay off my overdraft, credit card and remaining loan balance and then have one monthly payment on my new loan balance.

    Example:

    Owe 3,000 on loan
    Owe 1,000 on overdraft
    Owe 1,000 on credit card

    Borrow 5,000 over 5 years and pay 113.79 a month.

    The thing is, I will be resident in the UK for the next 2 years and my wages will be paid into a UK bank account (as is the law). I will, however, be regularly transferring money to my BOI account from my UK account.

    I was just wondering would I have any problems applying for a loan with BOI for the purpose of re-structuring my existing BOI loan, overdraft and CC balances, given the fact that I will be leaving Ireland for 2 years?


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    #2
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi MikeCork2009,

    Thanks for contacting us.

    Normally you would need to be working and living in ROI to take out a loan but because you would be restructuring existing debt, different criteria might apply. Restructures are done by the branch. Please call your Bank of Ireland branch and ask to speak to the Lending Department. A full list of our branches and contact details can be found here:


    http://www.bankofireland.com/contact-us/branch-locator/

    I hope this helps.

    Thanks

    Billy


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