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Loan repayments and payment protection

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  • 24-07-2013 7:02pm
    #1
    hannah2013
    Registered Users Posts: 1 ✭


    If this has been asked before then feel free to point me in the right direction. I have 2 loans with AIB totalling just under €10,000. My fortnightly repayments are €141.43 plus €12.73 in payment protection. These payments come straight from my bank account every payday so no payments have ever been missed. I'm finding it increasingly difficult to manage my finances given the current climate. What I would like to know is if I cancel the payment protection and ask to have the repayments reduced, can I give them a figure I'm willing to pay or will they tell me what they want. I honestly hate the thought of dealing with them on this issue and just would like to have some information first. I've looked up their website and they have info on taking a loan break and consolidating loans. I don't want to take a break from repaying but would be interested in consolidation. The main reason I'm so nervous about dealing with them is that they rang me a few months back for the general "How are things and can we do anything to help you?" chats, but when I mentioned about consolidation then, I was told no, because my account had gone into the red a few times over the past 12 months. One of my friends said just cancel my standing order for the repayments and just pay what I can when I get paid, which I don't think is the best way to approach them. So has anyone had a similar situation with AIB or any advice at all?

    Thanks in advance


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    #2
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    Really to reduce your repayments, they will want to see a massive reduction in your current pay / income.

    Down load a 'financial statement' from the mabs website and that will help you apportion your income to your debts.

    You could try asking the bank straight out for a change in repayments but remember you are really reapplying for the loan again but over a longer time, so your finances would have to be in a good place.... umbrella when its sunny :0


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