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Bank loan

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  • 29-01-2014 12:12am
    #1
    Mikeyshragh
    Registered Users Posts: 92 ✭✭


    I have a bank loan for 6 years now. I had to reduce the payments a couple of times out over 5 years again. Is there any way I could write off the loan or offer them a payment to pay off my loan?


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    #2
    L1011
    Registered Users Posts: 68,786 ✭✭✭✭L1011


    You can try but your chances are extremely, extremely slim particularly if you're still paying more than the interest. If they offer any deal they will want to pry in to every single detail of your finances at that.


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    #3
    V.W.L 11
    Closed Accounts Posts: 1,586 ✭✭✭V.W.L 11


    And here i am still waiting to hear on a bank loan application for the last 14 days,no sight nor sound of anything from them


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    #4
    Mikeyshragh
    Registered Users Posts: 92 ✭✭Mikeyshragh


    MYOB wrote: »
    You can try but your chances are extremely, extremely slim particularly if you're still paying more than the interest. If they offer any deal they will want to pry in to every single detail of your finances at that.

    They sent me a letter saying the wanted me to close my bank account and pay the remaining balance on my loan which is 9000


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    #5
    Mikeyshragh
    Registered Users Posts: 92 ✭✭Mikeyshragh


    V.W.L 11 wrote: »
    And here i am still waiting to hear on a bank loan application for the last 14 days,no sight nor sound of anything from them

    I'd never use the bank for a loan. U should use the credit Union.


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    #6
    sawdoubters
    Banned (with Prison Access) Posts: 1,288 ✭✭✭sawdoubters


    whats the loan for is it secured or unsecured,if you have been paying on time they cant ask for repayment at once


    http://www.citizensinformation.ie/en/money_and_tax/personal_finance/loans_and_credit/


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    #7
    V.W.L 11
    Closed Accounts Posts: 1,586 ✭✭✭V.W.L 11


    Mikeyshragh wrote: »
    I'd never use the bank for a loan. U should use the credit Union.

    Dont have a credit union account sadly,and i need to have savings before i can apply for a loan i believe.


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    #8
    L1011
    Registered Users Posts: 68,786 ✭✭✭✭L1011


    sawdoubters wrote: »
    whats the loan for is it secured or unsecured,if you have been paying on time they cant ask for repayment at once


    http://www.citizensinformation.ie/en/money_and_tax/personal_finance/loans_and_credit/

    He hasn't been paying it on time.


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    #9
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #10
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    OP, if you want the bank to write off some of your outstanding debt, you're best bet is to go down the Personal Insolvency route. This is the official process for doing just this. You may get lots of different advice on the internet, some bordering on (or blatantly!) criminal, but by pursuing the Personal Insolvency route, you are doing everything right, and nothing "bad" can happen you (there may be a lot of paperwork etc, but that's it). You may not even need to go down the whole route - the fact that you are engaging with the process might result in the bank simply doing a deal with you in advance (as it is a lot cheaper for them to do so in many cases).

    Insolvency Service of Ireland website
    More info here.


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    #11
    _Kaiser_
    Registered Users Posts: 28,861 ✭✭✭✭_Kaiser_


    MYOB wrote: »
    He hasn't been paying it on time.

    Where does he say that? He says that he's had to reduce the payments (presumably with consent from the bank) and is now looking to make a deal to clear / write it off

    I'd say a new payment agreement is the more likely outcome myself


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