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Loan Repayment agreement

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  • 16-05-2014 12:35pm
    #1
    danotroy
    Registered Users Posts: 556 ✭✭✭


    I took a loan of about 10,000 euros from the bank. I quickly fell behind on payments and only got about 3,500 euros paid off before I got into serious trouble. For 18 months I paid nothing off the loan as I had nothing to give.

    I then came into a small amount of money and rather than blow it I decided to try and get my loan in order. The loan had been passed onto the legal department and I had to make an agreement with them.

    They said the loan stood at 6200 and that if I could pay 5000 up front they would call it quits. I could not afford this so I agreed to pay 3500 up front and they wanted me to pay 250 for 12 months to clear the account. I could not afford this agreement so I paid 3500 up front and we agreed for me to pay 225 for 12 months to clear the account. This month was my 12th month and 13th payment under my agreement. From my point of view I have kept to the agreement and we should now be done. However the bank say that I have to continue with payments. We came to an agreement of 12 monthly payments to clear the account.

    Is to clear the account some legal way of implying that I came to an agreement with them to pay a set amount over 12 months and then to continue with this until the account was cleared.?

    Thanks for your help.


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    #2
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    danotroy wrote: »
    I took a loan of about 10,000 euros ......

    Its very hard to tell what the intentions were.
    I presume you insisted on getting a copy of this agreement?


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    #3
    28064212
    Registered Users Posts: 10,632 ✭✭✭✭28064212


    Did you sign something that said "This loan will be cleared if I make these 13 payments"? If not, then the original loan agreement is going to be what stands up

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    #4
    danotroy
    Registered Users Posts: 556 ✭✭✭danotroy


    dobsdave wrote: »
    Its very hard to tell what the intentions were.
    I presume you insisted on getting a copy of this agreement?

    It was all email based so I have a record which goes like this :

    BANK TO ME
    DANOTROY, as per our telephone conversation I wish to confirm that it is in order for you to pay Euro 3500. immediately into your loan account and starting next month a monthly payment of Euro 250.00 for 12 months to clear account.

    If you are accepting this set offer you must reply to confirm.

    DANOTROY to BANK
    I am in a position to pay Euro 3500 today. However I can not afford 250 a month for 12 months I can only afford 225 a month.

    Please advise if you are accepting this offer.

    Bank to Danotroy
    Yes proceed with this arrangement.


    Does an Email count?


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    #5
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    We're not here to provide legal advice, nor should rely on an internet forum for it. Speak to someone qualified


This discussion has been closed.
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