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Repaying Personal Loan Early

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  • 18-08-2019 4:22pm
    #1
    Indestructable
    Registered Users Posts: 1,374 ✭✭✭


    Hello,

    I plan on paying off my personal loan early, clearing it entirely this week. I was just wondering if the weekly standing order for the loan repayments will be cancelled automatically or do I need to contact BoI. 

    Thanks,
    Barry.  


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    #2
    Bank of Ireland: Kathryne
    Closed Accounts Posts: 218 ✭✭Bank of Ireland: Kathryne


    Hi Barry,

    Thanks for getting in touch with us here today.

    If you clear the entire loan balance then the account will automatically close after 2 working days. Any overpaid amount will be returned to your current account and the standing order will be cancelled. We would recommend linking in with our lending team to confirm the closing balance. They're available on 1850222200.

    Many thanks,
    Kat


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    #3
    Indestructable
    Registered Users Posts: 1,374 ✭✭✭Indestructable


    Great,
    Thanks very much Kat. 


  • Options
    #4
    Bank of Ireland: Kathryne
    Closed Accounts Posts: 218 ✭✭Bank of Ireland: Kathryne


    Hi Barry,

    You're more than welcome, please let us know if you have any other queries.

    Many thanks,
    Kat


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    #5
    Donnielighto
    Registered Users Posts: 3,761 ✭✭✭Donnielighto


    I did this last March and they didn't close the loan account. Kept the repayments going out of my current account, got that back but had two rejected bills as a result. Screwed up my credit rating. Double check don't trust their word.


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    #6
    Bank of Ireland: Kathryne
    Closed Accounts Posts: 218 ✭✭Bank of Ireland: Kathryne


    Hi Donnielighto,

    Thank you for reaching out to us here and sharing this.

    We are sorry that this has been your experience and we would like the opportunity to look into this for you.

    Did you close the account over the phone or pay off the outstanding balance via Banking 365? Also did you raise this with our customer service to be looked into?

    If you would like this matter reviewed by a complaints investigator, you may certainly raise a complaint. Please see the below link to our complaints process.

    https://www.bankofireland.com/help-centre/customer-complaints-process/

    Many thanks,
    Kat


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