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Missed Loan Repayment

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  • 04-01-2021 2:52pm
    #1
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭


    I had insufficient funds in my bank of ireland current account for a loan repayment due to come out today. I completely forgot about it, I normally transfer from my savings to current for it.

    I have the loan listed in my accounts, can I just make a manual transfer for for the loan amount now? Will this cover it? I'm afraid I'll do this, and the bank will try again to take the loan payment from my current account and I'll end up paying twice this month, but I am also anxious to get it paid, I don't want it to affect my credit rating.


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    #2
    Waccamacca3
    Registered Users Posts: 173 ✭✭Waccamacca3


    The Mighty Quinn wrote: »
    I had insufficient funds in my bank of ireland current account for a loan repayment due to come out today. I completely forgot about it, I normally transfer from my savings to current for it.

    I have the loan listed in my accounts, can I just make a manual transfer for for the loan amount now? Will this cover it? I'm afraid I'll do this, and the bank will try again to take the loan payment from my current account and I'll end up paying twice this month, but I am also anxious to get it paid, I don't want it to affect my credit rating.

    Contact the bank immediately and pay it explain what happened and pay it. That's what I would do


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    #3
    Hoboo
    Registered Users Posts: 3,565 ✭✭✭Hoboo


    They'll request the money again in tonight's clearing, so just transfer today.


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    #4
    han2000
    Registered Users Posts: 77 ✭✭han2000


    I'm with BOI too, if I have a DD or SO due out of my account and there aren't enough funds I get a text message telling me to lodge money by 3pm that day or the DD will not go through.

    I think 3pm is the cut off to get the money into your current account, could you just top up the current account today?


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    #5
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn


    I have the current account topped up now with sufficient funds to meet the loan repayment.
    Hopefully this will be taken today so, or tonight.


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    #6
    [Deleted User]
    Posts: 3,689 ✭ [Deleted User]


    as a BOI account holder myself, i was advertised loans on social media from BOI.  i'll follow this thread. 


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    #7
    JustAThought
    Registered Users Posts: 5,324 ✭✭✭JustAThought


    The Mighty Quinn wrote: »
    I have the current account topped up now with sufficient funds to meet the loan repayment.
    Hopefully this will be taken today so, or tonight.

    I’d send them a registered letter to clarify - say it was an timing & travel oversight with Christmas & lockdown restrictions - I found it very helpful to have a paper trail they could not hide or deny when I had problems with my bank that they decided to dig up years later.


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    #8
    han2000
    Registered Users Posts: 77 ✭✭han2000


    The Mighty Quinn wrote: »
    I have the current account topped up now with sufficient funds to meet the loan repayment.
    Hopefully this will be taken today so, or tonight.

    It should still go through today, I'd imagine the process is the same for all BOI customers.


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    #9
    berocca2016
    Registered Users Posts: 242 ✭✭berocca2016


    The Mighty Quinn wrote: »
    I had insufficient funds in my bank of ireland current account for a loan repayment due to come out today. I completely forgot about it, I normally transfer from my savings to current for it.

    I have the loan listed in my accounts, can I just make a manual transfer for for the loan amount now? Will this cover it? I'm afraid I'll do this, and the bank will try again to take the loan payment from my current account and I'll end up paying twice this month, but I am also anxious to get it paid, I don't want it to affect my credit rating.

    Just ring them up and pay over the phone if you can. All calls will be recorded anyways. Better to be safe than sorry.


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    #10
    Bank of Ireland: Aisling
    Closed Accounts Posts: 487 ✭✭Bank of Ireland: Aisling


    Hi The Mighty Quinn,

    Thanks for reaching out to us here on Boards.ie.

    If you made a lodgement to your account before 3pm today the funds should be debited, however, we would advise that you link in with our Lending Team as soon as possible on 1850 22 22 00. One of my colleagues will be more than happy to advise you on this.

    Thanks, Aisling


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    #11
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn


    Can confirm money was in my current account before 3pm yesterday, BoI took payment around 3pm.
    Thanks all.


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    #12
    Bank of Ireland Reps
    Closed Accounts Posts: 1,293 ✭✭✭Bank of Ireland Reps


    The Mighty Quinn wrote: »
    Can confirm money was in my current account before 3pm yesterday, BoI took payment around 3pm.
    Thanks all.
    That's great. Thanks so much for the update, much appreciated 

    Alison


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