AIB Masterplan Loan

C

CCOVICH

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Anybody know anything about the AIB Masterplan Loan mentioned [broken link removed]?
 
I have it - took it out years ago when I was single and figured I needed to spread bills out over a year - don't need it anymore but never bothered to close it.

Basically, you add up all your bills for a year and add in a little extra for unforseen bills and that is your yearly "loan amount" i.e you can overdraw to this limit. The repayment is the total divided by 12 months. So a month with 1 or 2 big bills is now irrelevant.

Note that as each month goes by, your "overdraft" reduces by 1 twelfth.
 
Thanks podgerodge.

Their website is sparse on info. I note the rate (APR) is 8.24%, which seems fairly competitive when looked at as an overdraft or a personal loan. Is there a set up charge? Is there an annual charge (like an overdraft, that you may be paying even though you don't need it anymore)?

Seems like a good idea? (of course if you have the money you should just pay your bills with cash, but this may save you having to set up an overdraft with a higher interest rate and charges if you find you need an overdraft facility)
 
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