Excessive interest rate on personal loan

D

davetaxi

Guest
Hi ,

I am in arrears on a personal loan that I have with the Bank Of Ireland and am trying to negotiate with them to review the payments with them,
They have requested that I fill out forms that divulge my personal finances and to provide them with bank statements.(this I do not want to do ) should I ?
Also the interest tate on the loan is 10.97 % is this an excessiveley high rate or an average rate for a personal loan

Thanks in advance
 
If you are looking to renegotiate the contract, of course you will have to provide them with financial information to prove that you can't pay. The rate doesn't sound excessive.
 
You have to fill out income and expenditure forms if you want to reduce the repayments, any debt management company will tell you the same.
 
Unsecured personal loan? The rate sounds reasonable, or rather it doesn't sound as if they are especially fleecing you. It would be normal to disclose financial information when it comes to discussing loan terms - is there any particular reason you are adverse to disclosing this information?
 
Hi and thanks
Well you see I have another personal loan with GE Money and am up to date with this,However if I pay BOI what they want I will default or get into trouble with this one,
My view is that I should pay one and then concentrate on the other,I told Bof I this and and that I wanted to pay the interest on there loan until I pay the other loan and to review in the future hoping circumstances will change and I then pay more.
I feel they want me to prioritise there loan and then get in trouble with both lenders,
Hope I am making myself clear here
 
Of course they do, why would BOI do anything for you to enable you to repay another bank. Ideally if you have insufficient money to continue payments on both then you should approach both with your income and expenditure details and renegotiate both payments in proportion to the amount owed.
 
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