Moving banks with Personal Loan out

[Paulsgirl]

Hi,

My fiance is moving banks over to mine so we can have a joint account. He would like to close his AIB account but has an outstanding personal loan off approx €10K. Do you know if its possible to move banks and just direct debit into that personal loan every month? Would he need to keep the AIB account open?

Thanks

Paulsgirl.

 

[TarfHead]

My fiance is moving banks over to mine so we can have a joint account. He would like to close his AIB account

Not necessary - I have a personal current account, so too has my wife and we also have a joint (deposit) account. Those accounts are in 3 different branches.

but has an outstanding personal loan off approx €10K. Do you know if its possible to move banks and just direct debit into that personal loan every month? Would he need to keep the AIB account open?

I assume the loan repayments are being funded from his current account ? It is possible to change that to an account in another bank, but be prepared for AIB to throw down some speed bumps to discourage him. An alternative could be to get a new personal loan at your 'new' bank and use that to pay off the AIB loan.

But, there's no need for him to change the status quo.

 

[Paulsgirl]

Yes, the loan repayments are being funded by his current account.

I didn't want him to call AIB as I thought they may try to stop him moving over and we just don't need that hassle.

I'll talk to my own bank about it and must check the T&C's on his AIB account to ensure there's no clause for him repaying the loan early...if PTSB decide to give him the personal loan to pay it off.

Thanks for your input.

 

[dublinli]

what you are proposing to do is possible, i am paying a boi loan from another bank account. though you have to make sure that you have correct details for the standing order as well as giving extra time for it to be transferred from other bank to aib