Ulster Bank told me I would have to pay off a loan before they leave

T

TRS30

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Not sure if this falls under this thread or not.

Was on the phone to UB yesterday re a small personal loan, was told that it would have to be paid off in full. The person the call wasn't too sure on details, said I'll get a letter which will explain everything.

Will await official confirmation and see what it say exactly.
 
TRS30 said:
Not sure if this falls under this thread or not.

Was on the phone to UB yesterday re a small personal loan, was told that it would have to be paid off in full. The person the call wasn't too sure on details, said I'll get a letter which will explain everything.

Will await official confirmation and see what it say exactly.
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Would question Ulster Bank if this will this affect your ICB report as settled but not paid in full.
 
Hi TRS

You have a loan agreement.

I presume that there is a term e.g. 5 years with 2 years left. They cannot change this. They can sell the loan if they wish. They can ask nicely if you wouldn't terribly mind repaying the loan, but you can stick to the contract.

If it's an overdraft, it's repayable at their discretion so they have a right to call it.

Brendan
 
Brendan Burgess said:
Hi TRS

You have a loan agreement.

I presume that there is a term e.g. 5 years with 2 years left. They cannot change this. They can sell the loan if they wish. They can ask nicely if you wouldn't terribly mind repaying the loan, but you can stick to the contract.

If it's an overdraft, it's repayable at their discretion so they have a right to call it.

Brendan
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It's a loan Brendan with a set term. The person i spoke to wasn't very sure so I didn't push it and just said I would wait for the letter with specifics. They did specifically say the loan had to be paid off in full though (they mentioned 6 months however they were jumping from one thing to another so not if that is the time frame to pay it off!).

I will only repay in full early if they offer me an incentive to do so.
 
Gordon Gekko said:
That’s laughable and the Central Bank would be very interested to hear about such nonsense.
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Again agree. I think they might have either worded it wrong or has misunderstood the situation. As I said previously they seemed very uncertain so I'm not putting too much stock in it till I get my letter.
 
Remember that a lot of the staff answering the phone will have very limited experience and training.

This is from their website

No action is required from Personal Loan customers at this time and we will write to you about your Personal Loans separately in 2023. If you hold a Personal Loan, you will not be asked to repay it early but you will need to ensure that you continue to make the repayments on your loan, in accordance with the terms of your relevant Personal Loan agreement.

And virtually every possible question is answered there too

Important Customer Notice

www.ulsterbank.ie www.ulsterbank.ie
 
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