Hi all.
I got a loan last year of €15000 over 5 years. Repayments are 321.01 per month.
At the time I could afford that easily. But my circumstances have changed and I am now a single parent and my wage just about covers my expenses month to month.
I have cut back as much as possible but I find myself struggling more and more. I am wary of building up credit card debt or an overdraft etc and would prefer to manage on what I earn.
My main query is (and I know it would cost me more in the long run) can i agree with the bank to lengthen the term of my loan and therefore reduce the monthly repayments?
Will they entertain the idea at all?
I am with BOI and have been for over 7 years and have had numerous loans over the years, credit card is with them, overdraft etc. I have never missed a payment on any of them and have a very good credit rating.
Even if I could reduce it to €200 per month it would take some of the pressure off.
Is it even worth asking? Do they do that?
I got a loan last year of €15000 over 5 years. Repayments are 321.01 per month.
At the time I could afford that easily. But my circumstances have changed and I am now a single parent and my wage just about covers my expenses month to month.
I have cut back as much as possible but I find myself struggling more and more. I am wary of building up credit card debt or an overdraft etc and would prefer to manage on what I earn.
My main query is (and I know it would cost me more in the long run) can i agree with the bank to lengthen the term of my loan and therefore reduce the monthly repayments?
Will they entertain the idea at all?
I am with BOI and have been for over 7 years and have had numerous loans over the years, credit card is with them, overdraft etc. I have never missed a payment on any of them and have a very good credit rating.
Even if I could reduce it to €200 per month it would take some of the pressure off.
Is it even worth asking? Do they do that?