If you are coming to the end of an existing payment break complete the online form ‘COVID-19 Credit facilities options form’ and choose ‘I am coming to the end of my first payment break-option’ then choose from the options listed below.
There is some important information that you should be aware of before you decide which option suits your needs, more information on what taking a further payment break will mean for you is available in our FAQs or below.
Option 1: If you do not need another payment break and you want to return to full capital and interest payments.
You can do this by completing the online form ‘COVID-19 Credit Facilities options form’ and choosing ‘I am coming to the end of my first payment break’ and choose option 1.
If you do not take any action, this is the option that will automatically be applied to your account. If you make payments to your Credit Facilities from a Bank of Ireland paying account the Standing Order will automatically start again after the payment break. If you are paying your Credit Facilities from a different Bank and you cancelled your Standing Order contact us on 1890 882 961 or 353 (0) 1 4883035 (lines open 9am – 5pm Monday to Friday excluding Bank Holidays) and we will assist you in ensuring that the correct steps are taken to ensure that your Standing Order has been set up again.
Under this option, to pay off the Credit Facilities, you will have to make payments for three months longer than the original term and you will need to make an extra payment to clear the extra interest that built up during the payment break. By paying your loan off over an extended term, you will pay more in interest than if you choose to repay your loan within the original term.
Option 2: You are still experiencing a temporary reduction in your income and you want to apply for a further three month COVID-19 payment break. You can do this by completing the online form ‘COVID-19 Credit facilities options form’ and choosing ‘I am coming to the end of my payment break’ and choose option 2.
Important: If you have concerns that the impact on your finances from COVID-19 could last longer than 3 months or that you may not be able to meet the payments on your loan after your payment break ends a payment break may not be suitable for you, however, other options that are more suitable for you may be available and you can follow the instructions below (Option 4) to get in touch with us for more information on these.
What a payment break means for you
By availing of this option for an additional payment break you are not required to make any payments to the Credit Facilities during the additional payment break but you can do so if you wish at no additional charge. This will reduce the total amount of interest you pay over the term of the Credit Facilities.
If the current interest rate that applies to your Credit Facilities is a fixed interest rate or a variable interest rate, the application of a payment break means that the term of the Credit Facilities will be extended, the interest payable on the Credit Facilities will increase and the amount owing on the Credit Facilities will increase.
Option 3: You do not need another payment break and you want us to amend the term of your credit facilities to clear the balance within the original term. You can do this by completing the online form ‘COVID-19 Credit Facilities options form’ and choosing ‘I am coming to the end of my first payment break’ and choose option 3.
By keeping the original term of the Credit Facilities, the payments to your Credit Facilities will be higher than you would have made prior to you availing of the payment break. However, paying your Credit Facilities as soon as you can will reduce the amount of interest you pay over the term of your Credit Facilities, while options such as extending your payment break or extending the term beyond the original term of your Credit Facilities will cost you more in interest.
Option 4: You are concerned that you may experience longer-term financial pressure and you would like to explore additional supports to help you to pay your Credit Facilities. You can speak to us about additional supports by completing the online form ‘COVID-19 Credit Facilities options form’ and choosing ‘I am coming to the end of my first payment break’ and choose option 4.
Important: If you feel as though you will have difficulty in meeting your loan repayments, this option may be most suitable for you.