3-Month Personal Loan Payment Break – COVID-19

This payment break is only for ROI Personal Loans. If you are looking for a Consumer Hire Purchase & Personal Contract Plans (PCP) repayment break, Mortgages, Business or for UK customer breaks, please click here.

COVID-19 Three-Month Personal Loan Payment Break (“payment break”)

We’re here to help and are working hard to support you during this unprecedented and challenging time.

Customers who have taken an initial personal loan 3 month payment break and meet the following criteria, can continue to apply for an 3 month payment break by calling us on 1850 222 200 (our lines are open 9am-5pm, Monday to Friday).

Please Note: Closing date for applying for your first COVID-19 3 month payment break was the 30th September 2020. Customers can no longer apply for an initial 3 month payment break. If you are concerned that you may experience financial pressure and want to explore supports to help you repay your personal loan, please call our arrears team on 01 488 2019 (our lines are open 9am-5pm, Monday to Friday).

Payment break criteria

  • This is a precautionary1 request (your income has not reduced but you require a safety net) or it reflects a temporary reduction in your income which has occurred as a result of the current health crisis and you are not in financial difficulty and/or was not concerned about your ability to meet your repayments prior to COVID-19.
  • You are not in a forbearance arrangement with the Bank or, if you are, you have met all terms and conditions for a minimum of 6 months
  • You were not in arrears prior to March 2020 on any mortgage account or other BOI loan and thereafter not more than 2 months/payments in arrears on any other mortgage account/other BOI loans.
  • Your loan must have been drawn down prior to the 16th March 2020 in order to avail of the 3 month payment break

(If you need assistance and feel you don’t meet these criteria we may still be able to help you – please call us on 01 488 2019 our lines are open 9am to 5pm, Monday to Friday).

Applications are subject to approval. Qualifying criteria and terms and conditions apply.

What this means for you

The term (period) of the loan will be extended by the payment break period. This means it will take additional time to repay the loan. We will continue to add interest to your loan daily, including during the payment break period. This means that you will pay more interest over the period of your loan than would be the case if the arrangement was not put in place. That is because none of the loan will be repaid and no interest will be paid during the payment break. This will mean an additional final payment will be needed to clear the extra interest that results from the payment break.

If you feel confident that you can afford to make some payments toward your loan in the payment break, you should consider doing so. That will reduce the total amount of interest you will have to pay over the period of the loan. You should only apply for a payment break when you are satisfied you need it. We do not charge any fee if you make payments towards your loan in the Agreed Period (or make any extra payments at any other time).

In our FAQs you will find a number of examples showing the implications for your personal loan. You will also find information in relation to what your options are after your 1st payment break within this guide.

COVID-19 Personal Loans Payment Break FAQs

1You should only apply for a payment break when you are satisfied you need one. Please see examples in the FAQs guide. These examples are to help illustrate how payment breaks work. The figures for your own loan could be different. Your balance will be higher at the end of the payment break period, your term will be increased by the payment break period and you will pay more interest (increased cost of credit) which will need to be repaid as an additional payment.

WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

WARNING: The cost of your monthly repayments may increase.

Bank of Ireland is regulated by the Central Bank of Ireland.