Help with Finances

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Need help with your credit card, loans or overdraft repayments?

Managing your Finances and Dealing with Arrears

If you have any difficulty in making the required payments on your Bank of Ireland Credit Card, loan or managing your overdraft please contact us to let us know.

The earlier we know about any difficulties you may be having, the sooner we can work together to quickly identify the best solution to get you back in control of your finances.  If you do not meet the repayments on your credit or loan agreement, your account will go into arrears.  This may affect your credit rating, which may limit your ability to access credit in the future. The problems will get worse if you do nothing.  Please call us - we will be happy to assist you. 

Contact your local Bank of Ireland branch who will review your financial situation with you with a view to perhaps restructuring your loan or credit card repayments or setting up a repayment plan that will help you through a challenging financial period.

Bank of Ireland is a member of the Irish Credit Bureau where details of arrears may be recorded. When you miss a payment your credit rating may be affected. This may affect your ability to borrow in the future from Bank of Ireland or other financial institution.

Support with Managing your debt icon

Support with Managing your debt

Support with managing your debt

You can get free confidential and independent debt managing advice from your local Money Advice & Budgeting Service (MABS) office.  They can help you draw up a budget, advise you on any benefits you may be entitled to, and work out a revised repayment schedule that works best for you.

Telephone:076 1072000   www.mabs.ie

If you’re struggling with debt, StepChange Debt Charity offers free and impartial advice, and can recommend the best way for you to deal with your debts. 

StepChange Freephone: 1800 937 435. 

Website: www.stepchangedebtcharity.ie 

Interest Rates and Fees and Charges Information

Consumer Credit Card

  • APR: This stands for Annual Percentage Rate which is the annual rate of interest you will be charged on a credit card. It takes account of all the costs involved for the card, such as annual fees and the interest rate.
  • Late Payment Fee:  This fee is charged if you do not pay at least the minimum repayment by the due date
  • Over limit Fee: You are charged an over-limit fee in relation to any statement period in which an over-limit position occurred (if you go over your credit limit, your card may be declined when you try to use it).
  • Your current credit card limit is stated clearly on all credit card statements and related correspondence.  Any excesses over the agreed limit however small should be avoided. 
  • All rates quoted for credit cards are variable except for introductory rates and balance transfer rates which are fixed for the period of time specified.
  • If you do not pay off your full bill each month, interest will be charged on a set date.  The amount of interest you are charged depends on the variable APR that applies to your credit card account.
  • Credit Cards are liable to Government Stamp duty, currently €30 per account, per annum
  • The Principal Cardholder remains solely liable for all charges, interest and fees incurred on the account including those of additional cardholders.

Consumer Credit Cards Default Charges

 

Student Card

Clear Card

Classic Card

Affinity Card

Affinity Gold Card

Platinum Card

Advantage Card

Gold Advantage

Twin Card

Unpaid DD or Cheque

€3.17

€9.50

€5.00

€3.17

€3.17

€3.17

€3.17

€3.17

€3.17

Late Payment Fee

none

€7.50

€7.50

None

€7.50

€7.50

€7.50

€7.50

€7.50

Over Limit Fee

none

€6.25

€7.50

None

€7.50

€7.50

€7.50

€7.50

€7.50

For further information on current rates, fees and charges on personal credit cards please see Classic Card Charges, Platinum Card ChargesAffinity Card Charges, Student Card Charges.

Loan charges

A loan account is liable to the interest rate that is agreed when taking out a loan. The interest rate may be a fixed or a variable rate.  The interest rate is set when the loan is taken out.

A fixed interest rate means that the interest is fixed at a particular rate over a fixed time. If rates fall you can miss out on the benefits.

A variable interest rate is subject to change and may rise and fall. Variable rates offer more flexibility than fixed rates.

If you miss a loan repayment then an interest surcharge will apply along with the fixed or variable interest rate. The Bank will charge you a default interest rate on the amount in arrears as per the chargers outlined in the table below. The details of interest surcharge are also detailed in your loan credit agreement.

If you are having difficulties clearing your loan you should contact your branch and speak to a financial adviser.

Click to link to a pdf which contains a glossary of loan terms.

1.Interest Surcharge on missed loan repayments 1% per month (12%per annum)  Minimum €2.54 per month or part of the month

                                                                                                                                                    

Payment Protection Insurance

Check to see if you are availing of Payment Protection Insurance on your Credit Card or Personal Loan. This is an optional extra that you may have taken out when applying for your Credit Card or Personal Loan.  To see if  you are availing of this insurance cover, please check your Bank of Ireland Credit Card Statement or call 1890 251 251 or if you have a personal or motor loan with us,   please contact your Bank of Ireland Branch https://personalbanking.bankofireland.com/help-centre/branch-locator/.

Current Accounts & Overdrafts.

A current account is liable for overdraft interest when the account is overdrawn.  Details of interest rates are available from your branch, on our website or if you have an agreed overdraft facility it will be detailed on your letter of sanction. The rate is variable which means it can go up or down.

In addition there are two interest surcharges that may apply to your account.

1.Interest Surcharge on excess over credit limit.

0.6% per month (7.2%per annum)

2.Interest Surcharge for non- reversion to credit for 30 days during a 12 month period.

0.75% per annum.

  1. Interest Surcharge on excess over your credit limit can occur if you have:
    • An overdrawn balance on your account where there is no agreed overdraft limit in place, OR
    • If you have an agreed overdraft limit, any amount overdrawn in excess of that limit.
  2. Interest Surcharge for non-reversion to credit for 30 days:

Where an account has an agreed overdraft facility a non -reversion to credit surcharge of 0.75% applies if your account does not revert to credit for more than 30 days in a year. 

If you are having difficulties clearing your overdraft or maintaining your credit days you should contact your branch and speak to a financial adviser.

  • Overlimit item:An overlimit item occurs when any payment or withdrawal from a current account causes the account to;

a) go overdrawn where there is no agreed overdraft limit or

b) go overdrawn in excess of an agreed overdraft limit or

It also applies where a payment or withdrawal is made while theunauthorised balance remains on the account.

There is a charge for each overlimit item on your account. The charges are as follows:

First overlimit item per quarter

No Charge

Second and third items per quarter

€3.50 each

Fourth and fifth items per quarter

€5.00 each

Sixth and subsequent items per quarter

€10.00 each

Note: Overlimit item charges and interest surcharges are applied based on the balance shown on your regular current account statement (i.e. the uncleared balance). This may differ from balances shown elsewhere i.e. 365 Phone or Online, ATM and branch printed statements.

  • Unpaid item:This occurs when a bank does not pay a cheque, direct debit or Standing order debit presented on the current account. It may be because there are insufficient funds in an account to cover the amount of an item when it is presented for payment.  Other reasons include a cheque may be out of date or the Bank has received an instruction to stop the cheque. The charges for unpaid items are as follows.

Cheque or direct debit returned unpaid from your account (out)

€12.70

Unpaid Standing Order  (e.g. due to lack of funds)

€12.70

Cheque lodged to your account and retrned unpaid (in)

€3.30

  • Overdraft Facility Charge:There is an annual overdraft facility charge of €30. This is charged on negotiation, re-negotiation and annual renewal (anniversary) of a personal overdraft facility.

For further information on the fees and charges that apply to your current account refer to the Schedule of Fees and Charges for Personal Customers.

Avoiding these Charges.

You may be able to avoid  some of these charges by keeping your current account balance within your agreed overdraft limit, or in credit if you do not have an overdraft limit. If you have an overdraft facility, check your account regularly to ensure that it is in credit for at least 30 days each year starting from the date that you first received the overdraft.

Bank of Ireland 365 provides an easy way to check your balance by phone or online.

If you are having difficulties clearing your overdraft or maintaining your credit days you should contact your branch and speak to a financial adviser.

Glossary of Loan Terms

Fixed rate

This means interest is fixed at a particular rate over a fixed time. If rates fall you can miss out on the benefits. If you want to pay off your full loan within the set time, you have to pay penalty fees

Variable rate

Variable rates rise and fall in line with general interest rate changes in the euro zone. Variable rates offer the most flexibility (over fixed rates) and allow you to pay off part or all of your loan without having to pay any fees or penalties.

Interest on loans

This is the amount you pay to borrow money and is added to the loan.

Interest surcharge for missed repayments

This means a higher rate of interest may be charged on the repayments you missed

Joint account

These are accounts you open in the names of more than one person. Before you open a joint account, consider if the permission of all those taking part is required to make any withdrawals and what happens to the account if one of the holders dies.

Payment protection insurance (PPI)

PPI is an optional purchase when you apply for a loan or credit card.  There is an additional cost associated for this insurance. A loan will be quoted with and without PPI.  For a credit card, the customer agrees the level of cover they require.  PPI pays you a regular amount if you are unable to work for health reasons or redundancy. This insurance can also cover you for repayments of a loan and some bills for a limited time.  This type of insurance may be limited to certain circumstances.

Standing order

This is an instruction you give to your bank to make regular payments out of your account to another account. Unlike a direct debit, you instruct your bank directly about how much is to be paid and the amount is fixed and can only be changed by you.

Cost of credit

The cost of credit shows you the real cost of borrowing. It is the difference between the amount you borrow and the total you will repay including the interest by the end of the loan period.

Irish Credit Bureau

This is a credit reference agency that maintains information about individual borrowers' credit histories. You can get a copy of your own details for a small fee by contacting the ICB.

Credit history

This tracks your record in repaying loans. Most lenders use a central agency, the Irish Credit Bureau to check your credit history. It keeps files on individual borrowers, and uses the information it gets from lenders to build up each borrower's credit history.

Default

This is when a payment or series of payments on a loan are missed.

Guarantor

This is a person who agrees to pay off a loan if the borrower fails to pay.

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