Download Early Settlements | Bank of Ireland UK and more Study notes Banking and Finance in PDF only on Docsity! 1 Early Settlements What is an Early Settlement? Your Bank of Ireland UK Loan is regulated by the Consumer Credit Act 1974 (CCA) which gives you certain protections and entitlements when entering into a credit agreement. One of these entitlements is that you can choose to repay your loan either partially or in full before the end of the term you originally signed up for. What is the difference between a Partial and Full Early Settlement? Partial Early Settlement – This is where you make a payment towards the sum you owe to us which is over and above your normal contractual monthly repayment amount. There is no limit to the number of early settlements you can make during the term of your loan and there is no minimum or maximum amount you can pay. Full Early Settlement – This is where you pay the full amount you owe to us and clear your loan before the end of the original agreed term. In both cases, you will be entitled to a rebate (further information on rebates can be found below). How do I request an Early Settlement? You can request a Partial or Full Early Settlement by either contacting us on 0345 600 2703 or writing to us at Bank of Ireland UK Loans, PO Box 303, Lowton Way, Sheffield, S98 1SY. You will have 28 days from the day after you contact us to make your payment. If you don’t make the payment within this timeframe you will need to contact us again so that we can provide you with up to date information - you then have a further 28 days from the day after this date to make your payment. Remember that if you change your mind you are under no obligation to proceed. Some points to note: If you want to make a Partial Early Settlement you can choose to either reduce the term of your loan or your monthly repayment amount. If you ask us, we can tell you how both options would affect you to help you decide what to do. If you don’t tell us which option you want to take, we will automatically reduce your term meaning your monthly repayment would stay the same. If you want to make a Full Early Settlement we will tell you how much you need to pay us to clear your remaining balance completely and then confirm this to you in writing. If you have any unpaid charges or arrears on your agreement, these will be cleared first and then the remaining amount will be used against the full or partial settlement to your loan. How do I make a payment? You can make a payment in either of the following ways: By telephoning us and using your debit card By Bank Transfer using the following details (it is important that you include your agreement number as a reference on your payment so that we can apply the payment to your loan correctly) Account Name: Bank of Ireland Sort Code: 301607 Account Number: 30027669
