# I'm Paying Zero Interest on 3 Loan Repayments



## RichInSpirit (20 Oct 2012)

Hurray ! Loads of bad financial stuff for me but I'm on Zero interest on 3 debt's at the moment, without having to go to court or do too much negotiating.

Zero Interest Rocks


----------



## RichInSpirit (20 Oct 2012)

I should also say that my credit rating is probably shot, but who cares anymore .?


----------



## RichInSpirit (20 Oct 2012)

cashier said:


> What is your question and can you expand a little bit?



I didn't ask a question. I just stated that I'm now on Zero interest on 3 loans. 
I'm still paying them back but with no interest, so paying down principal only.
My total amount of debt on Zero Interest is about €80,000 so I'll still be a while paying it back.


----------



## mandelbrot (20 Oct 2012)

RichInSpirit said:


> I didn't ask a question. I just stated that I'm now on Zero interest on 3 loans.
> I'm still paying them back but with no interest, so paying down principal only.
> My total amount of debt on Zero Interest is about €80,000 so I'll still be a while paying it back.



I'd say you've signed into the wrong site by accident, this is ASKaboutmoney, not BragAboutZeroInterest... are you on the Chardonnay this evening perchance?!


----------



## lyonsie (21 Oct 2012)

Thanks for that info.   How did you manage this zero interest 'thing'.   I for one would love to know.   You hopefully put this thread forward to give some of us the necessary information to manage some of our own loans that are crippling us....


----------



## mercman (21 Oct 2012)

mandelbrot said:


> .. are you on the Chardonnay this evening perchance?!



Probably on the 'ask about toons' website, I'd say. The OP  doesn't realise that the Banks will eventually come knocking and that will be another story completely.


----------



## mark12 (21 Oct 2012)

I think i know what the OP means, he probably has a tracker paying less than 2% interest, so he must be paying interest only on the loans, while putting the rest in a savings account earning 4% interest.
This is the only way he can be paying little or no interest on the loans overall.


----------



## Bronte (22 Oct 2012)

RichInSpirit said:


> I didn't ask a question. I just stated that I'm now on Zero interest on 3 loans.
> I'm still paying them back but with no interest, so paying down principal only.
> My total amount of debt on Zero Interest is about €80,000 so I'll still be a while paying it back.


 
For the benefit of others can you clarify what the amounts of each loan are and with what bank/insitution.  Also can you tell us how they allowed you to go 'capital' only.  

Well done on your negotiations.  Perhaps a sign of some movement in the banks attitude.


----------



## dodo (26 Oct 2012)

*Troll*

I have feeling this may be a troll but got me thinking about something else for a change


----------



## RichInSpirit (28 Oct 2012)

lyonsie said:


> Thanks for that info.   How did you manage this zero interest 'thing'.   I for one would love to know.   You hopefully put this thread forward to give some of us the necessary information to manage some of our own loans that are crippling us....



Ok to answer all the questions. 2 are credit cards and the other is a financial institution but not a bank (which i'm not naming). 
With the credit cards the zero interest wasn't at all intentional. I kind of fell a little bit apart for a year and ignored all correspondence with them. When I came back on track I was on zero interest but had to do a little fire fighting to stay out of court with one.
With the remaining institution I wasn't able to make my original repayments by a long shot, but continued making regular repayments. I eventually asked could I go on zero interest to be able to pay them back faster. Eventually it happened.

I'm not boasting by a long shot or on the fancy wine. Just sharing experiences to give others something to aim for.


----------



## RichInSpirit (28 Oct 2012)

*Zero Interest*

So Zero Interest is actually a policy of recovery departments when someone goes seriously astray. It stops things from getting worse for both customer AND the institution. 
And I'd hazard a guess that it's mandatory at some point for financial institution's from an accounting and regularity point of view. (but I don't know that for definite. )


----------



## Bronte (5 Nov 2012)

So you got interest only on the credit cards becauase you made zero payments for quite a while.  How did you actually negotiate this or did they actually offer it to you?

For your other institution, is that a sub prime lender.  Please name it to help others who are negotiating.  Is it a mortgage or a loan.  

Can you confirm that for all 3 debts you are now paying back capital, at a rate agreed by those institutions.  

How did you manage to stay out of court.


----------



## demoivre (6 Nov 2012)

mandelbrot said:


> I'd say you've signed into the wrong site by accident, this is ASKaboutmoney, not BragAboutZeroInterest... are you on the Chardonnay this evening perchance?!





dodo said:


> I have feeling this may be a troll but got me thinking about something else for a change



No it happens - I've seen it with credit card debts for three different people from three different cc providers.


----------



## 44brendan (6 Nov 2012)

Not particularly unusual. Obviously these debts were viewed by the relevant Banks as being high risk. recovery strategy was geared towards getting the best return from the customer. Other option may have been to write off some of the debt, but this proposal suits both parties. i.e. the banks stand a better chance of getting their principal back & in return for co-operating the customer is not charged interest. It's not an exceptional debt collection strategy!


----------

