I'm Paying Zero Interest on 3 Loan Repayments

R

RichInSpirit

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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 :)
 
cashier said:
What is your question and can you expand a little bit?
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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. :)
 
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. :)
Click to expand...

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?!
 
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....
 
mandelbrot said:
.. are you on the Chardonnay this evening perchance?!
Click to expand...

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.
 
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.
 
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. :)
Click to expand...

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.
 
Troll

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

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.
 
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. )
 
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.
 
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?!
Click to expand...

dodo said:
I have feeling this may be a troll but got me thinking about something else for a change
Click to expand...

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