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Loan repayment, is it negotiable.

  • 15-11-2010 2:11pm
    #1
    WH BONNEY
    Registered Users, Registered Users 2 Posts: 512 ✭✭✭


    Hi,
    We are in a position where we have an interest only loan that is due to expire shortly. At this time we will either be extending the interest only period, repaying it or coming up with a repayment schedule over the coming years.

    AT the risk of sounding stupid, If we chose to repay this money now would there be any possibility of negotiating a discount on this loan with the bank ?

    Regards,

    WH


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Very unlikely tbh - what benefit would be in it for them? If you settle early, they lose out, as they can't change you the interest coming up in the future.


  • #3
    peeweegirl
    Closed Accounts Posts: 36 ✭peeweegirl


    Im a tiny bit confused - you say its an interest free loan, but youre making interest-only repayments? Maybe Im reading it wrong. Either way, it depends on what type of loan it is. You can usually get an early settlement figure on a HP or Lease agreements where they will discount the balance outstanding but it also depends how far you are in to the loan. Im not 100% sure how a personal loan works but i think its similar. Ring the bank and ask them for the exact balance of the loan & if they can give you an early setlement figure on it.


  • #4
    WH BONNEY
    Registered Users, Registered Users 2 Posts: 512 ✭✭✭WH BONNEY


    peeweegirl wrote: »
    Im a tiny bit confused - you say its an interest free loan, but youre making interest-only repayments? Maybe Im reading it wrong. Either way, it depends on what type of loan it is. You can usually get an early settlement figure on a HP or Lease agreements where they will discount the balance outstanding but it also depends how far you are in to the loan. Im not 100% sure how a personal loan works but i think its similar. Ring the bank and ask them for the exact balance of the loan & if they can give you an early setlement figure on it.

    My sincerest apologies, I have amenended the original.


  • #5
    peeweegirl
    Closed Accounts Posts: 36 ✭peeweegirl


    Yeah, when I read it again after I posted it, I guessed thats what you meant to type! Good luck anyway!


  • #6
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Also if you get a discount it will be marked on ICB as settled for a lesser figure rather than completed.


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