Seeking advice on a no-interest loan snafu I am in - Tilted Forum Project Discussion Community

Delirious · 10-30-2006, 12:41 PM

Last year on 10/1/05 I took out a medical loan of approximately 4k with Capital One. It was 12 months no-interest. I paid the minimum amount regularly each month on time. I planned on paying the full amount before it was due otherwise the 19% interest would be owed from the full year. However things in my life got kind of hectic and although I didn't forget about the loan, I expected to receive a notification that it was due. The due date was 10/1/06 which came and went. I received a normal statement which listed the balance as of 10/6 and nothing new. I decided to call a few days ago and they told me that in addition to the 2800 I owe, I was also now responsible for the additional interest which was about an extra $800. I spoke to a supervisor and explained the situation. He said there was nothing he could do.

Does anyone know if there is anything that I can do at this point to avoid paying the interest, or am I screwed?

cj2112 · 10-30-2006, 02:04 PM

I'm gonna guess that the company isn't going to be easily convinced to eat the additional $800.00 you owe them. Offers such as the one you took advantage of are made by the company in hopes that you will not have the loan paid off by the deadline. This is how they make money on loans such as these.

The_Jazz · 10-30-2006, 02:13 PM

I'm sure that NoSoup can tell you more exactly, but I expect that you're screwed, at least in part. You may be able to get them to back off on part of it but mostly likely not all. Sorry.

Toaster126 · 10-31-2006, 06:02 AM

It's not even a screw. They told you you would be liable if you didn't pay by the date. You didn't pay. So... you got charged.

ratbastid · 10-31-2006, 06:22 AM

You could go down there and plead a hardship case. They're completely within their rights to charge you the interest, but maybe if you ask the right person very very nicely, they can work something out. Especially if you have a relationship with anyone there, somebody you've been working with.

Lindy · 11-11-2006, 10:12 PM

Quote:

Originally Posted by Delirious

.... or am I screwed?

You did it to yourself. If you do this kind of loan again, mark it on your calendar as due SEPTEMBER first. Then you have some time to recover if you screw up.
Lindy

This is why financial counsellor Dave Ramsey says that "If you keep playin' with snakes, eventually you're gonna get bit."

10-30-2006, 12:41 PM	#1 (permalink)
Delirious Crazy Location: Queens, NY	Seeking advice on a no-interest loan snafu I am in Last year on 10/1/05 I took out a medical loan of approximately 4k with Capital One. It was 12 months no-interest. I paid the minimum amount regularly each month on time. I planned on paying the full amount before it was due otherwise the 19% interest would be owed from the full year. However things in my life got kind of hectic and although I didn't forget about the loan, I expected to receive a notification that it was due. The due date was 10/1/06 which came and went. I received a normal statement which listed the balance as of 10/6 and nothing new. I decided to call a few days ago and they told me that in addition to the 2800 I owe, I was also now responsible for the additional interest which was about an extra $800. I spoke to a supervisor and explained the situation. He said there was nothing he could do. Does anyone know if there is anything that I can do at this point to avoid paying the interest, or am I screwed? Last edited by Delirious; 10-30-2006 at 03:00 PM..

10-30-2006, 02:13 PM	#3 (permalink)
The_Jazz Asshole Administrator Location: Chicago	I'm sure that NoSoup can tell you more exactly, but I expect that you're screwed, at least in part. You may be able to get them to back off on part of it but mostly likely not all. Sorry. __________________ "They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - B. Franklin "There ought to be limits to freedom." - George W. Bush "We have met the enemy and he is us." - Pogo

10-31-2006, 06:02 AM	#4 (permalink)
Toaster126 Extreme moderation Location: Kansas City, yo.	It's not even a screw. They told you you would be liable if you didn't pay by the date. You didn't pay. So... you got charged. __________________ "The question isn't who is going to let me, it's who is going to stop me." (Ayn Rand) "The truth is that our finest moments are most likely to occur when we are feeling deeply uncomfortable, unhappy, or unfulfilled. For it is only in such moments, propelled by our discomfort, that we are likely to step out of our ruts and start searching for different ways or truer answers." (M. Scott Peck)

10-30-2006, 02:04 PM	#2 (permalink)
cj2112 Unbelievable Location: Grants Pass OR	I'm gonna guess that the company isn't going to be easily convinced to eat the additional $800.00 you owe them. Offers such as the one you took advantage of are made by the company in hopes that you will not have the loan paid off by the deadline. This is how they make money on loans such as these.

10-31-2006, 06:22 AM	#5 (permalink)
ratbastid Darth Papa Location: Yonder	You could go down there and plead a hardship case. They're completely within their rights to charge you the interest, but maybe if you ask the right person very very nicely, they can work something out. Especially if you have a relationship with anyone there, somebody you've been working with.