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Thread: Oh the woes of those poor, hunted billionares...

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    Liar and Trickster Senior Member Andres's Avatar
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    Default Re: Oh the woes of those poor, hunted billionares...

    Quote Originally Posted by Sigurd View Post
    I don't think you have to pay interests on such out-of-schedule paybacks. You pay a set amount of interests once a month based on how much loan you have had the previous or current month (I forget the details).
    Slightly off topic, but maybe good to know.

    Could be different abroad, of course, but in Belgium, paying capital back earlier (out of schedule) is considered a breach of contract and you'll generally have to pay 3 months of interest on the amount paid back earlier as compensation. The damage for the bank is that it loses part of the profit of its' investment (Yes, a loan to you is an investment for the bank, and they make profit out of it; generally, you have to pay more interest than the bank has to pay on that amount - when interest rates are low, try to get a loan on an interest rate that's fixed for the entire duration of the loan). Also in Belgium, you don't get tax benefits for the amount you pay back out-of-schedule. Before you'd consider doing such a payback, you'd first have to make some caculations to see if it's profitable or not.
    Last edited by Andres; 07-30-2009 at 13:11.
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