Some help on Stoozing if you dont mind

A question about : Some help on Stoozing if you dont mind

Hey Guys,

I am very tempted to start my own Stoozing pot. just a few questions I have on the best way.

1. I take it I need to start with a SBT card i.e Virgin, transfer all money into account, then save it.

2. How do I get money off a card which doesn't have a SBT i.e Natwest card.

3. When do I close the cards? I'm thinking once the 0% deal ends, but does this apply to SBT cards?

4. My partner has a overdraft off Ј1500 at 1.22% & A Grad Loan off Ј2500 don't know the Interest Rate, is it best to pay all these off first then start stoozing?

Thanks for your answers you clever lot!!!!

Best answers:

• With a Virgin CC you can BT a debt (real or otherwise) straight from your current account- no need to involve another card
• ok so overdraft is the first to go, whats the best way to get rid?
  0% credit card then do the shuffle?
• The best way to start in my view is to get a 9/12 month 0% purchase card eg Sainburys. Then you have to find a suitable savings vehical to transfer the equivalent amount spent on this card from your, hard earned current account cash, into your savings. Thus you will have debt on your card at 0% and an equal amount of credit in your savings account that earns interest. The minimum aim is to keep the interest and payback the savings capital back to the card, before it becomes an interest charging card.
  About six weeks before you have to pay off the 0% purchase you could apply for 0% balance transfer cards. The best available will clear your original purchase card debt without a fee. You can continue with the existing savings scheme. Any interest paid is yours and but the stooze pot now belongs to the new card company. Repeat this 0% balance transfer process just before the new 0% interest deal runs out. Don't purchase anything on this new card as you may wreck the interest free value of the card.
  Read terms and conditions and understand them. Document when deals start and are due to end. Aquire internet access and control to all your accounts. You will, apart from MBNA based accounts, have to find 2-3% of that borrowed to pay for minimum paymemts. Set up appropriate accounts that can be fed from your stooze pot to acheive this.
  Stoozing requires discipline. Your credit record may be harmed by this activity. It might be a good idea to pay the money back if you intend to mortgage or remortgage as the lenders can only see the debt but not the savings. Ditch cards that you no longer use in the nicest possible way whilst asking for another 0% deal.
  All this can be done without SBT cards. To get the best out of it you need to have the best savings deal. As tax is paid on savings interest and there are tax shelters such as the ISA, a thorough understanding of consumer finance is required. That is why I advise you to take things slowly and only increase your activity once you grasp the complexity and effort involved.
  Work out how much you can make for the time and effort/worry it costs.
  You can always consider this scheme as a little stoozing project once you can handle the more complicated stuff.
  J_B.
• I take it from reading Martins advice re credit cards, to pay off my Overdraft I will need a SBT card.
  Now then I stupidly cancelled a Virgin Card about 2 months ago, I had a Ј3000 limit on there it was a new card with 0% interest for 9 months. I forgot about the card as I went on holiday, so I just cancelled it. I think I had it for 2 months.
  How long before I can re apply do you think?
• Try ringing up and grovelling you didnt mean to close it, honest :rolleyes: they 'might' reinstate your old card- otherwise I'd give it 6 months
• 6 months from now? or from closing?
• Virgin don't allow whole credit limit (S)BTs so you can't fill completely, at least in one go.
• Does anyone know if I can do a superbalance transfer with an M&S credit card. Also has anyone done a Superbalance transfer with the MBNA card even though there is a fee to pay. I am thinking about doing this because the potential gains appear to outweigh the fee?