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Does anyone stooze? I think this is what we should have been doing but I never realised

(10 Posts)
enduringsurrey Sun 12-Oct-08 12:13:46

Message withdrawn

kaz33 Sun 12-Oct-08 13:38:17

Yes, in the good old Stoozing days of cheap credit and 0% transfer fees it was money for old rope. I had about £40,000 stoozed at one point.

But now credit card companies charge upto 3% for transfer fees and as now credit has dried up I am afraid that you missed the boat.

Saggarmakersbottomknocker Sun 12-Oct-08 13:48:41

I don't stooze in the true sense but I am a bit of a card tart; have quite a bit (regular purchases, petrol, food etc) on 0% credit at the moment with the money to cover it offsetting my mortgage.

janinlondon Mon 13-Oct-08 09:12:39

What Kaz said really. We did it for about four years, sometimes up to 100% of our mortgage, and saved about £20k in interest. But true 0% and no fee deals are pretty scarce on the ground now, and there is a further problem with the banking guarantee - if you have funds stoozed against your mortgage and the bank goes under, the £35k (or £50k) guarantee only applies AFTER they have taken your savings to pay off any debt. So effectively they can take all the money you are stoozing, leaving you in a pretty dismal situation. I think it is too late. Sorry.

UnfortunatelyMurderedMe Mon 13-Oct-08 13:55:18

I stooze, you need a egg card ideally(money back from quidco when you apply for one) As long as you are earning more in interest than the transfer fees and dont miss a monthly payment its nice to see the interest building up, free money

Prufrock Mon 13-Oct-08 14:03:05

Can't really do it anymore - most credit cards charge a 3% transfer fee for 6 months worth of 0% credit, so you pay 6% interest, which should be more than your mortgage if you've got a decent deal and plenty of equity.

The best thing to do now (and I know you are organised enough to manage it) is to take out a credit card that offers 0%, fee free, on all purchases for at least 6 months (first direct have a good deal atm). Spend on that and pay off only the minimum each month, keeping the rest in your mortgage account until the 6 months is up.

Of course, you need to be sure that if the bank did go under and offset your savings against outstanding mortgage, you could easily re-mortgage to replenish your cash flow. The good thing about the offset (which doesn't actually apply at Nationwide btw - there you'd be left owing whole mortgage and losing savings above £50k) is that you can have more than £50k safely in one institution.

enduringsurrey Mon 13-Oct-08 15:19:44

Message withdrawn

katch Mon 13-Oct-08 15:31:17

There's loads of this sort of info. on moneysavingexpert.com.

MrLSG Mon 13-Oct-08 16:15:03

Been stoozing for years, and still are. Currently got only £6k stoozed (courtesy of Abbey Zero card), but was at one time over £70k across a large number of cards.

Best site for up-to-date details is www.stoozing.com - they list 3 cards with 0% interest and no transfer fees: Abbey Zero, Ulster Bank Gold and ICICI.

mamhaf Sat 25-Oct-08 22:13:11

I've been small-scale stoozing for a few years...not enough to make a big dent on our mortgage, but enough to make a decent profit.

Not sure if the credit crunch means companies will have tightened up though - but we have the money banked to pay off the bills in full if we get refused more 0% cards when they expire.

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