Not happy with stoozong experiance.

magicdogsbrain · 3 March 2008 at 8:07PM

Have used credit cards for 20 years and NEVER exceeded the limit. A couple of weeks ago I thought I would try this stoozing lark. I decided to go for one of the better BT cards – so I received a new HSBC card last week.

I phoned up the customer services – “can I have a balance transfer please”. “How much would you like to transfer”. “How much can I transfer” I asked. A few moments pass and a reasonable reply is given. “Yes, please transfer that amount” I reply.

A few days later I receive a letter informing me that I have exceeded my limit (by 0.44% of my limit), I will be charged £12 (more than the original breach) and this breach will be applied to my credit file!

I then spent 3 hours (not exaggerating) pleading/begging with every HSBC department to understand my issue: -

1) My credit rating is VERY important to me.
2) It was a very small amount.
3) The CS person advised me wrongly.

They just said that they cannot remove the limit breach from my credit file and they will not put a note on the file unless I get a copy and post it to them (which means I have to get a copy).

I am absolutely barking mad at the moment. I realise I should have worked out the maximum balance transfer myself but come on – If you cannot trust CS for that then what can you trust them with.

Needless to say – I am paying off the HSBC card and I am NEVER going to touch stoozong again. I think this site exaggerates the benefits and downplays the pitfalls of stoozing – it is very very risky – anything can go wrong – and WHEN it does – your stuffed.

See you in 6 years L

YorkshireBoy · 3 March 2008 at 8:25PM

The HSBC card offers a BT rate of 2.9% APR for 2 years, charges a 2.5% BT fee, and demands a 2.5% minimum payment. How on earth were you going to make any money out of it?

Just out of interest, where did you balance transfer from?

On your "this site exaggerates the benefits and downplays the pitfalls of stoozing" comment, Martin gives abundant warnings about it saying it's only for the finacially savvy.

I'm sorry you haven't enjoyed your foray into stoozing, but there are enough articles, and people willing to offer advice and answer questions, on this, and the official stoozing website, that there's really no need to 'go it alone' as you appear to have done.

magicdogsbrain · 3 March 2008 at 9:09PM

Sounds like you are saying it serves me right for not asking “will the CS person get the number correct if I ask how much BT I can have”. It’s a bit specific to have worked out in advance!

Is this card not currently at the top of the BT tables?

I BTd from a Sainsbury’s card that I was going to pay off with cash from my CAM (I have kind of been doing this for years without realising it).

BTW I have had credit cards for 20 years and NEVER missed a payment or gone over the limit. As far as I am concerned I still haven’t.

I would call myself financially savvy although I don’t work out compound interest in my head for evening entertainment. I would ordinarily have worked out the maximum BT myself – I admit it was an unguarded moment of weakness.

This is the point I am trying to make I guess: -

No matter how financially savvy you are, you are putting your credit history in the hands of often incompetent, overworked individuals that do not care about their customers or their job. If I had not fallen at the first hurdle with the BT amount – it would most likely have been something similar.

I agree that the site does specify the risks and is very informative – but I stand by my comment. I would also add that the site downplays the effort in most of the moneysaving ideas. But then again – that is exactly what I would expect a moneysaving site to do – so no worries – but anyone thinking of stoozing – I hope you read my experience.

dmg24 · 3 March 2008 at 9:14PM

All your 'experience' says to me is that you did not do your sums correctly. You cannot blame anybody else for this.

If a website told you to jump off a bridge, would you?! No, you would do your own research first, and consider the risks and benefits to yourself.

dmg24 · 3 March 2008 at 9:19PM

Your above post seems to contradict a previous post:

magicdogsbrain wrote: »

I don’t know if there is an answer to this but I have a problem with this. I have stoozed a couple of times but have found it intolerable when the promotional balance transfer rate has a month or 2 left. I usually chicken out and pay it off a month or two before the rate changes because I am not sure if I will remember when the time comes.

How is it possible to ensure that the balance gets paid just in time – before the promotional rate ends? You can ask customer services when the rate finishes but they usually say something complicated about the statement date.

This implies that the above is not the first time you have done it?

YorkshireBoy · 3 March 2008 at 9:21PM

magicdogsbrain wrote: »

Sounds like you are saying it serves me right for not asking “will the CS person get the number correct if I ask how much BT I can have”.

No, not at all.

You don't need to do too much mental arithmetic to see that a 2.5% BT and 2.9% APR in year one equates to around 5.4% APR...and that's before you start to make the 2.5% minimum payments.

If you'd run your figures through the stoozulator* at the official stoozing site, you'd have seen this deal was more than likely a non-starter...or, as you now say you are offsetting, barely worth the effort.

Is this card not currently at the top of the BT tables?

No. It's at the top of the purchases and debt-management LOB tables, but it's most certainly not at the top of the stoozing BT tables.

* http://www.stoozing.com/calc.htm

magicdogsbrain · 3 March 2008 at 9:29PM

Like I said - I have done it without realising, getting zero % purchases even though I have the money in an account and then paying it off close to the end of the zero % deal.

The HSBC card was my first go after reading on this site that there is a thing called stoozing and other people do it quite a lot.

Sorry officer!

magicdogsbrain · 3 March 2008 at 9:47PM

Using the calculator - its not great but its worth about 1.8% over the 2 years which is better then nothing. (correction – would have been worth).

I am also in the process of stoozing with the Virgin card (not arrived yet) – although I think I will not use it when it arrives.

owitemisermusa · 3 March 2008 at 11:44PM

magicdogsbrain wrote: »

Using the calculator - its not great but its worth about 1.8% over the 2 years which is better then nothing. (correction – would have been worth).

I am also in the process of stoozing with the Virgin card (not arrived yet) – although I think I will not use it when it arrives.

Out of interest, how much were you stung for?

If it's not too much, now that you are fully aware of the rules of the game, would you not consider trying again with the help of this and other fora plus thorough research?

Not stoozed meself but that's part of the hesitation, need to cover all the bases. Not likely to stooze but hey.......

magicdogsbrain · 4 March 2008 at 12:29AM

owitemisermusa wrote: »

Out of interest, how much were you stung for?

If it's not too much, now that you are fully aware of the rules of the game, would you not consider trying again with the help of this and other fora plus thorough research?

Not stoozed meself but that's part of the hesitation, need to cover all the bases. Not likely to stooze but hey.......

Only £12 - but even if it was £120 it would not be an issue - the problem is that it will reduce my credit rating for the next 6 years! So - because I allowed the CS person to do the maths - and it sounded in the right ballpark, even though I went over my limit by a very small amount - I will have trouble getting a mortgage in a few years (I was planning on getting a mortgage in 4 years) - all for the sake of ~£10.

If you do decide to go ahead a try stoozing then make sure you double and treble check everything - and ring at least 2 CS people to make a query (1 to query and one to double check) - and 3 CS people for any kind of transaction. Spend a couple of hours reading the small print of every card you get. etc etc.

For me personally - I can earn more money if I spend that time doing my job - its just not worth the hastle to me. I may stooze with the cards I have in the pipeline - now that the red mist is starting to clear - even if its just to get revenge.

Some CC companies have good CS. Not HSBC.

gazza975526570 · 4 March 2008 at 12:36AM

magicdogsbrain wrote: »

- I will have trouble getting a mortgage in a few years (I was planning on getting a mortgage in 4 years) - all for the sake of ~£10.

You are being VERY melodramtic.

If this is your only default i cant see you will have that much trouble. At the end of the day you made the mistake - you just need to take a little ownership of it.

Not happy with stoozong experiance.

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