Some help on Stoozing if you dont mind

robodan wrote:

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

Yes.

robodan wrote:

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

You balance transfer a (fictitious) debt from the SBT card to it. The cash goes to Virgin.

robodan wrote:

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

Matter of opinion with ordinary cards at the end of the 0% period. Some say get rid, others say wait for offers. With the latter, other lenders will see that you still have unused available credit and may refuse you. With the SBT card - YOU NEVER CLOSE IT DOWN!!!!

robodan wrote:

4. My partner has a overdraft off £1500 at 1.22% & A Grad Loan off £2500 don't know the Interest Rate, is it best to pay all these off first then start stoozing?

You shouldn't stooze if you have debt - it doesn't make sense. With regard to the overdraft, this sounds like a monthly rate - over 15% per annum!!!! Get rid of this first.

Answers to most/all of your questions have already been written - and far better than I could ever give in a short reply. I suggest you do the following...

1. Read Martin's articles (accessed through the yellow box to the left of this screen), particularly the "revenge - make money from credit cards" and "what is a super balance transfer?" articles.

2. Visit https://www.stoozing.com where there is a "thread to the eye of the needle" step-by-step guide to stoozing and a wealth of other useful information.

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.