How to work out my stooze with One Account and interest rate changed?

stevie_wonder

Hi,
Hoping someone can help me work out where I am with my stooze please?
I remortgaged to one account from Sept 08 and from looking at the calculators worked out that stoozing was going to earn some extra money.
I've got:

- a Virgin Money card, £9000 limit 0% until Dec 09,
and did a money transfer 18/9 for £8550, the transfer fee was 3%.
- MBNA card, £9500 limit, 0% for 12 months,
and did a money transfer on 3/11 for £9025, the transfer fee was 2.9%.

When i started these cards my One account was on 6.7% interest, and I knew where I stood, in terms of calculating the stooze. However, as we all know interest rates have gone done massively since then.

My interest rates are/have been as follows:
Sep - 6.7
Oct - 6.7
Nov - 6.2
Dec - 5.2
Jan - 4.2
Feb - 4.0

Can anyone direct me to a calculator or tell me where I stand? Am I going to be on a loss with these at current rates, should I stop now, or hold on till the end of the periods? Any help, advice much appreciated!

Stevie Wonder

YorkshireBoy

I would think you're still 'in profit'. Play around with this calculator...

www.stoozing.com/calc.htm

stevie_wonder

YorkshireBoy wrote: »

I would think you're still 'in profit'. Play around with this calculator...

www.stoozing.com/calc.htm

Thanks - that's the calculator I used when deciding whether to go for stoozing or not, but I couldnt work out how I could take into account the changing interest rate. Thankfully I can see that even at 4.0% interest, the stooze is still in credit. So that answers that - keep the money in there!

radish293

We have had a one Account sine 2003 and i have stoozed about £10k all the time.

The One account is fantastic I still cant believe just how much we have saved.!!!!!!!!.
The customer service is excellent and true to their word if you can get someone else to get one £125 each is on its way. So far I have sold 3 and working on my 4th.

In just 4 years we have paid off our mortgage taken out 6 ISAs and bout 4 new cars

Good Luck and here is to saving ££££££££££

I have my own calculator and if starting today you would save about £100 on each account.

emili1001

First direct offset mortgage and building credit on your card


1- I wonder if anyone has been using firstdirect offset mortgages.

My partner got approved a mortgage with C&G, but I am about to apply for the firstdirect offset one, since the interest rates are cheaper than the one account. It seems the best offset product to me, ..... Any suggestions or feedback?

2- I read the following at the stoozing guide:

"The highest amount at 0% I've ever heard of was £80,000 – netting that stoozer nearly £5,000 a year as the money was off-set in his mortgage."

So how can I (or my partner if I can't) build up +£80k in credit?. i.e. what determines the amount of credit that you are given in one CC and the number of CC you can have, ... other reasons?

Current situation:
I only have one edit card with £1650,
just started a PhD,
stipend of £13k/anum tax free.

I am able to get a mortgage because of my partner, as a student I would be declined.

Thanks in advance

1001

radish293

The most generous credit card I have come across is Virgin who allow you to not only move credit card debt but to also add other debt ie Mortgage. They are also offer the best credit limit. they also only require £25 paid back each month which keeps your balance high to transfer to a new card at the end of the period. When I moved the balance from them recently they had just upped my limit to £12K. I have a good credit rating and about £80K salary. To shift this balance I had to take out 2 cards with HSBC and Barclays to reach this amount. no sure if it was current climate or what. I am now paying back over £200 a month. with the current low interest rates and balance transfer fees the savings are no where near like they were. I now save less than £10 permonth. i dont think i will be doing it again when the current 0% runs out.

To make an off set account work. You must put every penny of savings and any higher rate loans in to the account, change standing orders to the last possible day before wages get paid in.We sold an under performing endowment (mis sold in 1989) and another selection of investments into it and maxed it out.

I have no experience of First Direct but totally recommend the one account their telephone service is very good and their on line system very easy to use.

Just remember never, ever, ever spend on a 0% card and always pay the minimum ahead of the last day.

emili1001

Tnks Radish,

It is not so good nowadays indeed but low interest rates are not to last forever ... I guess your maths are something like: interest only mortgage... 12k -> @3%=360 fee. If % mortgage = 4% -> savings are 480-360=120. Monthly... yeah ok £10 a month .... hmm seems like a bit too much risk for that amount of money 'cause if the bank goes burst they can claim your savings as a payment of your mortgage and leave you with a debt of your CC..

One Acc seems to have closed its doors to more lending said my mortgage advisor today ... financial trouble... :cool: ??? ... not sure but you may want to check it out and if that is the case ... if so ... what bells does that ring?


Anyone on first direct or Inteligent Finance offset mortgages?


I am aware of Virgin card, however, being a student I 'believe' that you are not elegible for new competitive CC. I don't pay taxes, yet I do have a stipend and my previous CC was given when I had a job.

So is it possible to get competitive CC being a student?

Tnk uuuuuuuu!!!

1001

radish293

Don't always listen to a mortgage advisor when it comes to the one account. i don't think they like it because the commission is not good as its a direct product. Do direct and use their "Shrinker" to see just how much you can save.

A friend was told they were getting a one account or similar by their advisor when they got it it was nothing like it. More money for them!!!!! go direct and cut out middle man i was stitched-up years ago with a miss sold endowment policy so don't trust advisors.

I have just looked on line and there is no indication that they a not lending offering 75% loan to value.