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Stooze hit em hard hit em high, why not

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  • 2.6.1 A promotional balance transfer is a balance transfer which occurs within the first 6 months of this agreement amounting to £500 or more which is the first balance transfer to the credit card company concerned.
    With reference to the FD's T&C's (love those TLA's ;)), having also been given £25k by them, I'm just embarking on my first round of serious stoozing, and I read them to mean that your 6 months interest free starts when you make your first BT over £500 and then you can make as many BT's as you like within the six months, as long as each one is to a DIFFERENT credit card company.
    I won't start my six months running until January, because it should then time just right for my Egg anniversary offer in July, but I'm going to phone FD just to double-check before I start - could be expensive if I get it wrong.
  • happyhero
    happyhero Posts: 1,277 Forumite
    Part of the Furniture 500 Posts
    Thanks everyone, ;)so how quick do you think I can up my EGG credit limit, ie any tips on how you lot did it to try and reach £15,000?

    Also do you think if I didn't achieve this on the EGG I could use my (hopefully) £10,000 limit by SBT it into my current account and then get FD to credit Egg with £25,000 putting EGG £15,000 in credit without EGG batting an eyelid? Would FD bat an eyelid...... ......surely they know other cards maximum credit limits, ie how could I achieve £25,000 of debt with EGG?

    One other thing can you BT with FD online or do you have to phone them, ie BT EGG with FD card?
  • heyhum
    heyhum Posts: 35 Forumite
    Just going off topic a little but has anyone ever thought about the risk (although I admit it's really really small) you take stoozing if say one of your crediters were to get into financial difficulty themselves?

    What happens if one of the places wher you've put all the stoozed cash hits the fan in that situation would you be able to get your money back or would you be landed with a huge debt to another lender that you couldn't clear?
    No reliance should be placed on the above.
  • nh
    nh Posts: 567 Forumite
    I have considered this myself... and I have decided that no bank/building society has gone bust since BCCI and Barings (I think) so the likelihood of Bradford and Bingley (where I stooze) going bust is so small it's negligable.
    I'm married now! Yippee!
  • I know it's been mentioned on here before, but I've had a quick search and I can't find it.

    If a UK bank collapses, you get back all of the first £2,000 you have on deposit plus 90% of the next £34,000 (I think, can't find it exactly), so if you had any doubts then keep the maximum you have with any bank below £36,000 and you will be minimising your risk.

    TBH, if a major high street bank collapses, then I think we all need to worry.

    *Edit* just found a cheery little article in The Telegraph from a couple of years ago
    http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2003/01/15/cmsav15.xml&sSheet=/money/2003/01/15/ixperson.html
    plus the correct limits - it's £2k, plus 90% of £33k
    http://www.fscs.org.uk/about_us/compensation_limits/
  • Reaper
    Reaper Posts: 7,354 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Also do you think if I didn't achieve this on the EGG I could use my (hopefully) £10,000 limit by SBT it into my current account and then get FD to credit Egg with £25,000 putting EGG £15,000 in credit without EGG batting an eyelid? Would FD bat an eyelid...... ......surely they know other cards maximum credit limits, ie how could I achieve £25,000 of debt with EGG?
    I know lots of people say don't do transfers through Egg for more than your credit limit. However I have on two occasions. One time it was £22k from First Direct passing through an Egg card with an £8k limit. I didn't even bother to put an 8k debt on it first. It went through fine, and despite widespread fears I am not aware of anyone ever having had a problem doing this.
  • happyhero
    happyhero Posts: 1,277 Forumite
    Part of the Furniture 500 Posts
    Thanks Reaper you give me confidence.  ;) I think I will tell FD I have a £29,000 debt with EGG and for them to BT EGG £25,000. I might empty my EGG first though just to ease the look of things. What you think?
  • Just going off topic a little but has anyone ever thought about the risk (although I admit it's really really small) you take stoozing if say one of your crediters were to get into financial difficulty themselves?

    If one of my creditors were to get into financial difficulty, moi, I wouldn't be too worried ;) (especially if I owe them say £10000 and they are happy with a one-time settlement of £5000, and wipe the slate clean of my outstandings)

    Presumably you mean debtor when you say creditor here???
    It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!
  • happyhero
    happyhero Posts: 1,277 Forumite
    Part of the Furniture 500 Posts
    ok got it Reaper, many thanks.
  • Hi happyhero, interesting thread. Have just registered with MSE to reply...

    You say that you would like to use your wife's name for extra stoozing, but she does not have a salary.

    I doubt that you would get much credit in this case, but you can take advantage of her situation in a different way - by getting tax-free interest on your stooze-pot!

    You don't mention which savings account you intend to use - I find ING quite good for it's simplicity and monthly interest (although you can get better rates elsewhere for short periods.)

    You could open a joint account with ING, but you can only get gross interest if both of you qualify - unlikely if you are stoozing! But having opened a joint account, then you can open an individual account in your wife's name, then complete an R85 form to qualify for Gross interest. You can find a link to this form on their web site.

    I expect other accounts operate in a similar way.

    Regards
    Mick
    A shadowy flight into the dangerous world of a man who does not exist.

    A young loner on a crusade to champion the cause of the innocent,
    the helpless, the powerless, in a world of criminals who operate above the law.
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