Please Point Out The Catch I'm Missing!!!!

leegolf7

lisyloo wrote: »

I can't see any catch provided the missus doesn't run off with the money and you are not tempted to spend it and you are disciplined about payments.
Setting up direct debits is a good way to ensure regular payments are made on time.

Yes these things can work.
Most people either can't be bothered or fall down at one of the hurdles.
But yes it can be that easy of you are prepared to do all the groundwork.

cheers lisyloo, the missus isn't planning in running off at the mo (so she tells me!) we are really careful never to miss payments or even come close to a possible late payment on anything.
Sorry for the initial confusion, I am simply looking for ways to hang onto the money once borrowed, make as much back on it while we can before having to pay most of it out again in what will be urgent and necessary repairs in the near future. Spent a few hours last night looking for a better alternative and playing with the household financial spreadsheet, (it has everything on it down to the Wifes £29 in premium bonds from 1960 -yes I am that sad).
still cant see one so will go ahead.
I have already started the process of opening a Halifax current acc. The Missus is going to do the same, (will cost us £100 each to open them - which some or all can be withdrawn again).
we have realised that with some careful setting up of 2 standing orders each, £1k on a round robin trip bouncing via our main bank accounts and Halifax can earn us both £5 per month! at least after the 1st year that £1k will start to offset 2/3 of the interest of the initial loan on its own!!

thanks to everyone for the advice - I really appeciate it and you have raised some points that I hadn't thought of initially.:money::T