Egg exploitation underway! - advice please

CarpyQS

I'm in the lucky position of being debt free and i've just recently decided to the CC companies a bit, I have been provisionaly accepted for a Egg card with a limit of £6k, I'll do a Super BT for the full amount then put £3k in a suitable ISA and re-pay £350 a month so that its cleared at the end of the 0% interest peiod. But then whats the best thing to do with the other £3k? I could chuck it into my cahoot savings acoount but then am i liable for 40% tax on that interest? If it sat with cahoot for the 9 months it would earn about £135 but if i am liable for 40% tax on that then is there a better option?

johnllew

Do you have a partner whose tax rate is lower than yours? If so, put the money in an account in their name. Don't forget from the 6th April 05, you can put another £3000 into a MiniCash ISA.

You could always put the money into premium bonds in the hope you win something. The wins are tax-free but of course you run the risk you may not win anything.

CarpyQS

thats a very good point, the other £3k could quite happily sit in permium bonds for 9 months at no cost to myself.

deemy2004

Theres also capital gains instruments such as zeros (they are bonds that appreciate in value rather than pay interest) available and the tax free National Savings products

Martinslovechild

I've just recently decided to the CC companies a bit

Carpy,

I'm struggling to understand. Can you explain please?

MLC.

deemy2004

He  means stoozing

CarpyQS

yes read - take advantage of

it get real enjoyment from throught of getting something from these companies that ruin peoples lives OK i am a not that far right and i know they are only providing a service bla bla bla... but i enjoy deeply enjoy the fact i'm having fun at thier expense!

If i cream a million off the premium bonds and pull a couple of hundred quid from Mr Egg's retiremnt fund then i'll have done at least 1 useful thing in 9 months!

Martinslovechild

;D ;D ;D