Am I Stupid

durali

I am about to buy a car and want to organise a lone. but I have been intrigued recently reading about "stoozing".
I was reading MSE this morning but I cannot understand this bit " The alternate method requires the new Egg Money credit card. This pays 4% interest if you have a positive balance on it. Therefore get it then apply for any card offering 0% on balance transfers. Then ask them(who) to balance transfer (normally this is debt shifting, but here you’ve no debts to shift) from the Egg Money card to its 0% offer. Thus you’ve now got credit on Egg Money equal to the 0% debt on the new card. " Can anyone explain in childlike ways how I do this. I intend to borrow £8000 but would like to try this method. I am not really daft just dont get this explaination. Sorry

mrcow

This isn't going to work for you, as you actually want to buy something, not just take the money and invest it. The idea involves borrowing at 0% from a credit card and then putting the money you've borrowed into a positive balance on an Egg card on which they'll pay you 4% interest. (Thus making 4% interest for nothing).



£8000 to borrow for a car is a lot of money. What options are you currently looking at?

durali

I have just been on the phone to A leister re Moneyback who quote 5.6% in reality theyve jst quoted 6.9% so northern rock look best to me at 5.9%
I thiought i could still do the egg thing tho

mrcow

durali wrote:

I have just been on the phone to A leister re Moneyback who quote 5.6% in reality theyve jst quoted 6.9% so northern rock look best to me at 5.9%
I thiought i could still do the egg thing tho

Are Northern Rock quoting you 5.9% without PPI? As they have a nasty habit of insisting that customers take out PPI which is grossly overpriced.

Perhaps you can quote the repayment figures ie. what's the repayment and over how many months? on here if you want anyone to check the maths?

It's up to you........

ArchieB_2

If you have already been offered a lone with A & L then this must mean you have been credit checked. You need to be careful because another credit search or two and you won't get a loan at all!

I thought it was not possible to insist on PPI or add a condition such as a higher APR for a loan without it.

durali

i'm a bit worried now i didnt have all this info before so never got concerned re my credit rating. A&L are posting application dont know if i shud get N Rock to do the same or just draw money from bank to pay for car oops

durali

on this site it says ask the new card offering 0% on balance transfers to balance transfer FROM the Egg Money card to its 0% offer. Thus you’ve now got credit on Egg Money equal to the 0% debt on the new. If I transfering FROM how can I when theres nothing on it.