is it possible to 'tart' the catalogue companies?

camuk81

Ok admit it, you've already talked yourself into something! What have you seen!

XXSCOTSLASSXX

lol have had items in my basket all day just need the courage to click confirm order..... basically have looked for like for like items on argos etc price is coming out pretty much on a par to be honest .... with no payments to be made for 12 months.... just seems like a no brainer... maybe am missing something tho :cool:

XXSCOTSLASSXX

well have committed (or need committed one of the 2 lol) order accepted :eek: on a 0% no payments for 12 month deal :T

whatever happens now i do not have to pay the full £900 mid march :T i shall pay off the ending 0% deal using funds made from sales and any shortfall with my savings.... new 0% deal £875 to be paid March 2013 ..... avoiding all interest with a 40% catalogue company for 24 months (or longer if required) has gotta be pretty MSE no? lol


andddddd just to add 0% deals with catalogue company do not show on credit report my credit report has shown £0 balance for the last 6 months when i cleared the exisiting balance so nothing detrimental on credit report .....

Tixy

I don't see how this is worthwhile.

If you buy £900 goods now and say sell them for £700. You use that £700 and £200 of your own cash to pay off the old £900. Then in 12months time you pay another £900. In total it has cost you £1100.

Unless you can earn £200 in interest on your £900 in a year (and I can't see you could earn anything more than £50) then overall its more expensive to do this that to just use the funds in your bank now.

If you didn't have the money in your bank your way would work out cheaper than paying 40% interest, but as you have the funds to pay it now then that is the cheapest option.

The only way this can work out cheaper is if the shortfall on the goods you buy and sell now is less than the interest you can earn on your £900.

XXSCOTSLASSXX

Tixy wrote: »

I don't see how this is worthwhile.

If you buy £900 goods now and say sell them for £700. You use that £700 and £200 of your own cash to pay off the old £900. Then in 12months time you pay another £900. In total it has cost you £1100.

well no in total it will have cost me £200 over 24 months + the initial £900 which I have the goods for.... this was used to furnish a holiday let which does generate an income where we didnt have the initial outlay cost to furnish.... I can see your point tho just £900 in one lump sum from my nice squeaky clean and looking rosy bank account if i can find a way around it seems like the best option....... i may well be proved very wrong lol

Tixy

I meant in total you will have paid £1100 for your initial goods that cost £900. The alternative being that you pay £900 and lose just a few quid in interest by paying it off now not in a year.

XXSCOTSLASSXX

Tixy wrote: »

I meant in total you will have paid £1100 for your initial goods that cost £900. The alternative being that you pay £900 and lose just a few quid in interest by paying it off now not in a year.

yes I understand and i can see where your coming from.... given the senario i pay it off in full now i would save myself £200...if i pay of the £900 now and then save £75 per month for 12 months my £900 would be back in the bank in 12 months.....the same time that the 2nd 0% deal would be due to be paid orrrrr take the £200 hit now still save £75 for 12 months have £1600 in bank in 12 months and pay off the £900 leaving £700 lol .... £200 over 24 months is £8.33 a month would i miss that as much as id miss £900 in 1 lump sum :cool:

DominicJ_2

Thats just madness.
Theres two unlinked situations here

The first.
You have to pay off your current balance of £900 right now, or get hit with £104 of interest.
Thats a financial no brainer.

The second.
You can buy products on 0% for 12 months, resell them, bank the proceeds and pay off the debt in 12 months time, pocketing the interest.

Since the interest you will get on the savings is pretty much nothing, or even if you have a high charge credit line, not much, the plan is, unwise.

XXSCOTSLASSXX

DominicJ wrote: »

Thats just madness.
Theres two unlinked situations here

The first.
You have to pay off your current balance of £900 right now, or get hit with £104 of interest.
Thats a financial no brainer. unsure where you get £104 interest...... the interest referred too is not interest in anyway if there is a shortfall on what is sold i am classing that as interest so to speak ......if there is no £200 loss it has cost me nothing to extend the 0% for a further 12 months depending on what that shortfall is or is not depends on how much it costs

The second.
You can buy products on 0% for 12 months, resell them, bank the proceeds and pay off the debt in 12 months time, pocketing the interest.

Since the interest you will get on the savings is pretty much nothing, or even if you have a high charge credit line, not much, the plan is, unwise.

Suppose I just gotta wait and see what i make lol worst case senario i pay what could be classed as some interest over 24 months..... best case i pay nothing for 24 month 0% ......until i sell the items its all speculation really as to how much it has cost at the moment its cost me nothing....

XXSCOTSLASSXX

this seems to have been met with a lot of negativity lol.... 6 months ago our financial situation was very different... change of circumstances at that time allowed us pay of a vast majority of our creditors ... debt at that time was totalling a crippling 35k.....since then anything left has been switched to 0% or a lower apr with over payments being made each month. using invaluable tips and advice from posters on here we have also drastically cut monthly outgoings and for that i thank you all xxx

this makes sense to me being able to utilise the £900 i currently have to cover this debt elsewhere for a further 12 months will make a difference if i can manage that keeping it on 0% even better.... yes there will in all honesty be a hit to be taken however will that hit be £100, £200, £300 i have no idea until i sell and see...I obviously have a min selling price for anything if items not selling as quick as needed i have the £900 there to clear the debt before the original 0% runs out.... i have thought this through although it may not look like it lol as the initial post says .... is it possible to 'tart the catalogue companies? i will wait and see ...