Is it worth stoozing when on Child/Working tax credits? 17 July 2014 at 1:15PM in Stoozing: free cash from credit cards 3 replies 1.9K views

Man_on_fire

Hi, I understand the concept of stoozing and am more than willing to give it a go but I was wondering how much the extra income would affect your tax credit payments. as all interest unless its an ISA (which all have rubbish interest rates compared to the current accounts on offer).

Surely the benefit will be greatly diminished by the loss of tax credits?

I have successfully done matched betting and am keeping that ticking along but am looking for other sources to top up my income, but in the most efficient manner possible.

Thanks,

chiefgoobster

I guess it depends on how big your Stooze pot is and ho wmuch your credits are.If it's only going to be a nominal amount then it may not be worth your while.....if the pot is say £100k.... then do the maths and if all is in your favour , stooze away.

Man_on_fire

Well you can earn £300 in interest/dividends etc before it starts to impact on the payments. But as we Get £15/month so £180 a year from our halifax accounts. Plus paying our bills with the Santander 123 account we are already well on our way to that threshold already.

I doubt I will be able to get anywhere near to £100k in credit. I couldn't even remortgage my home because despite me never missing a payment. Despite the fact that the new potential payments being lower - It was considered unaffordable to any other lender according to two separate brokers, so I had to stick with Natwest despite it being nowhere near the best deal at the time.

Suppose a stocks and shares ISA would be an option if I invested in high dividend stocks but then theres the risk of market volatility.

I think it might be better to get a better paying job tbh if I can find one

thanks for your feedback

michaels

When I was last on ctb my effective marginal tax rate was 80% so unlikely that stoozing would make sense with the slight proviso that interest earnings don't face ni so that saves 10% and also isa income is not included in tax credit calcs so despite the lower rates would have to be the way to go.