Everyone lost in the Ether II

Sad_Dad

mhoc wrote: »

The mortgage offset account sounds like a good place to store stoozing money - how exactly do these work.

19 credit cards - do they all have DDs set up to pay the minimum 5% balance each month?
Did you have the off set mortgage before you started your cc collection?

I can imagine some advanced excel charts in operation

I'm not a financial expert so I could be wrong but here's what I do.

Hard to explain how an offset mortgage works in few words but basically you have an offset savings account linked to your mortgage and the more money you can put in here the less money you will pay in mortgage interest, hence why I've 'borrowed' £40k.

I have a couple of cards that I use for my normal spending and receive cashback on e.g. Santander pay 3% on fuel, Asda credit card give 1% on Asda shopping and 0.5% everywhere else. I always pay the outstanding balance each month on these otherwise I'd be charged interest.

The remaining cards are all balance transfers, interest free for a limited period (ranging initially from 9 months to 34 months), some will charge a small fee to do the balance transfer in the first place but there are a few with no fee (check out Martin's article). I just pay back the minimum amount (usually 1% but Barclays is 2.25% I think) each month with direct debits. So roughly £40k owed but about £500 being paid back a month.

When an interest free period is coming to an end and this is the important bit I transfer money from my offset savings account to my Santander 123 bank account and pay off the remaining balance. If you do not pay back the balance before the deal ends then you will get charged a lot in interest and lose anything you might have gained.

My mortgage came before I started stoozing. I'm not sure I would have got the mortgage if I had 40k outstanding on credit cards

Yes I have spreadsheets to keep track but so far I've not messed up.

altojack

bubbs wrote: »

Glad you are feeling better x
I am back at the docs tomorrow 9 am:eek: will see what he says then, will more than likely get told off as doubled up on the tablets so i can eat:o
My arms have not been too bad thanks:D i can live with them as they are now

You shouldn't really double up yourself bubbs, but I understand the reasons why. Maybe the doc will give you the ok to take double tomorrow. I hope you get a favourable response bubbs.


Off to get a drink before I'm a Celebrity at 9pm. See you all tomorrow, if I don't see you all later x

miss_corerupted

Thanks Sad_Dad and Matthew. I will look into this a bit more.

rose28454

Sad_Dad wrote: »

I'm not a financial expert so I could be wrong but here's what I do.

Hard to explain how an offset mortgage works in few words but basically you have an offset savings account linked to your mortgage and the more money you can put in here the less money you will pay in mortgage interest, hence why I've 'borrowed' £40k.

I have a couple of cards that I use for my normal spending and receive cashback on e.g. Santander pay 3% on fuel, Asda credit card give 1% on Asda shopping and 0.5% everywhere else. I always pay the outstanding balance each month on these otherwise I'd be charged interest.

The remaining cards are all balance transfers, interest free for a limited period (ranging initially from 9 months to 34 months), some will charge a small fee to do the balance transfer in the first place but there are a few with no fee (check out Martin's article). I just pay back the minimum amount (usually 1% but Barclays is 2.25% I think) each month with direct debits. So roughly £40k owed but about £500 being paid back a month.

When an interest free period is coming to an end and this is the important bit I transfer money from my offset savings account to my Santander 123 bank account and pay off the remaining balance. If you do not pay back the balance before the deal ends then you will get charged a lot in interest and lose anything you might have gained.

My mortgage came before I started stoozing. I'm not sure I would have got the mortgage if I had 40k outstanding on credit cards

Yes I have spreadsheets to keep track but so far I've not messed up.

Good for you well done!

Sad_Dad

I hope what I have said about stoozing makes sense, if not read this from the great man himself.

http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards

Off to watch I'm a Celebrity, with a black russian, bye for now.

Sad_Dad

Truffle_Hunter

Evening All,

I will confess that I have not logged onto the forum in months , really cannot believe where the time has gone, next it will be christmas and I haven't started my shopping :eek:

Anyway I am going to have a read

hornetgirl

I've been looking at the stoozing thing but can't make head nor tail of it so think I'd best leave well alone.
We've been having a bit of a declutter of our bedroom today and I found 12 S&G deodorants. Thought those had all gone long ago.

CAPTAINBLONDECHICK

Anyone use I Love Cashback? Mine hasn't tracked yet but might be worth a punt if anyone fancies it:-

£9 cashback with Hearst Magazines for purchasing a subscription. The cheapest I can find is a Reveal Digital subscription of 4 issues for £2.50 on monthly DD.

Obviously it's not guaranteed, but should be £6.50 up if it works. (be aware though that you can only withdraw once you hit £20 so maybe not worth signing up just for this). Not sure if it would work multiple times or not.

aau1

CAPTAINBLONDECHICK wrote: »

Anyone use I Love Cashback? Mine hasn't tracked yet but might be worth a punt if anyone fancies it:-

£9 cashback with Hearst Magazines for purchasing a subscription. The cheapest I can find is a Reveal Digital subscription of 4 issues for £2.50 on monthly DD.

Obviously it's not guaranteed, but should be £6.50 up if it works. (be aware though that you can only withdraw once you hit £20 so maybe not worth signing up just for this). Not sure if it would work multiple times or not.

don't they keep huge chunks of your cashback too?

bubbs

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