lloyds tsb-will this work?

hi
as a good customer of lloyds i have now been sent some card cheques at 0% interest for 6 months (yes i know do go near but see my thinking as follows)
i can pay the cheque into my bank account say for £14K then transfer it straight to icesave at 6.25 interest gross (tax free account by the way)
lloyds charge a initial 3% fee and a min payment of 2 % per month
heres the plan i pay min back each from the amount( thier own money) i have in icesave untill end of six months then pay it all off/back
am i right i make some money? can get my head round how much as there will be a draw down on the capital/loan amount over the 6 month period
and just want to be sure of my facts
anybody any thoughts/advice
cheers dean.m
If i dont do it someone else will!

Replies

  • Putting your figures into the 'The Stoozing Calculator - Stoozulator' retuns a loss of £9.99...
  • sickersicker Forumite
    1.4K Posts
    I would imagine you could only write cheques up to the value of your credit limit which you do not mention. Is it over £14k ??
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    3% for 6 months equates to 6% for a year.

    Icesave is only 6.20%.

    You'll only get 5 months, allowing for delays at the start and end of the term.

    Minimum payments will mean the loss is made worse.

    Do you have a shredder?
  • 19561956 Forumite
    91 Posts
    hi
    thanks guys, first question was credit limit, i do have a 15k limit so could write one for 14 but appears to be academical, its the 3 % thing/fee that makes it not work i realise now, i did the stooze cal after i did post and knew it was dodgie :o but worth a question i think, so the cheques are being cross cut as we speak, thanks guys for the replys
    cheers dean,.m
    If i dont do it someone else will!
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    1956 wrote: »
    thanks guys, first question was credit limit, i do have a 15k limit so could write one for 14 but appears to be academical, its the 3 % thing/fee that makes it not work i realise now, i did the stooze cal after i did post and knew it was dodgie :o but worth a question i think, so the cheques are being cross cut as we speak, thanks guys for the replys
    cheers dean,.m
    LTSB seem to have been dishing out a lot of 6 month 0% fee-free deals recently* (as reported on here and stoozing.com). Maybe you could chance your arm by calling to (say you might) close your card and see what they offer?

    * I negotiated a £15K+ offer last month. :D
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