Stoozing seems a great idea!

tonydee

MLC,

Did I hear correctly on the show that you transferred your car loan to a low interest credit card?

Many thanks

Martinslovechild

Hiya Tonydee,

Sure - that's how it all started in fact. I first transferred my wife's car loan onto 0% (it took 3 credit cards to fully move it to 0%). After seeing how easy it was to achieve this, I then transferred my car loan across to 0% (although my loan was a lot smaller than her loan as I'd already had my loan about 3 years at that point).

Because 0% offers seemed to just fall into my lap (not physically, but you get the picture!!), I just kept on going with my stoozing. My wife covered all the minimum payments on her 3 cards; over the course of the next 4 years I kept on applying for more cards and was subsequently able to move the mortgage completely to 0%.

Both the mortgage & 2 car loans are now fully paid off.

tonydee

Excuse my ignorance but how do you go about transferring a loan onto a credit card? I've transferred balances from credit card to credit card before but never from a seperate loan. Is it the same principle but you tell them your loan account number oppose to CC number?

I must read the stoozing thread!

Oh congrats on being mortgage free too.

Martinslovechild

tonydee wrote: »

Excuse my ignorance but how do you go about transferring a loan onto a credit card? I've transferred balances from credit card to credit card before but never from a seperate loan. Is it the same principle but you tell them your loan account number oppose to CC number?

I must read the stoozing thread!

Oh congrats on being mortgage free too.

You've hit the nail on the head - full details are in the stoozing thread .

The secret is using a 'mule', but you'll find plenty more info on what a mule is in Martin's article

You can find Martin's article here.

Bokkens

DrGUID wrote: »

Yes it was a great show about stoozing. I'm a money nerd, so have just applied for a 0% purchase card in order to begin my stoozing sideline. I reckon I could make at least £200 in the first year, and maybe a lot more in subsequent years as I learn to play the system.

Incidentally, does anyone know about the advanced stoozing methods Martin mentioned (I think it was called muelling?). I'm looking to put my obsessiveness over my personal finances to better use, namely being mortgage free in less than 10 years.

Just a quick reply ( as others appear to have missed it)about a MULE card have a look at stoozing .com or the credit card articles and credit card forum for further tips on Mule cards and super balance transfers.
as I just saved it I saw the above Martinslovechild post,sorry.

aussielle

This was the first chance we had to watch Martin's new show and when we heard it advertised...featuring a guy who paid off his mortgage by stoozing, we just knew it had to you MLC!!! :T you were great...

Martin betta watch out!

Great show Martin and great to see you again MLC

tonydee

Thanks for the advice MLC. Now looking into an Egg card as we type

Martinslovechild

tonydee wrote: »

Thanks for the advice MLC. Now looking into an Egg card as we type

Ensure that the card you apply for is the Egg Money card (mastercard). The Egg Card (visa) won't give you the features you're looking for...