Not happy with stoozong experiance.

CannyJock

magicdogsbrain wrote: »

Only £12 - but even if it was £120 it would not be an issue - the problem is that it will reduce my credit rating for the next 6 years!

One default in a otherwise exemplary credit file won't hurt you in reality. You could clear the HSBC card to avoid any further interest if you've lost an introductory offer, set up a DD to clear the balance in full every month and make a point of spending on it. After a short while (say 18 months) the blip you describe will have been purged by good use of the card.

Once bitten twice shy and all that. Now you've had your fingers burned you'll be extra careful with the Virgin one. You've got the card, you've had the search, no reason not to use it now.

Think you need to chalk this up to experience and make a point of making another £ 12 from them

The HSBC card is the best I've saw for 0% purchases, that's what I'm using it for right now. If I was you, I'd clear the balance transfer off the card, wait a month to ensure you have a £0.00 balance, then setup a DD to repay the minimum and then use it for 0% purchases yourself for the remainder of the 0% purchase period - you'll make your £12 back and improve your credit rating at the same time - then when your introductory period ends, switch your DD to clear the balance and do as already mentioned to purge the blip.

Wyndham

Stoozing requires care and dedication. It's also not playing by 'the rules' so you can't rely on someone in a call centre to be clued in to what you are actually trying to do as they only understand 'the rules'.

It's not for everyone. I'm playing mine carefully and have made about £350 in two years, and I get a buzz from it, and enjoy tracking it all etc. But I'm also very careful and double check everything as I don't want to get stung.

NickX

OK, just one slip over your credit limit will NOT adversely impact your credit rating and really should not affect any future applications for Credit or for Mortgages.

I also feel that as the CS rep made this mistake, they should take some of the blame. Surely they record the calls and could check the advice given by the CD rep. If they inadvertantly advised that this amount could be BT'd, but then went over limit, they should refund any overlimit charges and should certainly not be allowed to remove any introductory offers.

I have had occurances of Credit Card companies increasing my limit without even bothering to tell me, how was the OP not to know that he had an increased limit to allow this transfer ?

Yes, he could have queried it, but the mistake lies squarly with the Credit Card company and they should be brought to account over it. I would make an official complaint and don't let up until they reverse all charges and provide some compensation.

Martinslovechild

MagicDogsBrain,

At its peak, I stoozed over £100,000 and have since repaid my mortgage as a result of combined stoozing & overpayments. My story is well documented and known to both readers of this website and viewers of Martin's 'It Pays To Watch' TV programme.

During the time that I've been stoozing, I haven't put a foot wrong and can heartily recommend stoozing for the financially savvy who:-

• sit down and do the sums
• can juggle lots of pots of money
• have an unhealthy addiction to recording dates & values in Excel
• have a burning desire to increase their wealth and/or reduce their debt

That's because you're simply not allowed to put a foot wrong - one simple mistake and it can derail your whole plan.

By the sounds of it, you failed at point #1 and as you haven't touched on points #2, #3 or #4, from what you've told us so far on this thread, I'm not exactly sure that you have the necessary credentials, although I truly hope that I'm not speaking out of turn and that you can prove me wrong; however, you really need to map out how you're going to juggle several cards including funding minimum monthly repayments, moving the debt along just prior to the expiry of each 0% deal and most importantly, your profit margins.

magicdogsbrain wrote: »

I may stooze with the cards I have in the pipeline - now that the red mist is starting to clear - even if its just to get revenge.

A few words of advice - don't ever stooze for revenge. It's totally the wrong reason for doing it.

Good Luck.

jamescredmond

Martinslovechild wrote: »

MagicDogsBrain,

At its peak, I stoozed over £100,000 and have since repaid my mortgage as a result of combined stoozing & overpayments. My story is well documented and known to both readers of this website and viewers of Martin's 'It Pays To Watch' TV programme.

During the time that I've been stoozing, I haven't put a foot wrong and can heartily recommend stoozing for the financially savvy who:-

• sit down and do the sums
• can juggle lots of pots of money
• have an unhealthy addiction to recording dates & values in Excel
• have a burning desire to increase their wealth and/or reduce their debt

That's because you're simply not allowed to put a foot wrong - one simple mistake and it can derail your whole plan.

By the sounds of it, you failed at point #1 and as you haven't touched on points #2, #3 or #4, from what you've told us so far on this thread, I'm not exactly sure that you have the necessary credentials, although I truly hope that I'm not speaking out of turn and that you can prove me wrong; however, you really need to map out how you're going to juggle several cards including funding minimum monthly repayments, moving the debt along just prior to the expiry of each 0% deal and most importantly, your profit margins.



A few words of advice - don't ever stooze for revenge. It's totally the wrong reason for doing it.

Good Luck.

whilst I tend to benefit from advice I take from you and yorkshireboy, I'm afraid I have to disagree with you re revenge. my motivation comes ENTIRELY from revenge. choirs of angels sing me to my sleep, knowing that I've 'stiffed' the cc co. yet again. (albeit not as successfully as you).

Mutton_Geoff

MLC, me too, I still remember my first Barclaycard in the late 1970's and rushing out to buy a new hifi without understanding what I was up to with credit card debt. I paid horrendous amounts of interest as a student, but got it all cleared and for many years simply paid my balance off in full every month. Now I'm getting my own "revenge" with £60k (and rising) being stoozed, it won't even take me a year to regain all the interest I've ever paid on credit cards. Payback time .. now if that isn't revenge :rotfl:

magicdogsbrain

NickX wrote: »

OK, just one slip over your credit limit will NOT adversely impact your credit rating and really should not affect any future applications for Credit or for Mortgages.

I also feel that as the CS rep made this mistake, they should take some of the blame. Surely they record the calls and could check the advice given by the CD rep. If they inadvertantly advised that this amount could be BT'd, but then went over limit, they should refund any overlimit charges and should certainly not be allowed to remove any introductory offers.

I have had occurances of Credit Card companies increasing my limit without even bothering to tell me, how was the OP not to know that he had an increased limit to allow this transfer ?

Yes, he could have queried it, but the mistake lies squarly with the Credit Card company and they should be brought to account over it. I would make an official complaint and don't let up until they reverse all charges and provide some compensation.

Many thanks NickX. At last some useful advice. I did make a complaint and was phoned and told that ....

a) It now will not appear on my credit file.
b) I will not be charged the £12 over limit fee.
c) My credit limit was increased to fit the BT and BT fee.
d) intro offer continues.

I am surprised that nobody else seemed to advocate fighting this issue with the issuer. If you are going to stooze, you need to be melodramatic, frankly! You need to jump on anything that even hints at affecting your credit rating.

NickX

Great Result - well done :beer:

Good Luck with your continued stoozing and hopefully things will run a bit smoother from now on,

Cheers.

Indispensable_Hobbes

I love threads like this...

magicdogsbrain wrote: »

I am NEVER going to touch stoozong again.

magicdogsbrain wrote: »

I am also in the process of stoozing with the Virgin card

Good luck to those that stooze. it frightens the hell out of me that one slip and everything would collapse. so until im more confident i'll steer clear

Martinslovechild

magicdogsbrain wrote: »

If you are going to stooze, you need to be melodramatic, frankly!

Hey, nobody accused you of not being melodramatic!