Stoozing advice

magic_genie

Hello everyone

I'm hoping to dive into the world of stoozing.
I'm buying a (3rd) house, I was gonna remortgage, but I'm gonna stooze it, I need @ 8k.

Can you just advise me, what do I do.

Do I need 2 cards? I don't understand how the balance transfer thing works, how do I get the money, if I'm not doing a balance transfer?


And, should I go for the Halifax one or the Virgin one?

Hope my question makes sense, thanks for reading.
kind regards
Alex, Manchester

YorkshireBoy

magic_genie wrote:

Hello everyone

I'm hoping to dive into the world of stoozing.
I'm buying a (3rd) house, I was gonna remortgage, but I'm gonna stooze it, I need @ 8k.

Can you just advise me, what do I do.

Do I need 2 cards? I don't understand how the balance transfer thing works, how do I get the money, if I'm not doing a balance transfer?


And, should I go for the Halifax one or the Virgin one?

Hope my question makes sense, thanks for reading.
kind regards
Alex, Manchester

Main SBT cards are Egg & MBNA (esp. Virgin). You can SBT with Mint cheques but this is less common.

Following the initial SBT (of £8K), you can then "card tart" this debt around other BT cards until you've settled the account(s).

There's too much to go into here, so have a look at the following...

1. "Best balance transfer" article
2. "Revenge - make free cash from credit cards" article
3. "What is an SBT?" article

All accessed through the yellow "credit cards" box to the left of this screen.

Additionally, there's a web site dedicated to stoozing at https://www.stoozing.com

Specifically, "how to do it" at http://www.stoozing.com/full.htm

Read all sections, especially the "risks"!

magic_genie

Thanks for your response Yorkshireboy.

So, if I understand/read it correctly. Any and every virgin stoozer must begin by getting a SBT card, is that correct?

Then when the 0% period on the card ends, perhaps after 6 or 9 months, you begin tarting, i.e. find a new 0% balance card, transfer and immediately close the account on the previous card, have I got it right?

kind regards
Alex

cronshd

Yes - for me, a 'beginner' would apply for a Virgin credit card, and do a simple transfer direct into their bank account - with no fee - and with 9 months before payback - or transfer to another card.

Speaking from experience, that's the easiest way to start in my view. If you get a good credit limit, then so much the better. The Virgin agents were very helpful - and you just tell them where to transfer the money to.

Rafter

I would also apply for an Egg card at the same time. Up to you whether you use the zero % BT (with fee) or not but at least after 9 months you will have a fee free SBT card you can then use as a 'mule' to move money from other cards.

magicgenie

Hey, thanks Cronshd for the advice.

Rafter, you've lost me though. Why apply for another card at the same time.

regards
Alex

Fat_Oaf

cronshd wrote:

Yes - for me, a 'beginner' would apply for a Virgin credit card, and do a simple transfer direct into their bank account - with no fee - and with 9 months before payback - or transfer to another card.

Speaking from experience, that's the easiest way to start in my view. If you get a good credit limit, then so much the better. The Virgin agents were very helpful - and you just tell them where to transfer the money to.

Hi, I'm just wondering how you get a no fee balance transfer from Virgin? My understanding was that you use the credit card cheque facility of the Virgin card and that this was subjec to a 2% up to £35 fee. Is this the case or is there a way round this fee by calling Virgin direct?

I have just bee approved for a card an it would be great if there was some way around this fee as it's going to eat into my stoozing profits before they even appear!

realaledrinker

magicgenie wrote:

Rafter, you've lost me though. Why apply for another card at the same time.

You will find the answers here

YorkshireBoy wrote:

Specifically, "how to do it" at http://www.stoozing.com/full.htm

Read all sections, especially the "risks"!

Indended stoozers need to do several hours research befor diving in as anything less than a systemmatic and diligent approach will result in you coming to grief with a consequent hammering in the form of interest and charges.

YorkshireBoy

realaledrinker wrote:

Indended stoozers need to do several hours research befor diving in as anything less than a systemmatic and diligent approach will result in you coming to grief with a consequent hammering in the form of interest and charges.

First class advice from realaledrinker.

It's one thing having a poor credit rating due to stoozing, it's another when you've bought and paid for it yourself!!!!

I'm sure I'm not alone when I say that I've spent hours and hours researching the subject, both before I started and since.

After all, it's a game of strategy isn't it? When your opponent makes a move, you have to make a counter-move yourself - and sometimes you even need to have another move lined-up just in case!

YorkshireBoy

Fat_Oaf wrote:

Hi, I'm just wondering how you get a no fee balance transfer from Virgin? My understanding was that you use the credit card cheque facility of the Virgin card and that this was subjec to a 2% up to £35 fee. Is this the case or is there a way round this fee by calling Virgin direct?

I have just bee approved for a card an it would be great if there was some way around this fee as it's going to eat into my stoozing profits before they even appear!

We've had this conversation once ...

http://forums.moneysavingexpert.com/showthread.html?t=77080

If we're talking SBT again, you call them up, ask to transfer a balance from your current account, confirm there are no BT fees (there aren't any but you need to get them to say so - for the benefit of the tape). Job done!

Shread the cheques and put them out for the bin-men.

Fat_Oaf

YorkshireBoy wrote:

We've had this conversation once ...

http://forums.moneysavingexpert.com/showthread.html?t=77080

If we're talking SBT again, you call them up, ask to transfer a balance from your current account, confirm there are no BT fees (there aren't any but you need to get them to say so - for the benefit of the tape). Job done!

Shread the cheques and put them out for the bin-men.

Success! i was concerned their would be a £35 fee which would be charged according to the t&cs... However, I got them to confirm it over the phone that there would be no charges as i was a new customer and they agreed and will process the SBT as soon as they receive my signature!

Thanks for your help!

Oaf