Stooze pot to pay bills

Steve1981

the car insurance is due again and after using the MSE guide I have opted for churchill via quidco (renewal was with them anyway but works out about £190 cheaper) anyway, we usually pay monthly but that would start eating into the money I have shaved off

I was wondering do any other Stoozers pay bills with their stooz pot that would carry an interest charge if paid monthly?

car insurance is about 10% per instalment so roughly 20% APR (often much more with some insurers) - with these kind of charges is my stooze pot not more beneficial financially out of the pot itself? (as long as I put 1 12th of the outlay back in on pay day?)

my understanding is that stoozing whilst you have debt can be counter productive, surely an interest charge for monthly instalments is debt and my stooze pot doesnt earn what i'd save.

It would cut another £40 off the price meaning what was nearly £500 for the renewal becomes £268

any thoughts?

emma396

sorry if i'm being thick. so you are asking whether to take money from stooze pot and pay off the £268 in one lump sum rather than 12 monthly installements? which would be a total of £308?

could you not pay it off with a 0% credit card? i'm assuming you have one because you are stoozing, but i could be wrong.

stevemcol

steve

i've 'borrowed' from my stooze pot from time to time. didn't cause me any probs. just make sure you keep track of it and 'repay' when required.

Steve1981

emma396 wrote: »

sorry if i'm being thick. so you are asking whether to take money from stooze pot and pay off the £268 in one lump sum rather than 12 monthly installements? which would be a total of £308?

could you not pay it off with a 0% credit card? i'm assuming you have one because you are stoozing, but i could be wrong.

0% purchase card is almost at limit.

basically i would save more in interest than i would be earning for the same money whilst in the stooze pot.

CannyJock

Steve1981 wrote: »

0% purchase card is almost at limit.

basically i would save more in interest than i would be earning for the same money whilst in the stooze pot.

I'm in same boat, first 0% purchase card is at limit and waiting for my credit report to cool down before applying for more stooze cards.

If you've done the arithmetic and the numbers are in your favour then worth doing.

NickX

Steve1981 wrote: »

0% purchase card is almost at limit.

basically i would save more in interest than i would be earning for the same money whilst in the stooze pot.

Why not phone them an ask for an increase in Credit Limit ?

Steve1981

NickX wrote: »

Why not phone them an ask for an increase in Credit Limit ?

Theres just under 3 months left, the money is stoozed ready to either pay it of or BT to another card, but looking at the maths of it there would be little difference between the two