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Stooze pot to pay bills

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?

Comments

  • emma396
    emma396 Posts: 760 Forumite
    Part of the Furniture Combo Breaker
    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
    stevemcol Posts: 1,666 Forumite
    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.
    Apparently I'm 10 years old on MSE. Happy birthday to me...etc
  • Steve1981
    Steve1981 Posts: 565 Forumite
    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
    CannyJock Posts: 3,838 Forumite
    1,000 Posts Combo Breaker
    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.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
  • NickX
    NickX Posts: 3,046 Forumite
    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
    Steve1981 Posts: 565 Forumite
    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
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