Continue stoozing?

1246

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  • schiff
    schiff Posts: 20,099 Forumite
    Name Dropper First Post First Anniversary
    I have two BT stoozes expiring July 2019 and June 2020 (including a good part of the cost of a car I bought in November 2015, rolling over the debt to new cards). I've never paid a fee and my loose money is only earning 1.5% interest (maxed out everywhere else), so I wouldn't pay a fee that effectively would cost more than this.

    I also have two 0% purchases cards expiring December 2019 (full) and May 2020 (getting full).

    So I don't need to start looking for a new card yet. The HSBC looks interesting and I have the Advance account but it may not be around in 8 months time. The only 0% BT with no fee per the weekly e-mail is Santander; I've got their card, used only for small transactions to create the DD, but I may cancel that in a few months and then apply afresh.
  • toshi
    toshi Posts: 308 Forumite
    First Post First Anniversary Combo Breaker
    edited 29 October 2018 at 5:22PM
    I am still new to stoozing, I should be very conservative to deal with my stoozing “debt” funds. As I really do not want to mix up my own funds with this stoozing debt. ( I know some smart people can do much much better than this, but if you are a new stoozer, like me, you might be interested in this idea)

    I have found good tools for stoozing, (but it is helpful to make any debt repayment plan too.)

    Stoozing Calculator - AKA Balance Transfer Calculator
    http://www.whatsthecost.com/stoozing.aspx

    Use an example:
    Stoozing Fund/Debt : £ 7500
    0% interest
    2.5% minimum repayment
    32Months

    If you have got £7500 stoozing debt with 32month 2.5 % minimum repayment plan, You will get how much you need to pay back. I have got an idea for each 6 months repayment. (You would be excited when you have got £7500 free cash initially, but you have to repay £2000 within the first year :( lol )

    1-6 month £1054
    6-12 month £907
    12-18 month £669
    18-24 month £732
    24-30 month £574
    31-32 month £172

    Remain debt: £3345

    If you want to operate the stoozing debt repayment independently, you may want to put the stoozing debt to a couple of different fix term saving accounts.

    I have found Oaknorth Bank offering different fixed term savings. (6, 12, 15,18, 24, 30, 36, 48, 60months)

    https://www.oaknorth.com/savings/personal-savings/fixed-term/

    Basically you just need to allocate your stoozing debt to different fixed term savings with a consideration of the repayments without affecting your daily cash flow.

    Just an example ( Edit: I amended here)

    £3500 30months 2.31%
    £1000 18months 2.05%
    £1000 12moths 2.02%
    £1000 6 months 1.8 %
    £1000 Easy Access (1.5%?) which covers first 6 months repayment.

    Well, did I do exactly the above? Not really. But if you are new to stoozing, it would be a good idea to set your plan first before starting.

    Happy stoozing :)
  • toshi
    toshi Posts: 308 Forumite
    First Post First Anniversary Combo Breaker
    adindas wrote: »
    I wonder how did you get 6% on Ratesetter. I am also using Ratesetter and the best I could get is 4% on monthly rolling and 5% for annual rolling. That is the condition I have put for reinvesting. I observe the market rate and I found the 4% monthly rolling i the typical rate available in the market if I set it too high (such as 6%) the money might just stay and will not form a loan.

    Any advice to get 6% ? Thanks

    I have shifted some funds from Ratesetter to to Assetzcapital (P2P) as Ratesetter monthly rolling interest rate moves so much (3.0 - 4.5%); Assetzcapital offers 4.1% (instant access) and 5.1% (30 days notice)

    Until the end of this months, you will get up to 2% cash back as well.
    https://www.assetzcapital.co.uk/promo/christmas-cracker-summer-holiday-cashback-offer
  • Akahotpot
    Akahotpot Posts: 155 Forumite
    First Anniversary
    I now only have my new mortgage 5 year fixed at 2.49% as a debit so I am no longer stoozing
    I have a Barclaycard offer up to 10k money transfer @ 1.9% for 18 months

    FD mortgage so can overpay any amount and I have more than 20k in savings but don't want to throw this at the mortgage just in case


    Should I using this offer to lower the 130k I owe or use in some other way ?
  • No_6
    No_6 Posts: 835 Forumite
    First Anniversary Combo Breaker
    I think this Stoozing option has now passed it !

    none of the BIG posters have any input now

    so is it DEAD..... then just remove it


    not coming back now
  • toshi
    toshi Posts: 308 Forumite
    First Post First Anniversary Combo Breaker
    edited 14 November 2018 at 1:13PM
    adindas wrote: »
    How risky the Assetzcapital is in comparison to Ratesetter ? I am aware that both are not covered by FSCS but Ratesettter has been proven over time and what I have read, noone has ever lost a penny.

    I am not good at risk assessment for each P2P investments. Assetzcapital has its own the Provision funds.
    https://www.assetzcapital.co.uk/invest/faqs#help-document-84

    However, as you said, any P2P investments are not covered by FSCS. Well, another Lehman shock happens tomorrow, all of your P2P funds would be gone (worst scenario).
    I personally do not want to put my Stoozing Debt funds to any long term P2P investment. And the most of my Stoozing Debt funds have been allocated already in the fix term bank accounts, covered by FSCS. We need to survive comfortably under the worst scenario.
    NehaSharma wrote: »
    Having planning before investing is always a good idea. So do it carefully.

    Exactly! Happy careful stoozing :)
  • dawid1914
    dawid1914 Posts: 11 Forumite
    what is stoozing>??
  • MallyGirl
    MallyGirl Posts: 6,606 Senior Ambassador
    Photogenic First Anniversary Name Dropper First Post
    fundamentally it is borrowing money at 0% on CC and earning interest with the money you have borrowed, then paying pack the original money before the 0% runs out, pocketing the interest
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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    All views are my own and not the official line of MoneySavingExpert.
  • schiff
    schiff Posts: 20,099 Forumite
    Name Dropper First Post First Anniversary
    I've got £16K debt on two stoozing cards and two purchases cards with small monthly payments due. I'm getting £240 pa interest at 1.5% on the money (£192 after tax) and it seems a shame to give them up. Didn't pay a fee for any of them and three run out middle of 2020.

    I've not even paid for my current car bought in November 2015 yet :)

    It may not be as good as it used to be, but it's worth considering. IMO.
  • Mr.Anderson
    Mr.Anderson Posts: 11 Forumite
    Is this a stupid question? What is stoozing and how do I do it? Never heard of it before but everyone seems to be doing it. Sounds interesting!
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