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I am trying to stooze
Leia_Stephens
Posts: 231 Forumite
A continuation of my thread from the Debt Free Wannabe board
I have just put £3,000 in my ISA - it should be earning interest from yesterday - but it is stoozed money
. Normally I would not be able to put £3,000 in ISA all in 1 go, it would be a push on my finances to put more than £175 in monthly.
I have a "debt" of £5,672, but other MSEs think I am stoozing because at the moment I have £6,500 in my ISA and I am hoping to save £76 this month, £185 from May to October and £85 from November to March. At the end of March
I could have run out of 0% deals :pale: , and I will probably need to pay the £5,672 back
.
Leia
I have just put £3,000 in my ISA - it should be earning interest from yesterday - but it is stoozed money
. Normally I would not be able to put £3,000 in ISA all in 1 go, it would be a push on my finances to put more than £175 in monthly.I have a "debt" of £5,672, but other MSEs think I am stoozing because at the moment I have £6,500 in my ISA and I am hoping to save £76 this month, £185 from May to October and £85 from November to March. At the end of March
I could have run out of 0% deals :pale: , and I will probably need to pay the £5,672 back
.Leia
I want to be a good saver, but I find it difficult to control my temptation to spend 
.
I owe £1,247 more than I have in savings
.
.
.I owe £1,247 more than I have in savings
..
0
Comments
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The only problem with using the ISA is if you have to withdraw it to pay it back (as you cant reinvest what you have to withdraw due to the silly ISA rule on total deposits), then you would have been better of saving the £175 monthly into the ISA - thats a couple of grand that could stay there. However if you can start putting something else by to cover the repayment of the credit cards and leave the ISA in place then all we be good.0
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Leia, are you still managing to pay off as much as you can on your debt? Its ok having savings but as you know its far better to pay off your debt.
Please dont take offence, but in my opinion, its no good stoozing if you aint paying a great deal off your debt. What CC have you stoozed with if you dont mind me asking? I have just sorted me Cashback Card out, and the next step is to start stoozing.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
But you have to have a debt to be stoozing - as long as you arent in debt when you total it all up! - and the interest rate needs to be 0% or very low0
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lipidicman wrote:But you have to have a debt to be stoozing - as long as you arent in debt when you total it all up! - and the interest rate needs to be 0% or very low
Yeah i know, sorry bad choice of words.:oThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Leia_Stephens wrote:A continuation of my thread from the Debt Free Wannabe board
I have just put £3,000 in my ISA - it should be earning interest from yesterday - but it is stoozed money . Normally I would not be able to put £3,000 in ISA all in 1 go, it would be a push on my finances to put more than £175 in monthly.
I have a "debt" of £5,672, but other MSEs think I am stoozing because at the moment I have £6,500 in my ISA and I am hoping to save £76 this month, £185 from May to October and £85 from November to March. At the end of March
I could have run out of 0% deals :pale: , and I will probably need to pay the £5,672 back .
Leia
Leia
Congrats on the foray into stoozing. I must say though, that I agree with lipidicman, the stoozed amount is best deposited in a high interest savings account, instead of an ISA. The problem is that if your 0% deal ends in, say, November, and you don't get another one to replace it with. You'll need to withdraw from your ISA, causing you to lose your allowance for the year. After that, if you were to have a windfall in the form of a bonus or something else, say in January, you'll still not be able to put it into an ISA, until the next year.
Is the debt of £5672 that you mention over and above the 0% debt on the stoozed amount? If so, what interest rate are you paying for that? Would it not be worthwhile to clear some of the debt to reduce interest outflows?
Finally, congrats once again on getting onto the stoozing bandwagon.It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!0 -
Walletwatch wrote:Is the debt of £5672 that you mention over and above the 0% debt on the stoozed amount? If so, what interest rate are you paying for that? Would it not be worthwhile to clear some of the debt to reduce interest outflows?
All of the £5,672 is on 0% and I will definitely have a 0% deal until at least 20th March 2006, because I intend to make use of my Egg 0% anniversary deal between November and March . During March I may apply for another 0% deal, but I don't need to make a decision about this just yet .
I received my ISA statement at the weekend, I have about £30 over £6,500 in there .
LeiaI want to be a good saver, but I find it difficult to control my temptation to spend .
I owe £1,247 more than I have in savings .
.0 -
I have made my 1st payment - of the minimum payment £5 - on my new 0% cc today
.
I do have a DD set up to take the minimum payment, but I am not absolutely certain it is going to kick in before this month's due date.
Incidentally, in future months I was thinking of paying £5 off my cc as well as letting the DD pick up £5. From next month I will be able to save £185 even though I plan to pay £10 of the cc as well .
To be honest, I don't know that I won't spend the money I am saving each month (ideally to pay off my cc when the 0% deals finish) but I am currently feeling optimistic that I WILL avoid the temptation to spend it.
LeiaI want to be a good saver, but I find it difficult to control my temptation to spend .
I owe £1,247 more than I have in savings .
.0 -
Stoozing is all well and good, but I think CC companies are soon going to put an end to it. Not right away, but one by one.
With interest rates on the rise and mortgage lending drying up I can see all areas of the finance industry tightening up their practices over the next 1-3 years.
Also, it really does knock your credit rating, so not to be done if you need a mortgage in the next few years, or a real loan.
But, treat it as a hobby, and you'll be fine.0 -
But who signs up to a CC without a 0%?
Anyway, there is a whole thread on this 'end of 0% debate'
http://forums.moneysavingexpert.com/showthread.html?t=449390 -
Leia_Stephens wrote:To be honest, I don't know that I won't spend the money I am saving each month (ideally to pay off my cc when the 0% deals finish) but I am currently feeling optimistic that I WILL avoid the temptation to spend it.
Leia
Just as long as you always remember that the stoozed money is not your money and should never, ever under ANY circumstances, EVER be used other than to repay the CC debt.0
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