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Need an interest-free loan?
If anyone's desperate for an interest-free loan and you've got a good credit history, you might be interested in this.
I took out a Virgin Mastercard (which is MBNA underneath) with a 0% balance transfer - the idea being, I'll transfer my outstanding balance on a current 0% deal and still pay no interest. There is a 3% fee, but the balance is 0% until Feb 2011. This is known as "credit card tarting", and I'm a regular "tart", it's all about cleverly paying the absolute least you can for any debt you have. Here's the clever bit - As well as 0% balance transfers, I can also move money across into my personal bank account OR write their special cheques, and that part of it is ALSO 0% until Feb 2011. As the Virgin lady on the phone said (!!), it's an interest-free loan. As long as it's all paid back by Feb 2011, I won't pay a penny. Theoretically, I could take out the money, make a year-long investment, pay back the minimum amount each month, cash in the investment and then repay the lot, making a profit. I'm not disciplined enough for that, though! Or, more likely, I could buy a £2600 bike from a private seller and pay it back at £200/month over 13 months, interest free! Now, if only my personal finance manager (aka Mrs Tallguy) will let me put my cunning plan into action! Disclaimer - I really don't advocate the addition of debt, only the clever movement of existing debt - unless you REALLY REALLY want something! :smt047 |
Re: Need an interest-free loan?
I had one, the interest free ran out then two months later they hoiked the interest up to 26%
BEWARE!! |
Re: Need an interest-free loan?
they won't allow you to do it or natwest wouldn't with me. And also sometimes it's inital periods (i.e for transfers made in the first 3 months).
Yes it might well be tarting but small amount loans have an interest rate of 13% so for every £1k you borrow you pay back another £100 on top. |
Re: Need an interest-free loan?
umm, theres a 3% fee you said. You'd need to recover that from your investment, which just by itself would be tricky enough just now
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Re: Need an interest-free loan?
I agree about increasing debt, it's all about being clever with the bills and paying it all back before the interest rate jumps. Discipline and calendars! :)
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Re: Need an interest-free loan?
we get phoned 3 times a d ayby people saying anyone who took out a loan before 2007 need not pay it back or some such....i think they are targetting us cos we both took out credit cards in that period ...anyone know about this ?
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Re: Need an interest-free loan?
Quote:
Yes maybe I'd like to get rid of it, but not to someone who targets me over the phone! |
Re: Need an interest-free loan?
My V card has been good so far, and the plan is to have it paid off by the time the 0% expires..
Heres to hoping and not buying a new bike any time in the near future. |
Re: Need an interest-free loan?
Just remember to get your minimum payments in on time, otherwise the 0% offer expires.
Guess who forgot and paid a day late? :rolleyes: Still, plenty more 0% offers in the sea :D |
Re: Need an interest-free loan?
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