Idle Banter For non SV and non bike related chat (and the odd bit of humour - but if any post isn't suitable it'll get deleted real quick).![]() |
![]() |
|
Thread Tools |
![]() |
#1 |
Member
Join Date: Aug 2008
Location: Eastleigh, Hants
Posts: 191
|
![]()
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!
![]()
__________________
Pointy K3S in SuperSonicSilver, R&G bungs, Carbon Can Co slip-on SOLD TO MEMBER "Cobra"! So long old friend! I'm going all Charley Boorman on yo' ass. Can't filter or indicate any more. |
![]() |
![]() |
![]() |
#2 |
Guest
Posts: n/a
|
![]()
I had one, the interest free ran out then two months later they hoiked the interest up to 26%
BEWARE!! |
![]() |
![]() |
#3 |
Guest
Posts: n/a
|
![]()
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. |
![]() |
![]() |
#4 |
Member
Mega Poster
Join Date: Mar 2005
Location: Llanwrtyd Wells Powys
Posts: 1,146
|
![]()
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
|
![]() |
![]() |
![]() |
#5 |
Member
Join Date: Aug 2008
Location: Eastleigh, Hants
Posts: 191
|
![]()
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!
![]()
__________________
Pointy K3S in SuperSonicSilver, R&G bungs, Carbon Can Co slip-on SOLD TO MEMBER "Cobra"! So long old friend! I'm going all Charley Boorman on yo' ass. Can't filter or indicate any more. |
![]() |
![]() |
![]() |
#6 |
Guest
Posts: n/a
|
![]()
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 ?
|
![]() |
![]() |
#7 | |
Da Cake Boss
Mega Poster
Join Date: May 2007
Location: On a flying Horse
Posts: 9,992
|
![]() Quote:
![]() Yes maybe I'd like to get rid of it, but not to someone who targets me over the phone!
__________________
Suzy, yellow 2001 SVS. Kitty, V-Raptor 1000, ZZR1400<<its my bike now Pegasus! Hovis 13.8.75-3.10.09 Reeder 20.7.88-21.3.12 |
|
![]() |
![]() |
![]() |
#8 |
Guest
Posts: n/a
|
![]()
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. |
![]() |
![]() |
#9 |
Member
Join Date: Apr 2009
Location: going up Camborne hill coming down
Posts: 251
|
![]()
Just remember to get your minimum payments in on time, otherwise the 0% offer expires.
Guess who forgot and paid a day late? ![]() Still, plenty more 0% offers in the sea ![]()
__________________
Was: Red curvy S: crash bungs, double bubble screen, fenda extenda, HEL front lines, OEM belly pan Now: Blue FZ6 Fazer |
![]() |
![]() |
![]() |
#10 |
Member
Mega Poster
Join Date: Jul 2007
Location: Scotland's Deep South
Posts: 1,461
|
![]() |
![]() |
![]() |
![]() |
|
|
![]() |
||||
Thread | Thread Starter | Forum | Replies | Last Post |
You and your (loan) bike | Demonz | Photos | 29 | 24-04-07 01:41 PM |
Loan payment protection | Viney | Idle Banter | 23 | 18-08-06 01:17 PM |
Blame it on the sunshine + SV for £1 deposit INTEREST FREE | hutchy | SV Talk, Tuning & Tweaking | 6 | 05-06-05 09:07 PM |
Buying a new sv650 yet? Interest free? Oh yes | Halonic | Bikes - Talk & Issues | 12 | 26-05-05 10:39 PM |