SV650.org - SV650 & Gladius 650 Forum



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).
There's also a "U" rating so please respect this. Newbies can also say "hello" here too.

Reply
 
Thread Tools
Old 22-10-09, 07:59 PM   #1
Tallguy
Member
 
Tallguy's Avatar
 
Join Date: Aug 2008
Location: Eastleigh, Hants
Posts: 191
Default 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!
__________________
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.
Tallguy is offline   Reply With Quote
Old 22-10-09, 08:19 PM   #2
Jackie_Black
Guest
 
Posts: n/a
Default 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!!
  Reply With Quote
Old 22-10-09, 08:40 PM   #3
thefallenangel
Guest
 
Posts: n/a
Default 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.
  Reply With Quote
Old 22-10-09, 08:44 PM   #4
tigersaw
Member
Mega Poster
 
tigersaw's Avatar
 
Join Date: Mar 2005
Location: Llanwrtyd Wells Powys
Posts: 1,146
Default 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
tigersaw is offline   Reply With Quote
Old 22-10-09, 09:13 PM   #5
Tallguy
Member
 
Tallguy's Avatar
 
Join Date: Aug 2008
Location: Eastleigh, Hants
Posts: 191
Default 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!
__________________
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.
Tallguy is offline   Reply With Quote
Old 22-10-09, 09:46 PM   #6
pete m
Guest
 
Posts: n/a
Default 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 ?
  Reply With Quote
Old 22-10-09, 09:54 PM   #7
dizzyblonde
Da Cake Boss
Mega Poster
 
dizzyblonde's Avatar
 
Join Date: May 2007
Location: On a flying Horse
Posts: 9,992
Default Re: Need an interest-free loan?

Quote:
Originally Posted by pete m View Post
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 ?
You only get three or four. Your very lucky. Today I counted at least five. And why do they always start at 4.30

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
dizzyblonde is offline   Reply With Quote
Old 23-10-09, 07:47 AM   #8
454697819
Guest
 
Posts: n/a
Default 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.
  Reply With Quote
Old 23-10-09, 08:39 AM   #9
phi-dan
Member
 
phi-dan's Avatar
 
Join Date: Apr 2009
Location: going up Camborne hill coming down
Posts: 251
Default 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?
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
phi-dan is offline   Reply With Quote
Old 23-10-09, 08:41 AM   #10
JamesMio
Member
Mega Poster
 
Join Date: Jul 2007
Location: Scotland's Deep South
Posts: 1,461
Default Re: Need an interest-free loan?

http://www.MoneySavingExpert.com
__________________
"That **** on the push-bike."

Creatomatic
JamesMio is offline   Reply With Quote
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
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


All times are GMT. The time now is 05:24 AM.


Powered by vBulletin® - Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.