stevio
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Post by stevio on Sept 16, 2015 8:26:24 GMT
This is not for those that can't 'handle' their money well and you need to be well organised
Many people have been used to 'Stoozing' for many years. With 10%+ rates available in P2P and borrowing rates as low as 2%, I am considering using someone else's money to make a profit!
Obviously this would take a good organisational skill, but personally have been doing stoozing for several years with credit card cash into high interest bank accounts, so this is an extension to that for me.
I don't really want a discussion on the 'morals' of doing this - some people don't want to borrow, that's fine. This is not extravagant borrowing, but intelligent borrowing to make a profit - its a business and many businesses borrow to make a profit.
What I was hoping for was any good deals at the moment, if anybody else is doing this and their experiences- credit cards, overdrafts, loans (even P2P loans!), mortgages(!) etc
Thanks
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Investor
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Post by Investor on Sept 16, 2015 8:34:42 GMT
This is not for those that can't 'handle' their money well and you need to be well organisedMany people have been used to 'Stoozing' for many years. With 10%+ rates available in P2P and borrowing rates as low as 2%, I am considering using someone else's money to make a profit! Obviously this would take a good organisational skill, but personally have been doing stoozing for several years with credit card cash into high interest bank accounts, so this is an extension to that for me. I don't really want a discussion on the 'morals' of doing this - some people don't want to borrow, that's fine. This is not extravagant borrowing, but intelligent borrowing to make a profit - its a business and many businesses borrow to make a profit. What I was hoping for was any good deals at the moment, if anybody else is doing this and their experiences- credit cards, overdrafts, loans (even P2P loans!), mortgages(!) etc Thanks Worth starting here p2pindependentforum.com/thread/1965/borrowing-invest
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SteveT
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Post by SteveT on Sept 16, 2015 9:13:24 GMT
I can recommend an excellent deal from early 2008: The bulk of my P2P stake money is generously lent to me by my bank at BBR+0.36% and they don't want it back for another 2 1/2 years. I went in to beg for a bridging loan to enable us to move house (happily, secured on the one we were buying) and they convinced me the better option was a 10 year tracker mortgage with no upfront charges and no early redemption penalties. Having sold the original house some time ago (after 5 years as a reluctant landlord), I'm convinced they were absolutely right!
Trouble is, I'm not sure they'd be willing to offer it again now...
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stevio
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Post by stevio on Sept 16, 2015 9:34:17 GMT
Thanks, it tends to be mortgage deals are personal and not open to everyone unfortunately. I am wondering whether to drawdown on over payments I have previously made.
There is a 36m 2.99% fee or 24m 1.89% fee super balance transfer deal (they pay the cash into your bank account rather than needing a balance transfer from another card) with MBNA at the moment
Also Halifax seem to do a £1 a day overdraft fee on £1200
At these sorts of rates, it must be possible to turn a reasonable profit that is worth the risk vs reward for most
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11025
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Post by 11025 on Sept 16, 2015 9:44:18 GMT
I think there are a few cards out there with sensible deals , Halifax is doing a 0% on balance transfers for 28 months . With a 1% fee ,
I have a 12.5k on a 0% deal on my Barclaycard ending in a month so will switch that over , but as mentioned previously organisation and attention to detail required.
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jonah
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Post by jonah on Sept 16, 2015 9:45:21 GMT
Thanks, it tends to be mortgage deals are personal and not open to everyone unfortunately. I am wondering whether to drawdown on over payments I have previously made. There is a 36m 2.99% fee or 24m 1.89% fee super balance transfer deal (they pay the cash into your bank account rather than needing a balance transfer from another card) with MBNA at the moment Also Halifax seem to do a £1 a day overdraft fee on £1200 At these sorts of rates, it must be possible to turn a reasonable profit that is worth the risk vs reward for most Several 0% BT fee cards exist... 19 months tesco for example. Mbna seem to allow you to transfer an overpaid card straight to your bank account. I wouldn't borrow at interest to p2p, but borrowing at 0% interest... That is a very different thing. 
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stevio
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Post by stevio on Sept 16, 2015 9:56:10 GMT
Thanks, it tends to be mortgage deals are personal and not open to everyone unfortunately. I am wondering whether to drawdown on over payments I have previously made. There is a 36m 2.99% fee or 24m 1.89% fee super balance transfer deal (they pay the cash into your bank account rather than needing a balance transfer from another card) with MBNA at the moment Also Halifax seem to do a £1 a day overdraft fee on £1200 At these sorts of rates, it must be possible to turn a reasonable profit that is worth the risk vs reward for most Several 0% BT fee cards exist... 19 months tesco for example. Mbna seem to allow you to transfer an overpaid card straight to your bank account. I wouldn't borrow at interest to p2p, but borrowing at 0% interest... That is a very different thing. Sure, but getting the 0% BT's into your account to invest with is the difficult part
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11025
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Post by 11025 on Sept 16, 2015 10:05:58 GMT
Several 0% BT fee cards exist... 19 months tesco for example. Mbna seem to allow you to transfer an overpaid card straight to your bank account. I wouldn't borrow at interest to p2p, but borrowing at 0% interest... That is a very different thing. Sure, but getting the 0% BT's into your account to invest with is the difficult part Do you think a 10k P2P investment would qualify as a new purchase - for 0% 12 months 
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bigfoot12
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Post by bigfoot12 on Sept 16, 2015 10:28:35 GMT
Slight variation on the question but you could buy P2P Global (or one of the other funds) as a CFD or spread bet.
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jonah
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Post by jonah on Sept 16, 2015 10:37:33 GMT
Several 0% BT fee cards exist... 19 months tesco for example. Mbna seem to allow you to transfer an overpaid card straight to your bank account. I wouldn't borrow at interest to p2p, but borrowing at 0% interest... That is a very different thing. Sure, but getting the 0% BT's into your account to invest with is the difficult part 0% BT to mbna. Ask mbna to move money to current account. Profit (whilst paying tesco or whoever the minimum payment for 19 months)
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stevio
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Post by stevio on Sept 16, 2015 10:43:52 GMT
Sure, but getting the 0% BT's into your account to invest with is the difficult part 0% BT to mbna. Ask mbna to move money to current account. Profit (whilst paying tesco or whoever the minimum payment for 19 months) You may know more than me, but would that not be the super balance transfer mentioned above, which they charge the above fees for?
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stevio
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Post by stevio on Sept 16, 2015 10:45:35 GMT
Sure, but getting the 0% BT's into your account to invest with is the difficult part Do you think a 10k P2P investment would qualify as a new purchase - for 0% 12 months Probably not, but I don't know any P2P's that except credit cards (as apposed to debit cards) 
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jonah
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Post by jonah on Sept 16, 2015 10:49:37 GMT
0% BT to mbna. Ask mbna to move money to current account. Profit (whilst paying tesco or whoever the minimum payment for 19 months) You may know more than me, but would that not be the super balance transfer mentioned above, which they charge the above fees for? SBT is when you borrow on a card. Usually with a fee. Mbna does one with zero fee though, that charges you interest from day 1. Look for low rate card. If you put the mbna card into credit first though and transfer that credit to your bank account, you can avoid even the interest on the handful of days which the BT took. Takes having the right card provider and I'm not 100% sure on the official policy, but so far so good. Apparently barclaycard are similarly helpful to mbna.
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sam i am
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Post by sam i am on Sept 16, 2015 11:56:39 GMT
Anyone who has a mortgage or any other borrowings and is investing at the same time is effectively borrowing to invest. If you have cash, you have a choice: repay part of your loan and no longer pay interest on it or invest the cash and continue paying interest. Many BTL investors (i.e. those with a BTL mortgage) are very obviously borrowing to fund their rental investment. As well as BTL, I have an offset mortgage on my residential property. I could have repaid this mortgage on several occasions but have often drawn down on the balance to invest. Currently my offsetting balance is close to zero and I have a reasonably big chunk in P2P.
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david42
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Post by david42 on Sept 16, 2015 12:08:58 GMT
There is a 36m 2.99% fee or 24m 1.89% fee super balance transfer deal (they pay the cash into your bank account rather than needing a balance transfer from another card) with MBNA at the moment I have recently started borrowing 0% cash advances from credit cards to invest in P2P. I opened an MBNA credit card for this purpose and paid the fee for them to pay cash into my bank account which I invested into P2P. I did the same with a Virgin card. No problems. I use a separate credit card for normal spending. I dislike the risk of borrowing to invest, but the returns have persuaded me to take that risk. I hope I won't regret that decision when we have the next market downturn. I don't know how maxing out credit cards will impact my credit score. I used to pay off the full balance every month but now I pay the minimum.
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