Thetownend.com

Managed some financial gymnastics to get a interest free personal loan.

Applied for and got a new credit card with a 2 year 0% interest free period on purchases.

Set up 2 PayPal accounts, 'bought' something off myself via EBay, paid with new credit card and took out the money interest free!

Knock her bandy!!

You didn't email DMR about buying his car via PayPal this morning did you?

I already pointed him in the direction of my Nigerian friend about that!

Are you posting it, or collecting in person?

Or you could've more than likely just done a money transfer from the credit card to your bank account.

 :clap:

That's what I thought but the bank I used wouldn't accept a credit card payment

Hi jed

Fuck me, that's some insult. Cheers!

And you will be charged a percentage as buyer and seller by paypal??

Got any more financial advice?

So you've paid ebay fee's and paid the paypal fee's - not strictly interest free... ;)

Nothing in life is free my friend - they even get you on the transfer fee when switching cards or paying into bank accounts... would have been better of just buying what you need with the card...

Cost £60 to get £2000 .

Used the £2000 to get my LTV ratio on a mortgage down below 85% to get a better interest rate.

Saving me over £4000 over 3 years

and when they discover you have a credit card with 2 grand on it they reduce what you can borrow by 8 grand

It's all been arranged. I paid the 2 grand off the existing mortgage and got a better interest rate.

Don't ask me why but Nationwide would not accept a credit card payment to pay off a bit of the mortgage

But you will have to fess up to having an additional £2k of unsecured personal debt no?

I wasn't after any extra mortgage just to pay a bit off an existing mortgage to get the interest rate down

Thats because it changes your personal circumstances - you've now incurred more debt that wasn't declared as part of the mortgage agreement in order to secure a preferential mortgage agreement - I think they call it fraud ;)

Wouldn't doing a money transfer be classed the same as taking cash from the cash point, i.e exempt from the 0% interest.

Some allow it but at a higher fee

Because paying off debt with more debt is generally a bad idea.

Except where it saves me £4k

Re-mortgage or purchase?

Which one?

Neither. Had a 3 year mortgage deal which was running out, they wouldn't give their best interest rate on another deal unless the LTV was 85%. Mine was 85.9!

By paying off £2k it took the LTV to under 85%

So a remortgage then  :)

Semantics

My idea of a remortgage is extending the term to reduce payments or raising a bit of capital

Take the LTV below 60% and you'll get an even better deal.

Better get applying for more credit cards and PayPal accounts ;)