To create this heart shaped piece, draw around your heart die onto deep red card and stick a selection of silver peel offs so the peel offs come outside the edge of your heart outline.
Then run the card and heart die through your cutting machine with the peel offs uppermost, this will give you a very neat edge. This method uses your peel offs in a very economical way.
Die cut a scallop heart from mirror card and stick the two together.
To frame everything I have used some peel off corners and this sheet (Magenta 90840) has a great selection to choose from and add some fine peel off borders from Magenta 90834 to finish it all off.
I suppose you could even make this with red felt as the title suggests!