Cahoot loan please help!!

jojo1973

i checked today, i actually only borrowed £1500, have paid £1650 and still owe 2400!

milliemonster

with a cahoot flexi loan (I have one) you can access the account online anytime so you should have been able to do this to see what you have been paying?, I knew from the start mine was a flexible loan in that the payments weren't fixed (nor interest, and they have increased the interest from an inital 5.9% to now 17.9%)

I think Cahoot don't do these loans anymore and this is why they are hiking up fees and interest to try to get you to pay it off

markelock

jojo1973 wrote: »

i checked today, i actually only borrowed £1500, have paid £1650 and still owe 2400!

call citizens advice.

worst case is get another loan (checking the details) and pay this off in full. but the amount owed is crazy(reminds me of the buy now pay later deals that used to be offered by Currys et al, 30% apr, ending up paying 100% more than borrowed)

whiteroom184

jojo1973 wrote: »

They're sending all the paperwork (and charging £10!)
They said as its a flexi loan the interest goes up and down and if i make the minimum payments it will "take forever to pay off" yep this happened to me too!
I got the loan via moneysupermarket, put in £1500 over 4 years, it came up as repayments £50 a month, which it probably did with the current flexible ratei took it. According to cahoot its like a credit card and i can pay a minimum or more, i didnt know this. unfortunately thats why its a flexible loan

As far as i thought i'd pay 50 quid over 4 years and job done, ive had loans before and they worked like this, you know when its finished. I now owe over £2400 and have made 33 payments of 50 quid each already, worse than a provvy loan! :eek:

get a loan to pay it off or an interest free credit card to transfer the balance

i really feel for you jojo, cahoot are a joke, i had mine over 3 years started off as 4k flex loan and all was fine then i upped it to 6k and thats when they maxxed out the interest rate, if i hadn't of been trying to get it paid off and thus keeping a weekly eye on my statements i would never have known. but one day i realised my min payment was £82 but they were charging £75 in interest, so i thought stuff that and transfered the balance to a 0% cc and kept on trasferring it untill it was paid off

good luck and keep us posted with how you get on;)

GotNoRhythm

Hi, I've recently checked out my Cahoot loan and it is currently at 21.9%APR - I have cheaper credit cards!! I'm transferring mine to a low % apr credit card, and dealing with it that way (hoping to get a lower life-of-balance transfer rate. I can but ask!!).
Speaking to CAB sounds like good advice, though.

jojo1973

I dont think I can get a loan, I'm on incapacity benefit with 2 small kids. I'm waiting for the paperwork from them and going to CAB over it as to still owe 2400 on a 1500 loan that I've already paid 1650 of is just CRAZY!!!
I guess its my own fault for not reading the small print, I dont know what a flexi loan is, I just took one that offered a good rate (at the time)
When I got it out I was going through a divorce, paying a mortgage AND rent (as I'd moved out, he hadnt) and had loads of debt problems, the irony was I got that loan to stop my bank charging me up to 500 quid a month!!!

whiteroom184

:undecided good luck jojo

let us know what cab say?