Any ideas - help?

jenevieve

Hi everyone,
Had planned to be a bit smart and take advantage of the cahoot fixed loan rate (APR 5.6) and use it to replace my cahoot flexible loan.
But I got turned down????

I really don't know why. Have had a copy of my credit file a few months ago which do not display any problems. Am really foxed by this. Any suggestions would be really useful, thanks.

DaisyNelson

Have you checked that you are on electoral roll ? Sorry if this is stating the obvious.

jenevieve

No, any suggestions are gratefully received, Daisy.
I assume I am cos I received electoral paperwork when voting time comes around.
I'm confused cos I already have a loan with cahoot and specified that the new loan was in place of the old one. As you can see from my signature, I am up to my neck a bit and have 3 loans and 2 CCs but all payments have been on time and are reducing slowly but steadily.

pixie1

I tried to do this with tesco finance a few years back, the loan was to pay of the existing one plus some other debts and my monthly payments would of been less then before but i was turned down. When i asked why they said it was due to 'affordability' even when i explained about the payment reduction they just couldnt give me an explanation or reason.

magentadreamer

Did you apply online? Only they might not have realised you wanted to add their loan into the new loan and saw it as more borrowings and not a consolidation. I'd give them a ring asking why you were declined and tell them it was to consolidate stuff that you've never missed a payment on.

jenevieve

Yes I applied online but one of the questions I had to answer was - is this to replace an existing cahoot loan or a separate one - so they knew it was a replacement.
I did apply for a slightly larger loan and would have used the extra in consolidation so maybe it was the affordability factor.
Taking another look at my debts, I think the best thing is to snowball hard and so a flexible loan might be a better idea anyway cos when I am able to, I can throw lots of money at it and get rid of it.

in*the*red_6

jenevieve wrote:

Taking another look at my debts, I think the best thing is to snowball hard and so a flexible loan might be a better idea anyway cos when I am able to, I can throw lots of money at it and get rid of it.

Hi Jen

I've got a flex loan with Cahoot and though the rate is higher than the typical one they advertise for the fixed loan I like it because of this. I am snowballing too and by keeping it flexible I hope to be able to put any extra bonuses etc towards it whenever I can. Just wondering what your rate is as I've seen people on here being charged quite different rates for this product?

ITR

SillyHilly_2

We applied online and got declined so phoned them up. They said we had got automatically turned down because the link to the credit ref agency was down.

Must say they are really nice people to talk to. Great customer service.