Need advice on loan applications.

djheath

Hello, sorry for such a long post but its more a rant as well as a question!

I hope this site can help as I dont know where else to turn!

Im having real trouble with Cahoot and a loan application I made on the 19th March. I was conditionally accepted for a £5000 loan for a new car and received the forms from Cahoot within two days. I sent them back straight away with my two forms of identification to prove my address - a credit card bill and a bank statement. On both forms of ID I crossed out my credit card number and bank account numbers as I am concerned about credit card fraud etc and didn't want to send these important details through the post. As far as the information Cahoot kept saying, they wanted the ID just to prove my address details. I waited for notification of my loan. I didn't hear anything from Cahoot for a week so called thier customer service line. The girl I spoke to said my two forms of ID had been rejected because I had written on them. She was very unhelpful and I had to prompt her serveral times to get any kind of answer out of her. I suggested I had better send two more forms of ID and she agreed. I sent them last thursday by first class post, so called Cahoot on saturday to make sure they had got there. They said they hadn't received them yet. So I asked how long it would take to process the loan when they had received them. The girl replied she didn't know, "one day, 5 days, dunno!" was her answer! I find this lack of knowledge amazing considering they do this kind of job every day. So its been two weeks and I still don't have a loan, even though I have found a new car and bought it with my overdraft and help from a relative until the loan comes through. (I couldn't let the bargain car get away to another buyer!)

Now, onto my question! Since cahoot have failed to communicate any problems with my application and after receieving no help on the phone, I thought I would try and get a slightly higher interest rate loan from Northern Rock of Sainsburys who can promise the money in my account within the next day and then cancel my application with Cahoot. I applied for both on the internet and both got declined. I want to know why as I have a good credit rating and earning over £23000 a year. Could it be that because Im already in the process of getting a loan then I cannot apply for more? Would cancelling my application with Cahoot - which I want to do, although dont want to if it means I can never get a loan - help with a new application to another company?

Any advice would be great.

Im off to call Cahoot again to see if they have received my documents yet!

Rafter

Probably crossing out your account numbers was a bad idea. Look at it from their perspective - it looks like you are trying to hide something rather than protect yourself from ID fraud?

Hopefully it will all go through quickly, although even if they transfer the funds today or tomorrow it will take 3-4 working days for the funds to hit your account.

You were probably rejected elsewhere because of your cahoot application yet.

If you do get stuck, I suggest you go to your own bank, explain the situation and see whether they will lend you the money.

Good luck.

R.

CTT_2

What do you expect when you try to be too clever.

djheath

Well just an update. I called cahoot last night and they happily told me my account had been opened. When I asked why I hadn't actually been told they didn't know. I asked when I would receive the information needed to logon to the account online they said they didn't know that either. I find this so frustrating. Cahoot keep sending me emails every time I call to ask for my response to the phone call, yet they cant actually do what they should be doing in the first place to keep me happy. I haven't been sent my documents back either that I initially sent which makes me quite pleased to know I crossed out all information as they could be anywhere. Cahoot are a disgrace!

I will never ever have any dealings with cahoot again! Unbelievable.

Faster_Loans

Hi djheath,
Why not try someone else. Some companies are just way too big.
Regards,
Alex

Hi, Martin’s asked me to post this in these circumstances: Sorry, this site is free of advertising and we ask people not to advertise their own services/websites/ebay sales (please see this rule). I have asked Board Guides to move any they see. If you have any questions about this policy please email [email="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/email].

jonesMUFCforever

Faster_Loans wrote:

Hi djheath,
Why not try someone else. Some companies are just way too big.
Regards,
Alex

You wouldn't be touting for business for yourself here would you?