Feel like i have been totally conned!!!!

Legacy_user

Hi peeps,

Finally, after about 6 months of trying I have finally got my Cahoot Details reset. It turns out my "flexable" 6.5% loan has ballooned to 13.5% :eek: :eek:

So of the £50 a month I was paying, £23.30 was going in interest, so that leaves me with more to pay off than I thought. So of the 3K I borrowed 4 years ago, £2100 is still outstanding. I have upped the minimum payment to £150 per month but i begrudge paying £23 in interest. I had assumed it (the balance) was sitting arounf £700 for some reason.

I'm so annoyed and angry. Partly at myself. Partly at them for doubling the interest for no good reason (never a missed payment etc)

Anyone got any ideas on how to minimise the 13.5% interest in the short term ?

Cheers

13000 (lol way past that now )

milliejon

Could you get a loan to cover it from another company?

Broken_hearted

Did you not have yearly reviews I know my loan does it went up 2 years ago and they sent a letter out telling us to increase payments.

lynzpower

:eek: My OHs got one of these, trying to get a o% credit card to swap it to. thats unbelievable!!

Phone them up and say, you want your interest dropped, you cant afford it and can get better deals elsewhere, say 4.3% or get some figures from the loans board. See what happens. Ive been tryin to get Oh to do this , so if you are successful maybe he will be too

xxx

System

Well I just got an unsecured loan from Northern Rock for £2100, ie the balance at 7.2% over 2 years with the facility to overpay as much as I liked. I did send an "e msg" to Cahoot to see if they would match it. So if they dont nothing really lost.

They did try the old hard sell on the payment protection insurance, I just told them it was against my beliefs (seriously, have never ever, ever had PPI) but they did persevere until they realised that I wasnt gonna change my mind. So instead of paying them £103 with PPI, I am now paying £90 per month, a £40 increase on what i was paying but at least a 1/3 more of that £50 is going against the outstanding balance.