Email from Cahoot re Flexi Loan

banyaman

I contend that Cahoot [FONT=Arial, sans-serif]failed to inform us of the changes in rates '[/FONT][FONT=Arial, sans-serif]in writing [/FONT][FONT=Arial, sans-serif]within 30 days of any change in interest rates' as prescribed in the terms and conditions issued at the time we took out the loan (condition 12.4). I can see no mention in the glossary / or definition section that in writing includes forms of electronic communication, and logically emails alluding to changes in the terms & conditions - rates - all fall outside the terms and conditions of the loan agreement.[/FONT]
[FONT=Arial, sans-serif]These same terms and conditions go on to say that our legal rights are unaffected by any transferring of rights (condition 11.1). and that whilst Cahoot may change the conditions of the loan, this does not include those relating to 'a change of interest rates' (condition 17.4). [/FONT]

Just at the final stages of an adjudication with the Finacial ombudsman - one year in and still fighting

Paul843

Does anyone know if the overpayments function still works like it used to?

Don't want to send money there if it isn't going to arrive.

Cheers :beer:

Paul843

anyone? don't want to commit to overpayment if it does not work!

finley909

I got a message in my Cahoot message box today telling me the loan will be transferred to Santander on 22/03/10 and action will need to be taken if I pay by BACS or standing order.

An email in January stated that my loan account number et al would remain the same once the accounts were transferred to Santander. Does anybody know what action will need to be taken?

Can I continue making payments using the same account number I have now? Cahoot are unable (maybe unwilling) to offer any help.

FiFi_Le_Strange

I'm in an email argument with cahoot about taking away the flexibility before the 21 March 2010 move over to Santander. I've argued that it goes against T&C 8.3 under the flexible loans section as the change is to my disadvantage and therefore they should have notified me 30 days before removing the flexible part of my loan.

I suspect I will not get anywhere with this but am giving it a go. If anyone else has any ideas or comments be glad to hear them.

Thanks muchly

(PS to Finlay909 - if you pay your cahoot loan by direct debit then you don't need to do anything. However, if you pay by any other method then you'll need to follow the steps they outlined in the email you mention. If in doubt, drop them an email asking for clarification - one thing I will say in their favour is they are super prompt in replying to mails!)

finley909

Thanks for replying.

I pay by standing order from my bank, do you think I'll still need to do anything? I didn't actually get the email they refer to, so I'm not sure what steps I need to take.

Cahoot are refusing to help and Santander are taking a while responding!

Do you have a copy of the email that was sent by any chance?

Thanks.

tygar2

Just found this thread and tried logging on to my cahoot account but couldn't. Got a message to call some 0845 number.

I phoned them and they said that the online account facility had been withdrawn and that cahoot accounts are now all phone based. I protested that I do not have access to balances online nor do I receive printed statements so how do I effectively manage my account? - Pointless....:mad:

Anyway I asked about freezing interest and reduced payments due to financial hardship and was told that they do not do that. They would not even accept reduced or frozen interest for 3 months even if you were paying the account in full within that period. They also said they do not accept self managed DMPs (even a very short term one of 6 months) and would only accept them from reputable organisations such as CCCs - which comes with lovely default on your credit file. Once you get a default on 1 account you might as well give up and default the rest coz there is no difference (me thinks anyway!).

So now I'm effectively blindly managing an account. The first anyone will know about a problem is if they call me demanding their money or a letter from debt collectors. I also asked about my interest and lady said it was still the same at 17.9%. I asked if it was going up but she said if I received a letter (I honestly am not sure) then it means it is going up. I asked her to check the system but she said it wouldnt tell her so she didnt know. So it might or might not be going up....what the...!! What kind of banking is this?!:mad::mad:

Very dissapointing. Santander are taking the.....!!

SeeSay

The pain the pain...

Cahoot are slow.
Santander are fast but on another world.

I wanted to settle but I found out the following:-

• The Direct Debit didn't set up correctly
• Some people may end up with late fees if the Direct Debits arn't fixed.
• Direct Debits have been giving them issues for Cahoot customers
• You can't pay by standing order!
• They gave me two different sort codes for standing order with two different phone calls and on the third I found out standing order isn't an option
• To settle take in cash to the branch
• Or you can use a check
• Cahoot don't really do check books so they said the only option was to transfer to my Mom's account and get her to write a check!
• You can pay off the ballence through Direct Debit
• The system has a Direct Debit registered but it's broke
• They can fix it but it takes 10 working days
• Once the Direct Debit is fixed they will take the full ammount followed by the normal mandate ammount

Joy!:T

Cell

Your post just gave me the shivers. I'd assumed that I was OK given that I pay on direct debit.

Thankfully mine went out on 16th March, but I'll check the April one just in case!

Am I right in suggesting that therre is no intention to issue paper statements? I thought there was some rule by which it was mandatory to provide statements in paper form if online was not available, at least annually on loans.

SeeSay

I'm not sure about the statements I haven't received one yet!

Update -> I managed to pay off my debt at Santander.

Here's how...
The Direct Debt was taking a while but I got a missed payment letter. It had a telephone number on 0845 6003512 which allowed me to pay it off by VISA with there settlement figure.

They gave me a receipt number and all is good.

Few weeks later they sent me a missed payment letter. They said although they have the money they can't move it over the the account. They said sorry and they'll flag it with the manager. Fine.

Few weeks later they sent me my 3rd missed payment letter but this time stating that the missed payments may effect my credit file! I phoned they said sorry, flag it with manager, will be sorted, will not effect my credit file.

Vote of no confidence from myself but we'll see what happens.

:money: <- This is a bit sad