Cahoot Flexible Loan - need some advice

JohnF_027

Hi

Am a new poster on here and need some advice on what to do with a cahoot flexible loan i took out in 2005.

When i took out the loan, the interest rate was 6.9%, currently it stands at 17.9% ..... i've never missed a payment and now pay more than the minimum required each month and have about 6k outstanding on a 10k loan. It seems from reading these forums and others, that alot of people have tried to reclaim money on the basis that the loan is unenforceable due to the massive hikes in APR.

Has anyone received a definitve answer about this, has anyone actually gotten anything out of Cahoot or have all queries been rejected?

I've seen alot of different reponses all saying different things, so not really sure whether this is worth pursuing, i contacted a company called Kerobo after hearing an ad on the radio but am reluctant to go down that route.

Many Thanks

_Andy_

If you didn't want a variable rate loan agreement, why didn't you take a fixed one?

CLAPTON

I know of no successful actions and think it's unlikely that there will be one. Although I think they are crooks, in the scheme of things 17.9% is not high
Can you get a lower APR loan and clear this one off?

Beast

Given that Cahoot have done absolutely nothing wrong, I'm not aware of any successful action which has been taken or could be taken.

Your best option is to try and secure another loan at a lower APR and pay off your Cahoot loan.

JohnF_027

thanks guys thats what i thought, i could'nt really see how it could be deemed unenforceable all things considered - got myself in to it, i'll get myself out of it ... and Andy ... at the time i was in rather desperate straights, my own fault, and certainly not the best decision i've ever made thats for sure :rotfl:.

i've got a good rating so i'll see about getting a fixed rate loan, although being able to make over payments without penalty is the one attractive element of the cahoot loan.