Cahoot reducting Flexible Loan Limit

[Deleted User]

I have a feeling they are reducing them all, well those affected, to £100 over the current balance as they have reduced my credit limit to a whole £100!!!! This is lower than they originally indicated in the very first email.

I can't see how useful a flexible loan of a maximum of £100 is when compared to a credit card for example. Glad I am in the process of closing it now.

nomoneytoday

Mine is still the same as last month and so is my colleagues.
Maybe its just a small number of people? (unless you are one of them)

regvardy

i too have had the limit reduction e-mail for the 26th July 2006.

I rang them up immediatley and complained that my o/s balance was already above the new limit, and that I could still draw down my remaining flexi balance and be even more over the limit, plus the e-mail had assured me that if i made my usual payment on the 28th all would be well.

I had to point out to a junior and then a manager that I would effectively break my new credit limit on the 26 and 27th July. The e-mail to my e-mail a/c and the e-mail to the cahoot a/c were contradictory.

I then got the back-tracking e-mail, saying forget the e-mail it was wrong. What a piece of incompetent nonsense.

I then took a closer look at my account and realised my rate had been increased from 7.9% to 11.9%. A 50% INCREASE. APOPLEXIC doesn't come close.

The result: The money from the flexi-loan had been invested in SHARES (outside my ISA package), the profit on the shares far outweighs the interest charges on the loan, but I had been mulling over selling the shares. Decision now made, shares were sold yesterday, funds will be received Tuesday and part passed onto CAHOOT to clear the FLEXILOAN. As I don't use their savings a/c, CAHOOT has effectively lost me as a customer.

On top of this, I tell my MUM and DAD where to stick their cash, its currently in CAHOOT, it going to move now. That's another £130,000 CAHOOT are losing.

CAHOOT: the company that likes to lose customers.

CAHOOT, is your SPAINISH PARENT in trouble? Has it maxed out on SPAINISH Mortgages??????

nappentass

I seem to have had no changes to my limit or APR, though I did a withdrawal after the first email, and before the so-called second email(s) which I never received - so no idea what's going on!
J

Pilchard

Hi there, I've just been reading through this site and wonder if people have ahd the same thing happen as me. I took otu a flexible loan with cahoot at the begining of December last year, for £2000. I aimed to settle it within 10months so my repayment was £205/month. I noticed that the initial statement showed I owed £2023 so assumed they'd charged the interest to be paid first. Since then I have overpayed on numerous occasions and actually paid the final part of the balance off on 20th July. I then emailed them and asked them to close the account. I received a letter yesterday, however, telling me I owe them £4.03 as a settlement figure to cover the interest until my loan is paid off on 23rd August. When I've gone to the account, however, it says that the balance owed is £00.00. Has anyone else had this and am I missing something?

[Deleted User]

Pilchard, I think it is perfectly normal. When I started the process of closing mine I had a settlement figure of around £3. The £4.03 is the interest upto the day you requested to close the account. The interest showed up on the normal day that they charge me interest and my payment appeared the following day, although the timing was probably just coincidence. I would imagine the interest will show up on your account on your usual interest day.

Pilchard

Deleted_User wrote:

Pilchard, I think it is perfectly normal. When I started the process of closing mine I had a settlement figure of around £3. The £4.03 is the interest upto the day you requested to close the account. The interest showed up on the normal day that they charge me interest and my payment appeared the following day, although the timing was probably just coincidence. I would imagine the interest will show up on your account on your usual interest day.

Hi there. I was confused cos my normal interest day is 2nd of the month and I've not paid that much interest/month since I opened the account, so why now when I don't owe anything? It's sorted now, though, cos today they sent me an email saying they were closing my account on the 3rd August and I don't owe anything. I think they were trying to pull a fast one, cheeky :mad: :mad: :mad: :mad:

Anyway, thank you :j

Ali_UK

I had notification of the decrease in available credit, and I'm ok about it as if it isn't there I can't use it. My rate did go up a while back but only to 8.9%, however, I'm taking heed of everyone else's experiences here and going to try really hard to get rid of this debt asap before they hike the rate up again!