Cahoot flexible

Eskimo_3

Hello,

Having had a Cahoot flexible loan for a while now, I'm coming up to the deadline date (mid July), I still have £1300 to pay off before then, but other financial difficulties at the moment are in the way of me being able to dump enough into it in time for the deadline (minimum repayment amount does not cover it(£50!!)).

My questions are:
1) What would happen if I still owe cahoot on the deadline? Will I have to pay all outstanding?, or will they rack up the interest?, or something else?

2) Can I use a 0% balance transfer credit card to pay this off? (There are no early repayment charges) Is that the right way to go about it?...should I wait until the loan is nearly up or asap?

There's actually more than 2 questions there... but would appreciate any advice.

Ads.

dag_2

... err ... do cahoot flexible loans have deadlines then?

I have a cahoot flexible loan too - and this is the first I've heard of any "deadline". You've got me worried now.

I thought that your credit limit just stayed available forever - or until they told you it wasn't. Is that not so? Or have they actually set a deadline for you, but not for me?

Thanks.

Martinslovechild

My Cahoot Flexible loan certainly doesn't have a deadline. In fact, it's had a zero balance for ages since I moved all the cash onto 0% plastic.

Eskimo_3

:rolleyes: <-at myself.

Just found this...(eventually).
<
cahoot flexible loan

A flexible way to take out and manage a loan. The cahoot flexible loan allows you to make withdrawals as and when you want, and make monthly or more frequent repayments allowing you to pay off the full loan whenever you want.
>

Phew, sorry for causing panic.

paul- Did you give it some balance transfer action? hmmm...
I'm thinking of getting a LloydsTSB Advance card to get shut of it (limit permitting).

realaledrinker

I'm thinking of getting a LloydsTSB Advance card to get shut of it (limit permitting).

Don't delay - the financial news service we use at work reports that Loyds are expected to reduce their interest free period this week...

dag_2

Phew, sorry for causing panic.

Thanks for the reassurance. Like you say, you can make withdrawals whenever you want, and overpayments whenever you want - and there's no early redemption penalty.

They let you transfer balances by sending in a giro credit slip for other lenders - however, it's quicker to do balance transfers as a withdrawal into a "non-cahoot account", by giving the sort code account number and reference for your other lender. Your other lender usually credits your account two working days after the money has left your cahoot account.

So - eskimo - maybe you were confusing the cahoot flexible loan with another kind of loan? Cahoot do fixed-term loans too - or maybe it was a different lender maybe? I just want to check that no-one's misinterpreted anything - thanks.