Cahoot Loan problems

mat22

They have said they will correct the issue.

They did write when I had supposed to have missed the 2nd payment, although in the time span it would have been impossible to have missed two payments, but they did not write the first time. I think they had reported it even before I received any letter. The statement I received was to mid April so did not show recent transactions.

shanep

I have a cahoot flexi loan back from 2002 and borrowed £6000 @ 12.2%, 2 years ago I paid it off but they still wanted an extra £120 before the account could be closed, at the time I could not afford this so the loan remained open, temptation took over to use this loan to pay for my divorce. When I contacted them to remove my ex-wives name they said they can not do it cos the balance is not at zero. I mentioned that part of the agreement with the courts was that I take sole responsibility of the loan. I applied 4 years ago for a fixed rate loan and in my name with the FL was still with cahoot, they told me to leave it with them and I would receive the new fixed loan agreement in the post. Of course this never happened. The interest rate now stands at 23.2%. This year before the loan was moved to SANTANDER, I spoke to cahoot loan team who offered a fixed rate loan again in only my name again nothing come through the post. Then I found out that they had moved my loan with the interest rate aswell standing at 23.3%. I have not received any paperwork from them of the new arrangement.

I have phoned them when I moved and they said they was going to send me a change of address details out, I did this twice with no letter. I printed 2 off the internet and sent them, but today I find out that they still have not changed my address so are sending yet another change of address. I am unable to apply for a fixed rate loan to reduce the rate of the flexi loan cos they hold my old address details on the system so can not apply at my new address.

I was not informed that they would be taking DD from my account at monthly varying rates, I no new loan agreement number from Santander.

I asked what my balance was today and they said £5741.33 I am so shocked. I have calculated that I have paid over £15,000 in interest for the time I have had my loan from them and it looks like it will take at least another 11years to pay off, if I continue at this interest rate.

Surely what they have done is illegal, if there anyone out there that can advise??

They are loan sharks, I am sure.

Oh and to give you all a heads up I called cahoot about my current account, and they said that they needed to check their old system with regards to my overdraft agreement with them, I asked what system they said Cahoot, we are now on the new Santander system.. Looks like they will be moving those accounts sometime soon guys and ditching the name Cahoot all together.

bewildergirl

I've just been wondering when my Cahoot loan is due to end and checkoed my online account onlyu to remember that it got switched to Santander. My direct debits have stayed the same (I had a fixed rate loan for 5k) and I *think* it's finished in August. I've never had a statement, which I think is shocking since managing it online is no longer an option and I am fairly sure I have no paperwork re the change aside from one letter stating that it was switching. I certainly never fillled in any direct debit forms.

How legal is this? How can they make changes to direct debits without express permission from the account holder they seek money from??

I'm getting concerned in case they have somehow hiked up the interest rate without me knowing.

Rancher

Like many others here I signed up for a cahoot loan quite some time ago now. The move to Santander is quite concerning and it seems like they have quite a loose idea of what is going on with my account. I just phoned up and asked for a full statement for my loan since it started and was told statements only go back to March 2010(!). Can they do that?