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Cahoot Flexi Loan Interest Increase
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MeestaDimples
Posts: 44 Forumite
in Loans
I just received an email from Cahoot stating that because of the Bank of England's recent rise in interest, my loan's interest rate will increase from 13.08% to 14.9%. This is a considerable increase for me. My finances are particularly strained and I cannot afford any increase in my outgoings. Is there anything I can do?
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Get the hell away from cahoot if you can. Jeez, Id rather pay off this loan with an overdraft.
Have a look about, theres a longer thread about the scammery involved with the cahoot flexi loan. My OH has got one, and the investigations weve done seem to throw up nothing in terms of recourse.
personally, I wouldnt touch cahoot with the proverbial barge pole after the repeated hikes to OHs account:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Ok thanks. I'm looking for that Cahoot thread now.0
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Wow. Mine is still at 6.9%. But I do know that will change after one year.
JitsuguyDebts (As of 10th September):
Original - £7938.11, Now - £0
Matched Betting Profits (From 05/11/06): £1026.45 (of which £214.20 is cashback)0 -
Can anyone offer me some advice please? Do I just have to accept this? I am unsure if I could switch the loan elsewhere as I have been refused credit recently. As I mentioned previously, my finances are stretched to the limit but I don't want to be forced into any sort of debt repayment scheme.0
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Im sorry mate, but it reall does depend on your credit rating and how much debt youve got. My OH managed to get a barclaycard for 1.5k and balance transferred half of his loan to that, and hes using the snowballing technique at the moment to try and sort things out.
When you say you dont want to be forced into some debt reapyment scheme, what are you meaning? As far as I understand it, there are only 2 things that improve credit ratings, paying debt back quicker and paying debt back quicker.
Im serious when I say there really seems like nothing you can do about it, god knows Ive looked into it, but the sooner you start reducijng the debt & making overpayments,the better, as then this will improve your credit rating, reduce the amount you owe and then thus you are more likely to get a balance transfer in a few months.
You say finances are tight? How tight? Why not come and join us over on the Debt free wannabee board. With a touch of work, we might well be able to help you with this millstone, it sounds like you are under quite a bit of pressure:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
I think cahoot are telepathic. I just got my online account details for my new oneaccount and set up the transfer to pay off the whole of my cahoot loan. Within seconds of me doing this the email about rate rises plops into my inbox!
As for the OP I'd probably cast around for a decent fixed rate deal and pay it all off asap. A longer deal on a lower apr might prove cheaper in the long run. A transfer to a low rate fixed rate credit card to pay it off might also be more sensible.
Cahoot are definitely into milking people for what they can. I know LLoyds do this successfully with keeping 'revolvers' but cahoot seem to be particularly mercenary in whacking up interest rates. They also seem to drop interest rates if you don't use the facility - hoping you will succumb and borrow money then they can stiff you within weeks of you using it.0 -
Amazingly my OH has also had a rate hike as well he tells me now. I just cannot wait for him to get things improved to get out of this pure scammery :wall::beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
I have a chaoot flexi loan the rate has increased fron 8.9% to 9.1%:mad:In debt no more!0
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I'm really unhappy with cahoot too. I used the flexible loan facility to take a car loan of about £7k at a rate of 5.8%. Then I had an email from my egg credit card (unused) offering a 0% anniversary offer for 6 month so I transferred £5k to that. Within a few days my cahoot rate jumped to over 8.9%. I thought this was maybe because my balance had dropped and I tried to negotiate with them but got nowhere.
Anyway, the six months with egg runs out soon so I transferred the balance back to cahoot. Within 24 hours my rate jumped again to over 9%.
Coincidence?0 -
I believe egg offer flexible loans without increasing their interest rates. I read it somewhere in their t&c's but can't find it now. Can anyone else confirm this?0
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