Cahoot Flexi Loan Interest Increase

wisper

To be fair the people who took out these flexi loans knew that the interest rate might go up.

With reference to the OP I am pretty sure you could write to them and tell them you can't pay. They'll freeze the interest while you pay off the loan.

That won't do you credit rating any good though.

ab7167

Mine has just jumped from 6.9% to 9.1%, which i do feel is a little steep considering the 0.25% increase in base rate. However, I was aware that the 6.9% was a year-long introductory offer, and I did actually get 18 months at 6.9%. Fortunately I can afford to pay off the balance within the next few months, but I will be having nothing to do with Cahoot after that! I did look into switching to a 0% debt card, but the balance transfer fee would be more than the interest over 3 months, even at the higher rate. I do think they are being unduly punitive, though...
Ali

lynzpower

also heres lots of other folk with problems from a few weeks back

http://forums.moneysavingexpert.com/showthread.html?t=229106

freddyfeet

wisper wrote:

To be fair the people who took out these flexi loans knew that the interest rate might go up.

Yes, of course we knew it was a variable rate. But you don't expect the rate to almost double in four months when interest rates generally are only creeping up.