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Cahoot Flexible loans

nomoneytoday
nomoneytoday Posts: 4,871 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Loans
Hi - Years ago I had a Cahoot flexible loan facility, which I believe has now ceased.

Does anyone know if such a product exists nowadays (with non sub-prime rates) ?

Comments

  • nomoneytoday
    nomoneytoday Posts: 4,871 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I guess there doesn't... :(
  • Tixy
    Tixy Posts: 31,455 Forumite
    How did the account work?

    HSBC have a flexiloan, works with their current account at overdraft rates but you pay back a set repayment each month. You can overpay or re-borrow at any time.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • CHR15
    CHR15 Posts: 5,193 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The Cahoot flexible loan is well documented on MSE.

    the "flexible" rate commonly went from 6% to 9% to 12% to 16% and so on whilst base rates were dropping like a stone.

    So bad was it, that many many people simply could not sustain the repayments as they rocketed month after month.

    Quite why that same loan facility would exist today, bewilders me.

    I'm sure such a loan would not be availble today, maybe the one Tixy has mentioned is structured more robustly to protect the borrower.
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