For those with a 0% Cahoot Flexible Loan (merged)

Reaper

I have had the Cahoot loan since early November. My understanding of the T&C was that I needed to pay a minimum payment of 1.75% of the loan each month, just like a credit card. However I have not been asked for any money and online the date it is to be paid is blank.

Is anyone else being charged or is there no minimum payment during the 0% period?

Margaret_Millne

My husband and I have both had emails telling us our statements are available on line. When looking at them they state that a minimum payment will be due around the end of December - of course we intend to take it straight back out again

cloud_dog

Reaper

I was getting worried about this as well (didn't want to default / ruin my credit worthyness) and was thinking about contacting them.

Loan available 8th November, DD set up 10th November, so expected monies to be debited around 10th Dec. Reading the info on Cahoot it states money will be debited within 15 days of your statement date. Great, except my account is blank - no dates.

Still not sure whether to chase them or not. Should check with them I suppose.

cloud_dog

MarkyMarkD

I believe that we specified a payment date (or a range of dates) when the account was opened, although I can't exactly remember.  My first payment was debited today and my first statement was dated 02/12/04 so it's 15 days after that the payment was taken.

My wife's first statement was dated 03/12/04 so the first payment is due tomorrow (for which read Monday I expect).

By the way - stupid Cahoot website defaults to payment date today - but then says "date must be between tomorrow and xx/xx/05". D'oh!

Walletwatch

Apologies if this has been raised / answered elsewhere, but could you give me more details on this loan? Also are there any more providers in the market currently? Are there any prepayment penalties?

klondyke

It was only open for a short while - 0% until March 1st. I don't know of others at 0%, but others may know different

Reaper

Thanks for the replies. I don't even have a statement yet although it has been 5 weeks since I got the loan. I think I'll give it another couple of days then contact them if I have heard nothing.

ivan_drago_2

Reaper,

I got a Cahoot 0% flexible loan out sometime early Nov and I was also wondering when the first payment would be. I chased them up and they sent me an email saying it will be around the 10JAN2005 apparently.

Margaret_Millne

Thanks for the replies. I don't even have a statement yet although it has been 5 weeks since I got the loan. I think I'll give it another couple of days then contact them if I have heard nothing.

We've not had any paper statements through the post - just the ones that can be viewed on the web site.

MarkyMarkD

Whether they take minimum payments or not doesn't really matter, as you can withdraw the money again straight away! (And of course it's still 0% until 1 March).

deemy2004

1st of March is a little over 2 months away, it may be worth waiting a couple of months to see what they put on the table afterwards