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

cloud_dog

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.

Reaper, just received e-mail notification of my statement. Min repayment to be debited from my account on 1st Jan (yer right!!). so, got their money on 10th Nov and first payment will be v.early Jan - not bad. This means I'll only need to make two payments before repaying (SBTing) the loan. Am planning on taking out a Virgin (MBNA) card to do the SBT.

cloud_dog

Reaper

Thanks, I just got my statement too. I got my loan about the same time and my payment date is the 2nd. Guess we just got lucky on the dates.

ivan_drago_2

According to Cahoot :

'If you would like to pay your flexible loan account off in full, please request a written settlement quotation through the contact us facility in the account manager page.'

What would happen if I just paid it all off as a one-off payment without bothering to get the settlement quotation? Could this be a delaying tactic on their part and you end up receiving the written quotation after the 01MAR2005?

Martinslovechild

What would happen if I just paid it all off as a one-off payment without bothering to get the settlement quotation?  Could this be a delaying tactic on their part and you end up receiving the written quotation after the 01MAR2005?

Ivan,

When I used my Cahoot Flexible Loan (very briefly) some time ago, I recall that they charge interest daily on the outstanding balance, which means that if you get a statement which says that you owe £x.xx, then if you come to pay it a week later and you paid £x.xx to clear it down, there would effectively be an amount of interest to pay for the period between the statement date and the date you paid the balance, hence the following month, you would receive a bill for that amount. Because it may be a further week before you pay this amount, this is also accruing interest, hence you'll never seem to ever pay it off because there'll always appear to be a few pence owing.

Hence - call them and you can agree the figure and pay that sum.

However - if you're on the 0% deal, I would simply ensure that you repay the amount borrowed by 1 March and there'll be no interest accrued and nothing more to pay.

acesupersaver

It's coming close to the end of the 0% flexible loan period on 1 March and I will be paying off mine in full.

I want to apply for one or two 0% BT credit cards in the next two months. Is it worth keeping my flexible loan account (10K limit) open with £0 or closing it entirely to help credit card applications? I already have 3 0% cards with 9K stoozed between them.

Reaper

Just a reminder to those who took advantage of the Cahoot 0% loan offer - it expires 1st March. If you are looking to pay it off in full then it may be handy to know:

* Transfers from Cahoot savings occur in the same day if you do it early enough.
* If you pay off the loan in full they will still collect the minimum payment amount listed on your statement (if not already collected). But you can always take it back off again once it has collected. Just make sure you have some spare cash in your bank account to cover it.

Debt_Free_Chick

Brilliant Reaper - hope it's helped to save someone's bacon!

;-)

miller

The 0% intro period ends on 01 March 2005.

My minimum payment is due on 02 March 2005.

Q. I don't want to pay any interest. Should I make a BACS payment for the full outstanding balance (Say on 23rd Feb so it arrives 26th) or can I knock off the minimum payment from that.

Debt_Free_Chick

I think your best bet is pay the full amount by BACS and then transfer any credit in your loan account back to your current account ... once you're satisfied that the loan account is definitedly in credit.

HTH

Reaper

Just noticed your question, miller.

My situation is exactly the same as yours with the same statement date. I will be doing as Debt_Free_Chick suggests and paying it off in full then reclaiming the minimum payment as soon as it has collected.

You can also do it your way - you will only be paying a few pence interest because you will only be charged for a day or two on the amount of the minimum balance, not the full amount.

Personally I want to cancel the facility as soon as I can so I can get on with more stoozing and want my next statement to read zero, not a couple of pence which would delay the cancellation. If you are not worried about that side of things then it really doesn't matter much which way you do it.