Still Paying Flexible Loan After 9 Years

Apples2

Here's a couple to wade through

https://forums.moneysavingexpert.com/discussion/2754374

https://forums.moneysavingexpert.com/discussion/320404

https://forums.moneysavingexpert.com/discussion/2950684

Smashbutt

I too have a Cahoot loan, which whilst they were Choot I was paying chunks off, then borrowing again. Its a vicious cycle.

Now it's with Santander I'm paying back at £600 a month ( I owe £10k at 16.9%).

Does anybody know off-hand if Santander accept lump sums paid off over the telephone as I have a bonus coming up and was thinking of sending it over


Thanks in advance!

Steve

woozywendy

Smashbutt wrote: »

Does anybody know off-hand if Santander accept lump sums paid off over the telephone as I have a bonus coming up and was thinking of sending it over


Thanks in advance!

Steve

My husband has a loan with Tesco and received a letter stating that he could now overpay on his loan from 1/2/11. I assume it is the same with all loans.

Consumerist

Smashbutt wrote: »

Does anybody know off-hand if Santander accept lump sums paid off over the telephone as I have a bonus coming up and was thinking of sending it over

Any loan company must provide you with a settlement figure on request, if that's what you mean. Whether a partial settlement is possible will depend on the terms of your loan agreement but there is no harm in negotiating with them if you want a partial settlement.

Another option might be, for example, to arrange a 0% super-balance transfer to your current account from a credit card for any amount your bonus does't cover then pay off Cahoot in full. You will need a good credit report for such a card but it would give you a year or more to repay without interest charges and, if necessary, you could then transfer the balance again.

Edit
You might find this CAB web page of some interest.

Edit 2
According to my calculations, based on the info you gave about the loan, I estimate that you will have paid it off in little more than eighteen months (at £600 per monthly) if you just carry on with the loan.

Helles.belles

Consumerist wrote: »

Any loan company must provide you with a settlement figure on request, if that's what you mean. Whether a partial settlement is possible will depend on the terms of your loan agreement but there is no harm in negotiating with them if you want a partial settlement.

Another option might be, for example, to arrange a 0% super-balance transfer to your current account from a credit card for any amount your bonus does't cover then pay off Cahoot in full. You will need a good credit report for such a card but it would give you a year or more to repay without interest charges and, if necessary, you could then transfer the balance again.

Hi, I too have had an Cahoot (now Santander) flexible laon account. I had been over paying monthly by about £20 for ages so it is possible to pay an additional lump to them.
I have finally been able to move the account on to a zero percent credit card paying the same amount each month and will get it paid off now in less than 2 years.
Be careful when asking for the final balance figure though, I rang for mine on 20th Jan, 3 days after payment had gone out of bank and was told the figure was applicable until 17th of Feb. I paid the balance given with a few days and they cashed the chq on 11 Feb and then told me I needed to pay more as the interest was given incorrectly. I told them to take a running jump as you cant quote a settlement figure and then change your mind. Needless to say I rec'd a letter saying they had listened to the conversation and they were wrong and were writing off the difference. So if you do get a final figure over the phone check and double check when the figure is up to and that there will be no other payments to be made!
Good luck

Smashbutt

Thank you for your replies!
I especially like the 18 month bit!

I'll be glad to get rid of it.

Steve

shanep

Same boat, here guys, Im seeing if the FOS can do something about it, been Cahooting since 2002 and still have £5800 to pay at 23.5%.

happy_bunny_2

Mine has been with the FOS for about 6 weeks now, will post if i get any joy.

happy_bunny_2

I prompted the FOS after 8 weeks and they started looking into my complaint.

Within 4 weeks, I have £5K+ returned to my FL loan account and a small amount of compensation.

AMILLIONDOLLARS

Have you claimed your PPI back? It sounds like you have a good case. Any money that you will be paid in compensation could go towards paying off the balance. Put your claim in immediately using Martin's guides, to be found at the top of this page.

AMD