Moving a cahoot loan to a 0% card?

MinniMinx

Hi All
First post so please be gentle
We have a smallish sum left on our cahoot flexible loan. Is it possible to transfer this amount to a 0% credit card to avoid paying any more interest?
We have an excellent credit rating (recently had a score done for a mortgage and came out with the highest possible rating) and getting a 0% card for 9 monhths or so isn't a problem. We would definitely have cleared the amount by the time the 9 months was up.
I'm just not sure if its possible to transfer the money from cahoot to a credit card.
Has anyone done this?
Thanks

user1234_2

Sure it's possible..I've just gone and done that and it was painless.

The route I took was to use Egg. Egg is very easy since they allow balance transfers to all types of accounts. You'll need your Cahoot loan sort-code and account number which you can find under "make repayment from a non-cahoot account" on your loan's account page.

Best of all there is no fees since it is a flexible loan.

Martinslovechild

I also recommend you doing it using the Egg Card.

Egg do not charge any fees (unlike a number of others) for Balance Transfers and you can BT directly from loans and overdrafts (again, unlike most others).

Egg is currently offering 0% on BT's until 1 October, but I would recommend waiting about a week until early March as they seem to change the offer just about every month and are likely to offer 0% until 1 November at that point.

MinniMinx

Thank you for your help and replies - will discuss with the OH but will probably go down that route

Margaret_Millne

I just did exactly the same via Egg as my Cahoot Loan Rate is 11.9% - not great. However, I intend to leave about £1 on the account, as their T&C's say they reserve the right to close the account if it is not used for a while (I think it was a year). As I say the interest is not great, but better than my current account overdraft limit and rate, if I find an urgent need for it for a few weeks between cards. I am not "Stoozing" yet, still trying to repay debts using the lowest possible interest rates.

Trow

Will cahoot allow you to have a balance on the account and not make payments towards it?

Just curious.

Margaret_Millne

Don't know - just geting to this point - but if you do have to make payments towards it, what are the payments going to be on £1, and you can just draw it out again.

Eskimo_3

I'm trying to do this with a CitiVisa, they told me they couldn't do this over the phone and I have to use "Balance Transfer Cheques" in order to move the balance.
Does this sound right?...

philljp

Can you do the same with a Cahoot Fixed rate Loan?

Surelly you cant just transfer the balance because Cahoot wont make all that interest? is there a penalty then?

user1234_2

philljp wrote:

Can you do the same with a Cahoot Fixed rate Loan?

Surelly you cant just transfer the balance because Cahoot wont make all that interest? is there a penalty then?

The latest wording on the Cahoot fixed loan pages is:

"There is no set fee for early repayment of a fixed rate loan, although you may be charged up to one months interest if you choose to settle the account early. "

But you really need to look up your original loan agreement or email them to make sure.

They can't force you to stay with them.