Cahoot Rip Off (merged)

[Deleted User]

samanthag wrote:

hi
i have a abbey load for £7000 and a cahoot load for 5000 what are my chances of transfering my cahoot loan to my abbey loan ? is this a possibility without me having to apply again for a new loan ?
any advice would be appreciated
sammy

If the Abbey loan is a personal loan with fixed interest and repayments, suspect it's a non-starter. I'd try and find a loan to replace the cahoot one, focussing on the APR - options could be nationwide (don't think this is priced for risk), egg money card (7.9% typical) or zopa (5% ish upwards depending on credit score).

savingallthetime01

i have sent email to watchdog with a link to this thread

PBA

samanthag wrote:

hi
i have a abbey load for £7000 and a cahoot load for 5000 what are my chances of transfering my cahoot loan to my abbey loan ? is this a possibility without me having to apply again for a new loan ?
any advice would be appreciated
sammy

You can certainly apply for an Abbeyloan for £12k, which would pay off your existing Abbeyloan and the cahoot loan. The Abbeyloan rate is currently 7.9% typical, though this is still likely to be less than your existing Abbeyloan.

Greenfox

I had a fixed loan and rang them to settle up. This never happened and rang them 4 weeks later to find out why, they couldn't give me an answer. I explained that they had better do it again. I also asked for the 1 months interest back (£43), they told me they would post a cheque, that was last December. After another 5 calls and promises, guess what, still no cheque. I have given them 1 week to produce a cheque, if not then I will write to the banking Ombudsman. Agggh

h4nym

I'm slightly mystified... I HAVEN'T had an increase... well - not since the last rip-off when they hiked it to 14.9%. Could it be that I've spent much of the past 3 months with a zero balance?

I've just drawn £8,500 down to settle me tax bill and I'll be paying that off over the next 6 weeks or so, but I've just checked now and yes, the rate is still 14.9%.

Anyone else who's been with Cahoot any length of time still at a rate that isn't 19.9%?

H

disgruntledcahootperson

h4nym wrote:

I'm slightly mystified... I HAVEN'T had an increase... well - not since the last rip-off when they hiked it to 14.9%. Could it be that I've spent much of the past 3 months with a zero balance?

I've just drawn £8,500 down to settle me tax bill and I'll be paying that off over the next 6 weeks or so, but I've just checked now and yes, the rate is still 14.9%.

Anyone else who's been with Cahoot any length of time still at a rate that isn't 19.9%?

H

That's because interest rates were hiked in 2 stages; those customers on the lower rates to start with went up to 14.9% in December/January; the people on higher rates had theirs bumped up to 19.9% about a month later.

Nothing to do with the amount you borrowed or how long you've had the account, instead, it's based on the risk band you were in when you opened the account.

If Watchdog want to get involved I'd be happy to assist

h4nym

What a shambles! Must be said that Cahoot / Abbey / Santander are definately on my "never again" list... but it's quite handy irritating them by keeping the account (and therefore their funding obligation) open without actually using it enough to make it worth their while!

Still - this shower of charlatans have brought it upon themselves! Wouldn't it have been soooo much easier to say - "Dear Customer - we've reviewed our business model and have decided that flexible loans are not really where we want to be. Accordingly, we can switch you to an Abbeyloan at x% or you can continue with your flexible loan on the same terms as now. However, from (a date in a couple of months time) we will be ending the facility to make further withdrawals"

Wouldn't that have been sooo much better and retained all the goodwill rather than destroy a brand in one ill-thought-out email?

H

snook66

I took out a flexible loan with Cahoot in 2002 for £5000, as i am one of the many people who are now taking their heads out of the sand and realising they have a problem,its taken a good friend and people on here to help me make some decisions about my money situation, I had "opted" to take out the PPI on the loan however have a decent job that provides all the usual benefits ...yes I know its down to the borrowing to read and understand all the terms and conditions but and its a big but when you are seeing £££££'s in front of you its easy to agree and think later, happy to say this site is having a wonderful effect on my state of mind making me a stronger person,I ave now let Cahoot know I am not happy with the insurance I feel it was mis-sold (intentionally to get someones bonus or hit a target) at my expense the loan is still sitting at £3295 even now so I am playing the waiting game and ready for action, I have also used the templates for my current bank to claim back my bank charges, so hopefully I will have some nice news to report.. I even had the courage to email Comet and tell them they are being taken to the small claims court and all this was done yesterday!!...THANKYOU ALL VERY MUCH...keep up all this hard work its making us all look at our spending ...Power to the people as citizen smith used to say !!

Robsta31

smessom32 wrote:

If so where heve you moved yours too?

I owe Cahoot £1625 what are my best options?

I'm in a similar position - and was considering transferring my cahoot balance to a credit card.. but i'm under the impression you cant transfer a flexible loan from cahoot to a credit card?

Due to it not being a store card / credit card balance..?

Any clues chaps?

Hello btw!

smessom32

I am in the process of following Martins advice and attempting to put my cahoot balance onto the M&S More life of balacne card at 3.9APR.

Follow guide found here:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1094822880,81886,

Basicaly
1. Apply for anM&S More card
2. Get yourself an Egg Money Account
3. Request a balance from Cahoot
4. Transfer the amount you owe Cahoot to your Egg Money Account from your M&S More card.
5. Pay Cahoot loan off from your Egg Money Account.

Result you have got yourself a loan at 3.9APR that you can pay off as much as you can afford too each month.

I hope this works because in theory it sounds great. I have been accepted for the M&S card, got an Egg money account and requested the final balance from cahoot so fingers crossed I will soon bid rid of that NASTY Cahoot loan.