Cahoot Rip Off (merged)

vicbenjake

I'm a bit confused, I have a cahoot loan for £2500 and the APR says 6.9%, and I have flexible loan insurance on this (£19.40 a month). My husband also has a cahoot loan of around £2000. Should we be doing something? should I be going down the M&S route?
Please tell me, I dont want to be a money fool!

smessom32

when I took the flexable loan out the APR was 6.9

After several rises it is now up to 14.9 APR this concens me as it has more than doubled in the time I have had the loan.

I just cant keep paying a loan with an Interst rate of 14.9

Ali.Rosen

hi guys.
I have a cahoot loan for £5,700. I've posted another thread on here (and debt free board) about my circumstances.. (would be very grateful if any of you have time to take a look)

I've applied for a loan to consolidate my cahoot loan and my halifax credit card -£1400 (although this is currently on 0%apr) also abit extra to help with my circumstances at the moment. The loan ive been offered is £8,000 with Halifax at a rate or 10.9% (had a few problems with my credit score from over applying abit ago so know i wont get much of a cheaper rate) Abby refused me.

What I want to know, (as im so thick with money stuff) is this really worth it, i mean i know the APR rate is abit lower but in terms of what I pay Cahoot to close the account will i be losing out?

someone gave me an idea to keep the £1400 on the halifax credit card at the mo because its 0% APR and minus that off the loan amount so thinking of doing that now.

any advice would be much appreciated. thanks xx

savingallthetime01

has anyone cahoots phone number

savingallthetime01

Just seen this on cahoots website, does this meen if I owe 2000 and pay this off my account is closed with nothing else to pay?

cahoot Flexible Loan: With the cahoot flexible loan you will not receive any penalties. The flexible loan is designed with flexibility in mind and you can make additional repayments at any time and you will be able to close the account by paying the amount owed in full without charge

Cozy9k

savingallthetime01 wrote: »

Just seen this on cahoots website, does this meen if I owe 2000 and pay this off my account is closed with nothing else to pay?

cahoot Flexible Loan: With the cahoot flexible loan you will not receive any penalties. The flexible loan is designed with flexibility in mind and you can make additional repayments at any time and you will be able to close the account by paying the amount owed in full without charge

yes thats basically what it is saying, but depending on when in the month you pay it off, i think you will be charged the months interest on the loan so make sure you have enough to cover the next months interest then if you have any left just withdraw it to your bank account once its all finalised

you ask for a settlement figure when its a fixed rate loan where you pay a fixed amount each month

Ali.Rosen

hi guys. I'm abit thick with stuff like this.. so any help would be much appreciated. I'm just getting a loan with Halifax to pay off my cahoot. I owe £5700 and my payment is taken around 20th each month. I'm just going to move house and dont want to mess about getting a settlement figure sent (dont want parents to know) so how much would you transfer into the loan account? i probably wont have the funds until the end of the month. just want to be on the safe side. thanks

Jenita

Hi,

Such Floating interest are a big head ache for loan buyers.

savingallthetime01

Just had this e mail off cahoot



Dear Mr ....

Thank you for your recent call.

At cahoot - we strive to be the best bank in the UK, with simple products and a consistent service standard that regularly exceeds your expectations. In order to achieve excellent service we're eager to hear what you have to say and we'll be asking for your opinion regularly.

Following your recent contact with Vishal, we'd very much appreciate some feedback about the service you received from Vishal as an individual and also some feedback on our overall service.

Please click here to answer a few short questions.

Kind regards,
The cahoot team

noniustus_commodus

I too have been caught out by Cahoot. My loan rate went from 5.65% to 14.9% within 6 months.
While the banks are governed by the FSA these flexible loans are NOT! they are governed by the OFT.

Do NOT bother complaining to the FSA with this ripp off you will not get very far. The more poeple that complain to the OFT will make a difference. The OFT have said they are looking into a wide ranging banking report for later this year, so get your complaint in now!!!!!

In the mean time it is my opinion that changing interest rates so dramatically is unlawfull. I have challenged Cahoot by making a court claim. They have 3 more days to respond. My guess is that they will either fail to respond or will respond on the last day but will fail to go to court.

Bank Santander is definately moving the goal posts, they are removing Cahoot from the loans business and are trying to screw everybody for as much as they can, by definition this makes Cahoot nothing more than a loan shark.