Cahoot Rip Off (merged)

noniustus_commodus

Reading lots of posts on various websites there are thousands of examples of people claiming back bank charges. I havent found any that have taken on Cahoot over this shocking interest rate hike.

Well I asked cahoot to offer me a fair interest rate and they refused.
So I calculated how much interest I should pay at 5.65% (my original interest rate) compared to their shock rate. I gave them 14 days to pay me back the difference before court action. They refused so I made a court claim against them.

And guess what! Cahoot have failed to defend their position and so I have won by default. Cahoot now owe me money instead of me owing them money.

This interest rate rise is unfair. I encourage you all to do as I did. Calculate your interest at your original loan rate and demand Cahoot pay back the difference. They will not dare take this challange to court!

coopigeon

I owe £5000 ON MINE AND ITS GONE TO 19.9 % .

coopigeon

I owe £5000 on mine and its gone to 19.9 % .My question is what can ya do if your credit isnt good enough to change companies .???I mean i just borrowed fifteen grand off my dad to pay off nearly all my debts but left this one as the rate was good and easy to pay.. I closed 9 accounts credit cards etc but obviously my credit file wont be clean for ages ... W


What can i do ?

coopigeon

sok i got a loan today for and saved

noniustus_commodus

I suggest you contact Cahoot and say you think they have overcharged you interest and ask for a spreadsheet with their calculations.
When you get the spreadsheet you can change the interest rate to what ever the original rate was and therefore work out the difference.

Then contact Cahoot and say that you do not accept the 19% interest rate, such a large increase in such a small time is unfair under the regulations (look this up on the site). Ask for the difference back. When they refuse send a letter before action giving 14 days to refund the money or take court action.

When they refuse go to moneyclaim.gov and file a claim against cahoot for that amount. In my case Cahoot failed to defend their interest rate hike.

smessom32

Mission Accomplished.....

Rip Off Cahoot Loan payed off with a 3.9APR life of balance Credit Card from M&S.

14.9APR to 3.9APR that makes me feel alot better.

Thanks for the tips Martin

lilbat123

Hi all, first post, so please be gentle! I too have found myself being throttled by cahoot. Im meeting the payments at the moment but u just know they're gonna put the rate up month after month, as if 19.9% wasnt enough already. If they keep on I cant keep increasing my payment, i only have so much money!

Ive had the loan 3 years, it started at about 7.6% or something, that was there basic rate, not a promotional one. The rate only started going up within the last year, and has almost doubled since Dec 06.

Like many on here, i finally decided enough is enough, and tried to get a replacement, but fixed rate, loan. Tried Asda online for £6,000, was rejected. Tried Abbey (HA!!!) for £10,000, (to consolidate both personal loans), passed through all their checks but they wouldnt approve the loan due to "fraudability", the explanation when asked meant, "they couldnt guarantee that i would use the money to pay off the existing debt". Last resort i asked my bank (Smile.co.uk) for the same 10k consolidation loan and have just heard today that they too are rejecting me.

i dont have bad credit, have never defaulted, have never defrauded ANYONE, so cant understand why im getting rejected? only a few months ago my bank was telling me i qualified for a 2k loan! which i rejected, i dont want anymore debt!

from what ive read on here, its not worth me paying to see my credit report (used the free 30 day trial up years ago) with Experian, so can anyone shed any light on why this is happening? They are the only three applications ive made in ages.

Checking for new loans online, I can more than meet the monthly repayments compared with what im paying out now. If i cant replace both loans i at least want to get rid of cahoot.

also, ive phoned cahoot to speak about how the continuous increases will mean i cannot continue to pay the loan, and was offered Abbeys phone number! When i explained they'd just turned me down, i was offered a debt management plan of reducing my payments down to £53 per month over ten years or until the debt was paid, freezing the interest, and having it marked against my credit rating that i was in a debt managment agreement with them. (not yet needed i dont think!) but was told they couldnt just freeze the interest, even at its current rate, without one. Its the first time ive been made to feel like such scum in my life!

ive emailed cahoot for clarification on how the rate applies. Is it like on a credit card where its only on new purchases, or on existing money already borrowed? they emailed back tonight to say its on all money, already borrowed and anything new. Im not entirely sure whether thats legal is it? Shouldnt interest be applied at the quoted rate on the very date the money was withdrawn etc?

if anyone can help, please feel free! this damn noose of theirs seems to tighten daily. I refuse to be forced into taking out an IVA just because of them.

ScoobyZ

You should try Northern Rock. If they query about paying off existing debt then you should ask them to pay directly to clear you other debts. Failing that have the interest frozen seems a good idea unless you are planning to get a mortgage soon. My wife did this years ago and we got a mortgage shortly after she paid her debts. Dont feel scummy, it was a tough time not helped by the fact her property apeared on thats life (long story). But funny how things sort themself. We now have 2 houses (one buy to let) and hope to mortgage free in about 3 years (unless we move that is)

also you might want to try some of the companies above. Such as M&S

regvardy

Cahoot are owned by ABBEY who are inturn owned by BANCO SANTANDER who are inturn just SPAINISH PROPERTY DEVELOPERS.

Spainish Property Market goes belly up, SANTANDER thru CAHOOT starts screwing the British Consumer.

Martin, is CAHOOT the worst money grabbing offender amongst the BIG BOYS of banking?

dannyboyyyyyyyyy

Gret work Noniustus!!! well done...just a worry...if cahoot defen themselves then would we have to pay there costs if we lost...this could be thousands?

Also how will you now get money from them? sorry if i sound thick!!

noniustus_commodus wrote: »

Reading lots of posts on various websites there are thousands of examples of people claiming back bank charges. I havent found any that have taken on Cahoot over this shocking interest rate hike.

Well I asked cahoot to offer me a fair interest rate and they refused.
So I calculated how much interest I should pay at 5.65% (my original interest rate) compared to their shock rate. I gave them 14 days to pay me back the difference before court action. They refused so I made a court claim against them.

And guess what! Cahoot have failed to defend their position and so I have won by default. Cahoot now owe me money instead of me owing them money.

This interest rate rise is unfair. I encourage you all to do as I did. Calculate your interest at your original loan rate and demand Cahoot pay back the difference. They will not dare take this challange to court!