Cahoot Rip Off (merged)

Eupho

I haaaaaaaate Cahoot .. with a passion. What a ripoff! :mad: (I'd like to kick the 'suits' at their head office.. where it HURTS for these hikes in interest)

Mine went up (also) to 19.9% (started at 7. something) grrrrr

I cant wait to get rid of it, My debt with them was originally £6500..
5-6yrs later.. it was about £6499. (also because I withdrew on it again- duh!)

But Its soo disheartening after all this time to see almost no change. (let alone forking out £160 ish per month for it (now)

Ive just started trying now to throw any extra money I have at reducing it. (and am about to flog some stuff on Ebay-with all proceeds going to those b@£tard$) On top of my usual job I took a job cleaning for someone which gives me and extra £80 month (goes to cahoot too) At the mo its down to £6000.. still loads.. but a step in the right direction at least.

Im trying to see it in chunks of £250.. and try to look at it that way for now, instead of the whopping thousands, which look (and feel) insurmountable.

BTW its not the only debt I have, but its the biggest and the one thats ripping me off the most.

vicbenjake

Can you pay off a Cahoot with a credit card? or does it have to be cash/current account?

Mort1_2

I'm another victim of Cahoot's rip off. I owe £10800 and I calculated the other day the changes in interest in the past 12 months will cost another £15000 and take a further 9 years to pay.

I believe their change is against my consumer rights - I never agreed to these changes when I signed the contract - I never thought any bank would do such a thing.

I've written umpteen emails to their so-called customer service people but its like talking to the wall. They think they have a perfect right to do this.

I would pay this off with another loan but I am no longer a UK resident and I can't afford other loans. So I am stuck with paying the minimum payment until my house sells. This rip-off makes me so angry

I've suspended payments to the loan. I refuse to be ripped off by these people. It will probably go to court but I intend to make it as difficult as possible for them to find me, take action against me and recover the money. Unreasonable ?.....Two can play at that game.

ScoobyZ

Be nice if another bank would step in and offer a flexiloan at a reasonable rate. Be a good PR excercise.

Nice one Mort1 - I think they will have to write off the debt, no chance getting you into court about a loan if you are in another country !

xgingerx

Hi Guys, unfortunatly for me a few months ago my wife left me along with interest hikes on most my accounts

ie: MBNA15.9 -> 27.9
Cap 1 22.9 -> 33.9
Van 39.9 > 49.9
Cahoot 10.9 -> 14.9 -> 19.9

Well this bacially along with my wife leaving me and all the added interest left me in a position where I could no longer meet my financial obligations.


i did call the companies to ask them to reduce my interest rates but they refused.
Cut a long story short I had to seek advice from CCCS who then said a DMP Debt Management Plan would be a good idea.

Well, I know my credit file wont be much cop now but to be honest im really not bothered now as the last thing I want is more credit, time to pay the piper

Cahoot froze my interest immediatly and now every penny they get from my goes to pay off the balance.

Why did it have to come to this where they basically forced me into a impossible situation when if the companies above had said we will reduce your interest to something sensible I wouldnt have got in this mess.

I know my wife leaving me didnt help but all this added interest was adding up to extra 100's a month !!

Anyway, just shows how dangerous flexible rates can be as big jumps like mine really did push me over the brink of financial stability.

Just wanted to share this with you but for me it was the last resort.

ScoobyZ

You should get the cit advice beareau to write to them on your behalf, I'm sure they would freeze them if you mention going bankrupt.