Cahoot Rip Off (merged)

grecian9

It finally happened to me! Curses! Since I posted in Dec & Jan I thought I'd escaped but no, they seem to be targetting people by their credit rating or something? Mine's going up from 6.9% to 14.9% in 28 days time. Has anyone investigated if this is against some financial laws or something. It says my initial rate was a 1 yr promotion but I don't remember signing up for a 1 yr promotion?

lesley_rod

I just received my increase email today, I'm shocked. I've dug out my paperwork and nowhere does it say that the 6.9% was an introductory promotional rate - just says 6.9% variable. Has anyone taken this up with the FSA as this does not appear to me to be an example of fair banking!

lesley_rod

savingallthetime01

I have had it today, i am well pi--ed off with these anyone found any good deals anywhere else

dawnybabes

AAArrgh - they are not making it easy are they 3 weeks for the settlement letter - trying to pay it off and phoned the Woolwich but the account number Cahoot have given me is 10 digits long and the Woolwich only recognise 8 digit account numbers - tried to call Cahoot and surprise surprise they have gone home. Can't pay it by chq or dd so will have to try again in the morning.

dhassen

another poor sod here who's been stung by cahoot with 14.9 % thing is I think mine only started at about 12% so the increase isn't as bad as my virgin credit card doubling. Sounds like cahoot are just doing the dirty on everyone. :mad:

problem is I doubt I'll be able to get a different loan as have been declined several credit cards the other month

dannyboyyyyyyyyy

Hi guys...i think there is enough of us on here to spread the word to other money savers to not trust or use Abbey after this cahoot scam...if we were given that advice we would not ever of trusted them...lets try and hit these people the only place they know...in their pocket.....Cahoot and Abbey are filthy loan sharks who pray on those without opportunity and wealth. I personally hope that they all face the consequence of every tear, mment of worry and anxiety that everyone has felt. They are blood sucking leaches!! i will get off my high horse now...but to summarise - any opportunity on here to tell others what Abbey have done...i reckon do it!!

grecian9

Copy of email to Abbey customer services (customerservices@abbey.com). This is protocol before I/we complain to the financial ombudsman. I encourage everyone to do this.

Dear Abbey,

Your current policy of more than doubling interest rates on flexible loans is not only unfair, it is dishonest. You are claiming that I signed up for a one year promotional rate. This is not the case. If you have hidden those terms in the small print then I believe you are guilty of mis-selling the product. I request that you maintain my current rate of 6.9% or I will take up the matter with the financial ombudsmen and will encourage all fellow Cahoot customers to do so via the moneysavingexpert forum where your outrageous antics have been discussed since early December.

savingallthetime01

I agree we should all do something about this, even contact the press and let everyone know about cahoot and abbey

glaspole

Can anyone tell me how I can transfer the balance of my cahoot flexible loan to my Egg money account? I just opened it for this very purpose - but it looks like I can only feed money INTO my egg money account. Stupid Cahoot only allow bank sort codes and account numbers as one off payments and that has to originate with the holders account. They clearly want to make it difficult to close the account.

Is there a way I have not noticed? Do I just phone Egg up and give them the sort number and account and they will do the transfer?

Thanks

Stewart

lesley_rod

glaspole,

Not sure if this is helpful but I've just agreed an Egg loan to pay off my Cahoot loan. They'll transfer the money into my bank account as soon as it's cleared and then I can move it onto Cahoot. Is an Egg Money account different?

lesley_rod