What a Absolute Disgrace!

Millionare

After speaking to payplan a few days ago and getting advice off people here ive been ooohing and aaahing about going bankrupt and thinking try to struggle through.

Well Ive just received this email from my bank 2 minutes ago and its just made up my mind! i let you guess what it made me decide!

"We have decided to make changes to the rates we charge on the cahoot Flexible
Loan, following a review of competitor rates and increases in the cost of
lending. The interest rate will rise in two steps, a small change on 6 December
and the main change on 19 December.

From 6 December your rate will change to 9.4% APR and on 19 December your
rate will change to 14.9% APR variable."


14.9%!!!!! when i got this loan i was on 6.1%!!

if you want some adivse never get credit from cahoot!

chocaholic110

OH had very similar experience. We changed to a fixed rate A+L loan at 6.9%!
Stay right away from Cahoot!

dexters_mum_2

Thats a huge jump!
I can't believe that, that is awful.

BUT

I wish you the best of luck with dealing with you debts and I hope you come to a decision soon xx

Sassers

Hi everyone - guess what I had in the post when I got home tonight? Yep this letter from Cahoot. Looks like I be mainly paying off this loan first and bloody quick I can tell you! I'm going to claim back all my charges starting in the new year and I think I'll be chucking everything I get out of that at Cahoot to make them disappear.

Millionare

Thankyou for your kind words.

Problem is ive got a credit card with them aswell, and knowing how they've operated before in increases i can see an email coming in very soon regarding a rate rise in that as well.

i cant believe they have the cheek to increase it so much!

Millionare

Sassers wrote:

Hi everyone - guess what I had in the post when I got home tonight? Yep this letter from Cahoot. Looks like I be mainly paying off this loan first and bloody quick I can tell you! I'm going to claim back all my charges starting in the new year and I think I'll be chucking everything I get out of that at Cahoot to make them disappear.

Good luck sassers! ive resigned myself to going bankrupt now. any hope i had a few days ago just got the stuffing knocked out of it with that email.

Broken_hearted

As long as you have weighed up all your options, you will be fine.

mjh1977

This is simply a guess, but I wonder if the sudden increase is to do with them trying to move Cahoot debt to Abbey debt. Abbey, of which Cahoot is part, is under relatively new ownership (Banco de Santander) and their website now directs you to Abbey products not Cahoot ones. Abbey is offering loans at 5.8% (so they say)

I have no factual basis for this suggestion but would it be worth calling and asking 'if they possibly at all know of any loan products nearer to the previous rate)...?' They can only say no.

Verbatim

That's awful. Disgraceful indeed. Can you move your loan?

Xbigman

mjh1977 wrote:

now directs you to Abbey products not Cahoot ones. Abbey is offering loans at 5.8% (so they say)

Wasn't it abbey that were in the news last week for only offering 25% of applicants the headline rate?

In any event, it looks like they are closing down Cahoot bit by bit so they don't care about negative publicity.
Regards


X

lynzpower

cahoots in a mess. I have been saying this for some months.

FOr heavens sake, move skies to getg away from a cahoot loan. We super balanced transferred most ( OHs loan ) but not all .

its entirely legal, they can put rates to 100% if they want. Checked it out with trading standards & FSA.