Cahoot Loan :- Is there any reasoning?

wbafanclub12

I had a loan around 10 years ago from Cahoot. As most people who have heard of cahoot will know, they did the dirty on myself and other customers by first tripling the interest rate on the flexible loan and then closing down the facility so we were unable to withdrawal any money.
I phoned up a while back to try and make a payment to them to my loan. Not much, but any amount would enable me to pay off my loan quicker and therefore avoid the interest. At this point I was told there was no way to make a payment other than direct debit or to pay the whole amount off in one go, which I could not afford to do.
At the time I did research on the net to find other people were also unhappy with this.

My post today is that I was just wondering if anybody had any joy with cahoot and if they have managed to find a way of paying extra back to their loan, or has anybody had any success with negotiating the interest rate on their account.

At the moment I cannot afford to make a higher payment every month and if I stick to the amount I am paying at the moment it is going to take me forever!!!

Thanks

Ben

oscar52

I have set up a standing order for my cahoot loan on a weekly basis, so they do allow this, just dont advertise it.

happy_bunny_2

I have one of those and I send money from my online banking to the sort code and account number on the flexible loan statement.

The money has always shown up as being received on the next statement.

chrismull82

As stated above you can send extra via your online banking to the loan account.

Santander have been terrible in dealing with this transfer though. I've just found errors on my May statement

happy_bunny_2

Worth noting, I took out a loan around the same time as you and had the same interest rate rises.

Complained to to Santander, rejected, then the FOS and I have £5K+ returned to my FL loan account and a small amount of compensation.