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Merry Christmas from Cahoot!!!!

Toto
Toto Posts: 6,680 Forumite
Part of the Furniture Combo Breaker
in Debt-free wannabe
What a wonderful christmas gift I got from them today... an email telling me my interest rate on my flexible loan was going up to 14.9% as of 2nd January. I think it's time the ghost of customer service past paid them a call. Merry Christmas to you too Cahoot.
:A
:A
"Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life believing that it is stupid" - Albert Einstein
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Comments

  • oscar52
    oscar52 Posts: 2,272 Forumite
    I seen this on another board here too, after searching on google - apparently, they have done it to just about all of their customers (me included)
    No Longer works for MBNA as of August 2010 - redundancy money will be nice though.

    Proud to be a Friend of Niddy.
    no idea what my nerdnumber is - i am now officially nerd 229, no idea on my debt free date
  • Xbigman
    Xbigman Posts: 3,922 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    The other thread is on the loans board.

    Abbey are getting rid of Cahoot so are banging rates up to encourage Cahoot customers to go away. The default bonus being that those who can't move just became 3 times as profitable.

    Insert multiple messages calling Cahhot/Abbey sh1ts and you have that whole thread summarized!
    Regards


    X
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
  • auntie_brenda
    auntie_brenda Posts: 274 Forumite
    I'm obviously very naive, but I wouldn't have thought they could do this - presumably the interest rates offered to each person are tailored, I would have thought they could then only raise (or lower :rotfl: ) in line with market rates???

    I assume someone has looked into this from a legal standpoint?
    Debt 17 12 06 - £7700.:eek: 1st Feb 07 £6903, getting there ;) 1st March 07 £6666 (yikes!) 1st April 07 £6329 17.8% 1st May £6085.48 21%, 1st June £5522.13 28.3%, 1st July £5194.46, 32.54%, 1st Aug £4700, 39%, 1st Sept £4411, 42.7% :j :j:j
    Dreaming of Another Country Club Number 12!!!!!
  • Broken_hearted
    Broken_hearted Posts: 9,553 Forumite
    auntie_brenda wrote:
    I'm obviously very naive, but I wouldn't have thought they could do this - presumably the interest rates offered to each person are tailored, I would have thought they could then only raise (or lower :rotfl: ) in line with market rates???

    I assume someone has looked into this from a legal standpoint?
    It would be lovely if it worked like that. Sometimes I think they just pull a number out of thin air.
    Barclaycard 3800

    Nothing to do but hibernate till spring
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    abbey are now using MBNA instead.
  • oscar52
    oscar52 Posts: 2,272 Forumite
    michael1983l wrote:
    abbey are now using MBNA instead.

    Since when? MBNA (Monkey Business National Assualt) only issue the Abbey Credit Card. They have nothing at all to do with Abbey Loans, and also have nothing to do with the Cahoot division of Abbey.
    No Longer works for MBNA as of August 2010 - redundancy money will be nice though.

    Proud to be a Friend of Niddy.
    no idea what my nerdnumber is - i am now officially nerd 229, no idea on my debt free date
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    oscar52 wrote:
    Since when? MBNA (Monkey Business National Assualt) only issue the Abbey Credit Card. They have nothing at all to do with Abbey Loans, and also have nothing to do with the Cahoot division of Abbey.


    I did an online application just today and it said my information was being shared with MBNA in the small print as they are the underwriters
  • oscar52
    oscar52 Posts: 2,272 Forumite
    Have to say, thats news to me. As far as I was aware, MBNA only issued the CC, not the loans. (and i even work there :cry:)

    But i do know they have nothing to do with cahoot (yet)
    No Longer works for MBNA as of August 2010 - redundancy money will be nice though.

    Proud to be a Friend of Niddy.
    no idea what my nerdnumber is - i am now officially nerd 229, no idea on my debt free date
  • newleaf
    newleaf Posts: 3,132 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker PPI Party Pooper
    What are their plans re the cahoot savings account? I opened one recently to get the bung from quidco. Do I need to close it again?
    Official DFW Nerd No 096 - Proud to have dealt with my debt!
  • oscar52
    oscar52 Posts: 2,272 Forumite
    at the moment, they are keeping current and savings accounts open. Cahoot are just removing themselves from the lending market
    No Longer works for MBNA as of August 2010 - redundancy money will be nice though.

    Proud to be a Friend of Niddy.
    no idea what my nerdnumber is - i am now officially nerd 229, no idea on my debt free date
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