Can I pay off a Cahoot loan with a 0% Card?

katrobot

Please help me. Cahoot have tripled my interest rate on my flexible loan within the last month. I desperately need advice on how to keep it down. I applied for the Morgan-Stanley Buy and Fly card today as it is 0% for 9 months with a £50 capped balance transfer fee. I have £5000 in my Cahoot loan and I could clear it in 9 months.

But how do I pay it off with the 0% card. I don't know how I can get the money from the card to pay off the loan? Can I do it?

Thanks so much for for reading this, especially if you can help. If anyone else has a loan with Cahoot, please check your interest rate asap. What they have done is totally evil, especially considering it was Christmas.

Thanks,

Kat x

h4nym

Hiya - I too am a furious Cahoot borrower! Paying off the last of it tomorrow, though! Then they can go to <ahem> well - wherever thieves and bandits deserve.

Anyway - I believe that Egg Money may have the answer for you here - it's both a credit and a savings card.

Essentially, though, what it enables you to do is to give Morgan Stanley a credit card number to balance transfer off. Egg don't charge for cash withdrawals, so you can then take the cash out and do whatever you want with it - including, of course, thwarting the Cahoot attempted hijack.

Hope this helps and good luck!

H