Cahoot loans - closing it!!

tt07

Hi,

I've been a back seat reader on the board and have read some interesting posts so hello

We wondered if anyone else, or if they just pick us.

We have since the 18.12.06 been trying to close a cahoot loan account.

First we were told it had a debit balance which we paid
Then we were told it had a credit balance so I took some out
now I am told it has a debit balance yet when I login is states I owe £0.00 which is great but I just want to close it which they won't as I still owe them.

it's a flexible product and we are closing it due to the rate rise.

Anyone got any tips on how to approach this they are a very in my experience difficult to deal with it just needs a little common sense applied and it will be sorted.

Just seem to be going backwards and forwards. I am going to call them later to see if speaking works better than communicating online

clarab_3

tt07 wrote:

Hi,

I've been a back seat reader on the board and have read some interesting posts so hello

We wondered if anyone else, or if they just pick us.

We have since the 18.12.06 been trying to close a cahoot loan account.

First we were told it had a debit balance which we paid
Then we were told it had a credit balance so I took some out
now I am told it has a debit balance yet when I login is states I owe £0.00 which is great but I just want to close it which they won't as I still owe them.

it's a flexible product and we are closing it due to the rate rise.

Anyone got any tips on how to approach this they are a very in my experience difficult to deal with it just needs a little common sense applied and it will be sorted.

Just seem to be going backwards and forwards. I am going to call them later to see if speaking works better than communicating online

They are IMPOSSIBLE to deal with, you have my sympathy!

I was caught by them too, although unfortunately I cant afford to pay it back.

I would suggest putting it in credit - then telling them to close it and send you a cheque - once an for all.

mickstereftb

I paid off my fixed rate cahoot loan on the 12/12/2006 or so i thought! I recieved a letter today telling me i haven't made a Dcember payment and asking me to call them. I duly did so and they said they couldn't find my payment but my payment left my bank on the 18th and they said they would call me back.
When they did so they said they found my payment made on the 22nd December but in the Madrid clearing house!!! I was told to ignore the letter and be assured that everything was ok.
Why do i have my suspicions that i am gonna get clobbered for 14 days worth of interest?

tt07

Clarab I tried the credit route only to be told to make a withdrawl to get the balance to £0.00:) Still I am glad it's not personal to us it seems a generic issue with Cahoot. Technically it could go on forever.

coldasice_3

Hi,
Did you recieve a letter confirming your settlement payment ?

tt07

The gave us an initial settlement over the phone including the next payment but there was nothing in writting that will be the next step I imagine we owe no more than a few pounds

Carrera74

I requested a settlement figure and received it in writing. I paid the full amount off but they asked me not to stop my direct debits in case of any interest still on the account. I'm going to write to them to close the account, fingers crossed!!

h4nym

tt

Could it be that there's still some interest yet to be debited? If you were in debit any time in the month running up to your 0.00 position, there'll be some interest to come.

Put another 50 quid in (assuming you can afford it!) and let it stay there until the day after your next direct debit is due. That'll definately clear off the account and you can close it.

Madrid clearing house, by the way, is because Abbey was recently taken over by a Spanish bank - hence their rather cack-handed attempt to realign their product portfolio. And why you should steer clear of the whole group! If Banco Santander want to learn about the British banking market, I'd rather they didn't go making their mistakes using my money!

H

tt07

Thanks for all the feedback, I did overpay to a credit position and it still ended up debit. You are correct though it is probably a tiny bit of interest.

We have subsequently spoken to them on the phone and I've just received an e-mail from them confirming closure.

I'll be checking my credit file in the coming weeks to make sure it's been satisfied though.

coldasice_3

I recently asked for a settlement figure on a large loan which after receiving in writing paid off over the phone by debit card on the 27/12. I received a letter on the 29/12 thanking me for my settlement payment and that my account is in the process of being closed.
I rang the bank today as the funds have not been debited yet and was told my account had been settled and my balance was nil but was just waiting to be closed which i will get in writing prob next week due to christmas.
Does this mean they have mistakenly cleared the loan without debiting my bank if they are saying i owe nothing?

tt07

I suspect they debited someone else by accident 8-) I wouldn't spend the money though as I am sure if it's a large sum someone will notice in the end