Cahoot loans

Katyusha

I received this from Cahoot this morning in reply to my complaint about their recent (in my opinion unwarranted) rate hikes - thought it might interest some of you:

>Having review your letter, I an see that you are dissatisfied with our recent increase in your APR rate on our flexible loan account. Please be assured the increase is across the board on your flexible loan accounts and not based on individual accounts.

We have undertaken a significant review of the cahoot flexible loan account, part of this analysis looked at the rates on this account against the rest of the flexible loan market and the increased costs of a flexible loan account. The cost of lending money has increased not only because of the increases in the Bank of England rate but also because of the increased risk costs on a flexible loan account.

Unfortunately cahoot are not longer promoting or selling their loans. As a business, it has been decided that we are now concentrating our sales through our parent company Abbey. If you would prefer to take a fixed rate loan and not have to worry about your rate increasing again as we are a trading division of Abbey, they will be delighted to discuss your needs further. Abbey has a fixed rate loan only and this is available to cahoot customers at a typical rate of 5.8% APR.<

So they do not negotiate rates on these loans and are obviously keen, as has been pointed out on this site, to get people on to other products.

Katyusha

Podder

Interesting, I have a Cahoot account and also feel that they want to get rid of me!! Well, they've succeeded, I'm moving my loan facility and credit card elsewhere.

nomoneytoday

Podder wrote:

Interesting, I have a Cahoot account and also feel that they want to get rid of me!! Well, they've succeeded, I'm moving my loan facility and credit card elsewhere.

They want to get rid of most of their customers for this product, and keep only those paying high rates. It's not a secret

h4nym

My Cahoot loan account is currenty £200 in credit. In a bit of a dilemma - if I keep the account open, then:

1. It will annoy them and add to their costs
2. I definately wont have any trouble when my accountant calculates my tax bill that will have to be paid by the end of February
3. It will annoy them and add to their costs
4. It will give me the opportunity to have a quiet chuckle at their expense every time I log in
5. It will annoy them and add to their costs

The downside:

20k still sits on my available credit if I apply elsewhere

Not planning to borrow anything in the foreseeable... shall I carry on being this childish?

;-)

[Deleted User]

h4nym wrote:

My Cahoot loan account is currenty £200 in credit. In a bit of a dilemma - if I keep the account open, then:

1. It will annoy them and add to their costs
2. I definately wont have any trouble when my accountant calculates my tax bill that will have to be paid by the end of February
3. It will annoy them and add to their costs
4. It will give me the opportunity to have a quiet chuckle at their expense every time I log in
5. It will annoy them and add to their costs

The downside:

20k still sits on my available credit if I apply elsewhere

Not planning to borrow anything in the foreseeable... shall I carry on being this childish?

;-)

why not lower the credit limit so freeing up capacity for other credit apps.