Cahoot! Argh!

jamief

Right, I have a loan with Cahoot, which as of 11th January had a balance of £4400.

I am paying the loan off (this is a condition of me getting a mortgage from Nationwide), so using Cahoots website I chose to close my account (on 11th January), and was informed they would take payment via direct debit immediately.

4 days later, they still hadn't taken the closing amount, but rather they took my usual monthly payment, and 2 days after this they took the £4400 also.

I phoned them up, and was told that the £4400 (which was obviously now an incorrect settlement figure due to the monthly payment also being taken) would be rejected by their system, and that the £4400 would be back in my account today (Jan 29th). It isn't.

I phoned them again this morning, and they guy told me I would need to do a direct debit indemnity to get my money back, as he couldn't find it anywhere in their "holding accounts".

Should I do this? I assume I just go into my branch of Bank of Scotland and fill out a form? How long till I get my money back? I need this sorted asap as my mortgage company need proof I have paid this loan of asap

jamief

Well, some news

Went to my bank (HBOS), and they agreed with me that it sounded like Cahoot had messed up. I phoned cahoot and they confirmed with my Bank, so got my money refunded instantly by HBOS. Am now going to pay loan off via cheque and hope they dont bloody mess it up again!