'Revolving Credit Agreement'???!!!!

iBoudica

I am commencing a claim for PPI and have obtained a copy of my credit report as per the excellent instructions on this website.


1. Terrifyingly and ([FONT=&quot]Über[/FONT] stupidly I know) I have discovered from my credit report, I havea Budget Card / Revolving Credit agreement with Santander for 999 payments of £66.00. This was allegedly taken out in 2002. I did have a 5 year loan with Cahoot taken out around that time but that was paid off within the term. I know Santander bought Cahoot but what on earth has happened here?


[FONT=Tahoma, sans-serif]I've[/FONT] never had a loan larger than £10,000 (except for my long paid off mortgage), certainly not one for almost £66,000. I’ve emailed Santander for details but HELP – is this common - what on earth has happened here?!!!


Any advice gratefully receivedJ. Please don’t call me stupid because I know that now L.


*I have posted a different version of this in PPI claims in relation to myclaims).

BenL

Storecard? Santander bought the cards run in the old days by GE Capital.

Ben

DCFC79

iBoudica wrote: »

what on earth has happened here?

Yes what has happened here, a mystery to me

iBoudica

BenL wrote: »

Storecard? Santander bought the cards run in the old days by GE Capital.

Ben

I've never, ever had a store card???

iBoudica

DCFC79 wrote: »

Yes what has happened here, a mystery to me

I have absolutely no idea where this 'revolving credit agreement' came from. I did have a different loan originally with Alliance and Leicester, paid off in 2009 (as well as the paid off in 2007 Cahoot one) which ended up with Santander when they bought A & L out but this one.......I've only emailed them this morning to ask for all documentation in relation to this 'revolving credit agreement'......


What a shocker.....

arbroath_lass

I had a Cahoot Flexi Loan that showed on my credit report as a revolving credit agreement. Is there an outstanding balance?

iBoudica

arbroath_lass wrote: »

I had a Cahoot Flexi Loan that showed on my credit report as a revolving credit agreement. Is there an outstanding balance?

I assumed it was paid off in 2007 as it was a five year term but it may well have been a 'Cahoot Flexi loan', it was definitely for £66.00 per month, I think the loan was for £3,000 back in 2002.


According to my credit report there is a balance remaining of £2,700 but if it is the same Cahoot loan, I've paid more than double of the original loan (which I was sure was paid off)........hmmmmmmmm

DCFC79

iBoudica wrote: »

I assumed it was paid off in 2007 as it was a five year term but it may well have been a 'Cahoot Flexi loan', it was definitely for £66.00 per month, I think the loan was for £3,000 back in 2002.


According to my credit report there is a balance remaining of £2,700 but if it is the same Cahoot loan, I've paid more than double of the original loan (which I was sure was paid off)........hmmmmmmmm

You sure you paid it off, did you get anything in writing to say so

iBoudica

DCFC79 wrote: »

You sure you paid it off, did you get anything in writing to say so

I didn't get anything in writing but then I never did with that particular loan - I took it out on online in 2002. I just assumed that as I'd kept up all of the payments and the five years had passed it was paid.....


I know, super stupid......

Tixy

Presumably you are not actually paying £66 a month to anywhere at the moment?

On the credit file - does it show that there are loads of missed payments or a default etc?

pheonixrising21

This does look like a cahoot flexible loan. It is not a 5 year loan. It does not have a term attached to it It works a bit like a card, as in you have a credit limit and a minimum payment amount. You can borrow some or all of the credit limit and repay as much as you want (above the minimum). You could then borrow a little more later if you wanted (within the agreed limit). Does any of this sound familiar at all?

It shows on credit reports as having a term of 999 months (i.e. indefinite) and the monthly payment amount is the last minimum monthly payment.

Beware also of the fact that when Santander took over Cahoot/Abbey, they hiked the interest rates on this type of loan. You probably had a rate somewhere around the 6-7% mark, but its probably now somewhere around the 16-20% mark. they will also have removed the flexible drawdown facilty and removed online account access for it. I'm currently trying to get the interest back from the rate hike, but its taking a while and will be an FOS job...