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Cahoot Flexible Loan
elsappelle
Posts: 17 Forumite
Hi everyone,:hello:
I am new poster here but have been reading the forum for a while now!
I have been on a DMP with payplan for the past couple of years (my head in the sand for most of it). I have decided to come out of it, so i can throw more money at my debt and pay off the ones still charging me interest. I am a part qualified accountant so i should be able to do this effectively!!
i have just had a call from Cahoot about my loan. when i started my DMP the total debt on this loan was £9700. i have paid through payplan £3890 to them. But my outstanding balance is £8768!! i have been charged a lot of interest!
When i started paying them i did ask for the interest to stop, but they said i pay too much for them to do that.
Has anyone had any luck in reducing or stopping the interest charged on a cahoot flexible loan? the APR is at 19.9%!!! my orginal loan was only for 6.9%!!
I have agreed with them to pay 100 a month to them. but i have checked the interest charged at the beginning of the month at is was £103! surely they can't do this? i really want to be debt free but they really aren't helping.
Any suggestions would be appreciated!
Ellie.
I am new poster here but have been reading the forum for a while now!
I have been on a DMP with payplan for the past couple of years (my head in the sand for most of it). I have decided to come out of it, so i can throw more money at my debt and pay off the ones still charging me interest. I am a part qualified accountant so i should be able to do this effectively!!
i have just had a call from Cahoot about my loan. when i started my DMP the total debt on this loan was £9700. i have paid through payplan £3890 to them. But my outstanding balance is £8768!! i have been charged a lot of interest!
When i started paying them i did ask for the interest to stop, but they said i pay too much for them to do that.
Has anyone had any luck in reducing or stopping the interest charged on a cahoot flexible loan? the APR is at 19.9%!!! my orginal loan was only for 6.9%!!
I have agreed with them to pay 100 a month to them. but i have checked the interest charged at the beginning of the month at is was £103! surely they can't do this? i really want to be debt free but they really aren't helping.
Any suggestions would be appreciated!
Ellie.
0
Comments
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Welcome Ellie:hello:
I'm afraid I can't really help you on getting the interest reduced, but I'm sure someone will be along soon who can advise. Just wanted to say you have my sympathies, I took out their flexi-loan not realising that the 6.9% was a 'special offer'. I'd read the small print and there was something vague that made me suspicious about them changing the rate so I guess I should have expected something! But I was a bit shocked when I was informed it would be going up to 14.9%. I was lucky in that I'd been heavily overpaying and could dispose of the remainder before the higher rate came in.1st April 2008 challenge:mad: xmas overspend = [strike]£254.05[/strike] £0:j......cc1 = [strike]£240.78[/strike] £0:j .......cc2 = [strike]£667.47[/strike] £0 :j ...amount owed to ISA = [strike]£1599.90[/strike] £0:jTOTAL TO GO = [strike]£2762.20[/strike] £0 !!!:dance: DONE IT DONE IT DONE IT!!!:dance:0 -
Hey,
Just thought i would let you know. Cahoot credited me back nearly £3000 today, which is the interest i have been charged!!
So happy!!0 -
elsappelle wrote: »Hey,
Just thought i would let you know. Cahoot credited me back nearly £3000 today, which is the interest i have been charged!!
So happy!!
That's brilliant . :T :T :TI am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Well done! Thanks for the update.0
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That's great news well done cahoot for doing it. So are you going to throw the £3k back at the loan ?0
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Crikey!!! Do you play golf with the managing director or something?? :rotfl:
Seriously, what a great result, well done!"I wasn't wrong, I just wasn't right enough.":smileyhea97800072589250 -
congrats - i wish i had your negotiating skills - my complaint with HSBC just fell on deaf ears - bloody crap bank!Proud to be dealing with my debts!DFW Nerd No. 634 LBM: 3rd time - Dec2008 I NEED TO BEAT IT THIS TIME!Total Loan Debt = £[strike]13,737.80[/strike] 13,042.44, Total Non-loan Debt = £[strike]5,289.33[/strike] 4,704.45 - Total= [strike]19,027.13[/strike] 17,746.89 FEB 09Freelance earnings - Feb 09 = £260 so far Make £30 a day in Feb - £260.40 of £840 5 NSD in Feb 09 - 1 of 50
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:T congrats:T1st April 2008 challenge:mad: xmas overspend = [strike]£254.05[/strike] £0:j......cc1 = [strike]£240.78[/strike] £0:j .......cc2 = [strike]£667.47[/strike] £0 :j ...amount owed to ISA = [strike]£1599.90[/strike] £0:jTOTAL TO GO = [strike]£2762.20[/strike] £0 !!!:dance: DONE IT DONE IT DONE IT!!!:dance:0
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iwanttobreakfree wrote: »congrats - i wish i had your negotiating skills - my complaint with HSBC just fell on deaf ears - bloody crap bank!
Long gone are the days of HSBC being the former Midlands Listening Bank!0 -
elsappelle wrote: »Hi everyone,:hello:
I am new poster here but have been reading the forum for a while now!
I have been on a DMP with payplan for the past couple of years (my head in the sand for most of it). I have decided to come out of it, so i can throw more money at my debt and pay off the ones still charging me interest. I am a part qualified accountant so i should be able to do this effectively!!
i have just had a call from Cahoot about my loan. when i started my DMP the total debt on this loan was £9700. i have paid through payplan £3890 to them. But my outstanding balance is £8768!! i have been charged a lot of interest!
When i started paying them i did ask for the interest to stop, but they said i pay too much for them to do that.
Has anyone had any luck in reducing or stopping the interest charged on a cahoot flexible loan? the APR is at 19.9%!!! my orginal loan was only for 6.9%!!
I have agreed with them to pay 100 a month to them. but i have checked the interest charged at the beginning of the month at is was £103! surely they can't do this? i really want to be debt free but they really aren't helping.
Any suggestions would be appreciated!
Ellie.
Exactly the same happened to me. Loan of about £8000 at 6.9%, fell on hard times, could not pay the loan. I did negotiate reduced payments of £75 per month. But as you said the interest on the account has now gradually become 19.9%
I am trying to pay it all off asap and have just made them an final settlement offer - waiting to hear back what they will accept.0
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