Cahoot Flexible Loan - settlement

Squirrel29

Hi have requested a settlement figure from Cahoot as my dad has very kindly offered to pay if off for me and let me repay him at 0% interest. This is due to the extortionate interest rate hikes meaning I would never have got the thing paid off. They have quoted a settlement figure of £5797.62 if paid before 28 September, however my current balance shows £5692.35, why would it be over £100 higher?

I wish I had never heard of the loan sharks that are Cahoot, I told them in an email that they have treated their customers badly by jacking up the rate by 9% but the just come back with the usual b****cks "we have reviewed the flexible loan rates and believe they are competative with other flexible loan providers".

Hippychick

Have they added on interest for the month?

You are certainly better off getting rid, have you tried to see if they will accept a reduced amount as full and final settlement? worth a shot.

red74

Yes the extra will cover the interest due up to 28 Sept. If you pay it off staight away you will end up in credit because you haven't accrued the interest (as they calculate it daily). I don't think there's anything to then stop you from withdrawing that back out.

Squirrel29

Hi, I managed to speak to a real person at Cahoot yesterday and they confirmed this. Settlement figure has now been paid and any interest due to me will be handed back. Thanks for your advice. Nice to get shot of these loan sharks!!!:mad:

Jessiepig

I am in the same position.Disgusted at the rate rise by cahoot, I am trying to get another loan to pay it off but no one will lend me the amount required. Its so fustrating as I have been happily paying £170 but no everyone says I do not meet their criteria. Will have to continue with it for now

FrugalJo

Squirrel, glad you paid them off, I'm in the same boat as Jessie can't move it elsewhere as credit is shot. However even though the interest rate is third highest at 19.9% (have a Next account !) I really want to get rid asap.

Squirrel29

I am so mad with them, I thought I had been really savvy getting their flex account two years ago at 6.9% and had even been making overpayments. I complained to them and they just said their rate was competative in the flexible loan market.

I am so lucky that family can help me out.

I wish I could win the lottery (except forgot to do it this week), my greatest wish would be to help out all the lovely people on this forum.