Trying to get rid of Cahoot!!

Squirrel29

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

Due to Cahoot raising their rates hugely on their Flexible loan I decided to pay it off (via bank of parents!).

I requested a settlement figure which was about £100 higher than the balance, as long as it was paid off by 28 September. I was told by Cahoot that this included interest added up to 28 September but if I paid quickly I would be in credit, therefore I could withdraw the credit amount to get a clear balance and shut the account.

The balance was cleared within 3 days of receiving settlement figure (this was due to BACS clearing timescale). I withdrew the extra £100 and was left with a £0.00 balance.

Jobs a guddun I thought, I clicked on Close Flexible Loan account button which was a momentous feeling:rotfl:

However, I received an email saying they could not close the account due to small debit balance. I called them this morning and they said £57 interest was pending!!

I feel like I am stuck in a loop, unable to escape the purgatry that is Cahoot. Surely the settlement figure included that interest (as I was told) and as I paid so quickly, well before 28 September deadline there should not be this mysterious £57 still, my account balance still shows £0.00, a new statement is due to be issued on 10 Sept.

They tell me once this £57 is paid, it is finally closed. I feel sick at the whole sage. Once they have got you, you can't get away. Ahhhhhhhhhh_pale_

Emmzi

The interest was pending but not applied.

You withdrew your funds before it was applied.

You do still owe it (through impatience!)

What did you do with £57? did it go back to bank of mum and dad?

terakris

I had a similar problem with Cahoot, like you i had their loan which i managed to pay off just as they announced their intrest rate hike (which is a joke - basicly they want to push you to go with abbey), and i also had one of their credit cards, which i had a similar problem with you, was unable to ever get the balance to £0 to pay it off... after finding a number on their website and letting them know exactly how poor their service is, i managed to get the amount cleared and the account closed (the amount was smaller than your £57 though).

I would find the phoen number on their website (it was hidden under the contact us, new applications area iirc) and give htem a call, saying you were told to do waht you did, and now you are asking me for more money, and its not right. Fingers crossed they can sort something out for you, but i do feel for you as i know what they are like!

Good luck!

Squirrel29

Hi Emmzi, yes it did got back to mum and dad unfortunately. I have decided to just let it go out on direct debit in a couple of weeks time (after payday!), and then try once again to get a zero balance. It is like chasing the holy grail!!