cahoot loan questions.

bwatt00

I am paying about £88 a month on interest with my cahoot loan which is 15.9%,i see barclay card can offer me until paid off 6.9% per annum which would mean much less interest to pay and also no balance fee to pay also,is is possible to give barclaycard my sort code and account number on this loan with cahoot and have it put into my card/s.
Has anyone done this before as if its possible will do this right away as need to reduce those high monthly payment of interest.

bwatt00

anyone got the answer to this?

rayday2

I have no idea can you not ring barclaycard and ask them?

mountainofdebt

I don't think you would be able to do this.

One solution may be to open a credit card which allows you to transfer funds directly into your bank account (such as egg) - then once the funds have reached your account pay off Cahoot. You will be charged a balance transfer fee but I think they are common place now.

The other solution may be be to open a credit card which offers balance transfers to be done via a cheque that the CC companies issue. Now normally I would strongly agree with Martin, who reckons these should be avoided at all costs, but if (AND ONLY IF) they are used to transfer balances at the promotional rates then I don't see the problem. You would need to make the cheque payable to yourself and then once it was cleared pay it to Cahoot. Again you would need to pay a percentage of the amount as a fee.

bwatt00

Well i do have a egg credit card and are you saying i can transfer money from it to my own bank and then use it to pay of cahoot?But then that would leave me having to pay back egg right?and at a fee each months in interest which is no longer 0% so all i am doing there is moving one problem to the other,with maybe a slight difference in interest?

Or maybe on what you say above now that i am due that money to egg credit card i can then transfer if to my barclaycard and get what i wanted in the first place right?

Or have i got this wrong,barclaycard has a deal on for me now with i think 6.9% annum for life of balance and would be great to get whats due on my cahoot loan to by barclaycard and pay less interest,the barclay 6.9% can be set up online you think it be worth asking them if they can pay off my chaoot loan and transfer it to this 6.9% or maybe its cahoot that does not allow it?

Has anyone done this before or something like it as i am paying too much interest on this these days and want to reduce my money and also save more also.

mountainofdebt

As you already have an egg card (where I assume the balance is zero) what you would need to do is open up a barclaycard, ask them to do a balance transfer from your egg card to your barclaycard (so in effect you have a positive balance on your egg card) and then withdraw the funds from your egg card.

Once these funds have hit your bank account you can then make a payment to Cahoot.

If you can't get a barclaycard, what sort of payments are you making on your cahoot loan? Try and throw every penny at it and this will help reduce the amount of interest you are paying and try and make more than the minimum payment.

Neillgb

Just for info.

I too am unlucky enough to be involved with a cahoot flexble loan having been caught up in their interest rate hikes.

I opened a Virgin MBNA credit card and received a £3000 credit limit. Phoned up Virgin cc on receipt of card(today), activated card and transfered 95% balance on same day. Interest free to Feb 2009. Saving of just less then £900 over the period!

Not actually seen cash in account yet but certainly gives me a good start to clear my balance!

bwatt00

Neillgb wrote: »

Just for info.

I too am unlucky enough to be involved with a cahoot flexble loan having been caught up in their interest rate hikes.

I opened a Virgin MBNA credit card and received a £3000 credit limit. Phoned up Virgin cc on receipt of card(today), activated card and transfered 95% balance on same day. Interest free to Feb 2009. Saving of just less then £900 over the period!

Not actually seen cash in account yet but certainly gives me a good start to clear my balance!

was that a cahoot loan you moved to your virgin card?or am i reading this wrong i want to move my loan from cahoot to barclay with a 6.9% until paid off i could go for a 0% for say 6 months or something but these soon fly by quick,just paying to much interest these days on my cahoot,need to try something,i thought i read you cant transfer cahoot loans to cards??

Neillgb

It was a Flexible Loan, not a personal loan to clarify. Not sure if Barclaycard will do the same or not, quess you will have to check with barclaycard. I can't see how cahoot can refuse the transfer unless it is a personal loan on a fixed term.

Neill

bwatt00

Neillgb wrote: »

It was a Flexible Loan, not a personal loan to clarify. Not sure if Barclaycard will do the same or not, quess you will have to check with barclaycard. I can't see how cahoot can refuse the transfer unless it is a personal loan on a fixed term.

Neill

Its a flexible loan i have also,its just i thought you could not move this to a card as cahoot did not allow it,and to be honest i cant see barclaycard having a problem with it,they are offering me 6.9% which i can do online for life of blance so me moving my cahoot loan to them reduces my interest a lot.i am going to give it a try if it works with virgin then cant see any problems with barclay.

21castlehill

Careful, an Egg Credit card is NOT what you need to do this, you need the EGG MONEY card with a balance of £0 as you can then transfer a balance from another card at promotional rate to your egg Money card. This will make your balance on egg Money as a positive figure, simply withdraw this positive amount & use it to pay of loan. Only fees you will encounter is the credit card fees from which you do the original balance transfer.