Another Cahoot bad deal.

juice123 · 6th January 2009, 00:35

Hi Guys ...,I didn"t realise this Cahoot 'rip-off' was so widely spread>
I took a 6% loan out over 5 years and paid the full 5 year term with no default.I heard nothing from Cahoot over this entire period (kicking myself now as should have kept an eye on it)so presumed all was ok.After the loan period I stopped the direct debit autolinker.com autolinking image

only to then hear from them by 'post' me a letter telling me I'd only paid off 10% of the original amount.
Six months into the loan the interest autolinker.com autolinking image

rate went crazy but they admit they would have only told me via email and not via letter.If they had told me about the interest rate I would have taken action.To make things worse,the email address they had for me was incorrect,they spelt my name wrong yet they spelt it correctly on the posted letter.
They tell me it was a flexible account,maybe but who regulates them?What is stopping then putting the rate up to what ever the seem fit and not informing the customer.

Any guidance on this would be great.
Many thanks....juice123

MARTIN3030 · 6th January 2009, 00:44

Welcome to the site.I will move your thread into the Cahoot forums,where you should get some guides.

juice123 · 6th January 2009, 13:09

Many thanks.juice

Sparklez30 · 24th January 2009, 11:31

Hi Juice - just out of interest autolinker.com autolinking image

how much did they alter your rate by?

They got me by changing my fixed charge to a variable rate on a credit card as soon as it got more profitable to them to do so and my complaint is currently with fos autolinker.com autolinking image

as I still state if they could just alter it to a variable rate and ramp up the charges what was the point in offering me to pick between the two options? Fingers crossed the fos autolinker.com autolinking image

agree although I'm not very hopeful!

Have you complained about yours to the fos autolinker.com autolinking image

as well?

6th January 2009, 00:35	#1 (permalink)
juice123 Basic Account Holder Protect your signature with SignGuard Cagger since : Jan 2009 Posts: 2	Another Cahoot bad deal. Hi Guys ...,I didn"t realise this Cahoot 'rip-off' was so widely spread> I took a 6% loan out over 5 years and paid the full 5 year term with no default.I heard nothing from Cahoot over this entire period (kicking myself now as should have kept an eye on it)so presumed all was ok.After the loan period I stopped the direct debit only to then hear from them by 'post' me a letter telling me I'd only paid off 10% of the original amount. Six months into the loan the interest rate went crazy but they admit they would have only told me via email and not via letter.If they had told me about the interest rate I would have taken action.To make things worse,the email address they had for me was incorrect,they spelt my name wrong yet they spelt it correctly on the posted letter. They tell me it was a flexible account,maybe but who regulates them?What is stopping then putting the rate up to what ever the seem fit and not informing the customer. Any guidance on this would be great. Many thanks....juice123

6th January 2009, 00:44	#2 (permalink)
MARTIN3030 Site Team The Consumer Action Group Have we helped you? Please help us by making a donation Cagger since : May 2006 I am in: St.Helens Merseyside Posts: 25,465	Re: Another Cahoot bad deal. Welcome to the site.I will move your thread into the Cahoot forums,where you should get some guides. __________________ Please take time to read up. Respect other users -no libel or flaming If you cant see what you need-ask Patience is a virtue - dont we know it. All advice and guidance offered is done so without liability,and is personal experience and views only.If in doubt seek professional help from a legally trained professional. Your views and thoughts count,we welcome any suggestions for improvements.

6th January 2009, 13:09	#3 (permalink)
juice123 Basic Account Holder Protect your signature with SignGuard Cagger since : Jan 2009 Posts: 2	Re: Another Cahoot bad deal. Many thanks.juice

24th January 2009, 11:31	#4 (permalink)
Sparklez30 Basic Account Holder Is your bank avoiding its debts Data disclosure poll Cagger since : Jan 2008 Posts: 328	Re: Another Cahoot bad deal. Hi Juice - just out of interest how much did they alter your rate by? They got me by changing my fixed charge to a variable rate on a credit card as soon as it got more profitable to them to do so and my complaint is currently with fos as I still state if they could just alter it to a variable rate and ramp up the charges what was the point in offering me to pick between the two options? Fingers crossed the fos agree although I'm not very hopeful! Have you complained about yours to the fos as well?

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