ADP

Hi All,

I thought I liked Cahoot, they pay good interest and the online interface seems to work quite well. However, recently I thought Id move all my banking over to Cahoot.

So first step, move loan for Scooby from LloydsTSB (7.8%) to Cahoot - advertised 7% - great me thinks. So I apply, I call first and tell them Im just consolidating not extending -they say that is ok. So I continue and they offer me 12%! 12%?! wtf is that??

Do they want my business?? So I call up, they are less than helpful and say "Its all done by an online credit check" Great thanks, so that really helps identify my individual circumstances doesnt it.

So Ive written to them, but the text box only allows like 250 characters or something lame..........I await the response.

Anyone else been offered this crap rate????????


Andy

DJ Dunk

iTrader: (5)

Yeah, they said the same to me. Told them where to poke it and went with Northern Rock instead.

Tiggs

i applied friday- got my app today and sent it off- should have my money any day....at 7%

all seem very smooth.

T

Tim Bomford

Thought they were good myself till I found out that £2500 worth of fraud had taken place with my card (took me a while as had password problems): ) and it took them 180 days to decide in my favour.....during which time I had to pay the interest. Initially they told me I'd take 90 days to sort out, then after the 90 days they told me 180. On the 181st day they re credited my account. I will be closing it shortly, never to go with them again.

And no, my card was never out of my possession etc etc.

Tim





[Edited by Tim Bomford - 12/17/2002 4:25:58 PM]

ADP

hmm seems Im not the only one that isnt that impressed with them..............

why should a credit rating effect your interest rate anyway? I actually have always been told by my bank(Lloyds TSB) that my rating was very good.......I always pass for credit cards(I have 6 or 7) I earn a good salary, dont own a house but live at parents with very solid credit history. I never miss ANY payments for anything etc.

And anyway, if I did have a poor credit rating why should I be stuck with 12% when other people are offered 7%

doesnt make sense.......

andy

P1Fanatic

Most reports Ive heard seem to say that they offer very few people loans and if they do its not at the 7% they claim.

BTW Tiggs I'd check your small print as every website reviewing loans Ive read says that Cahoot Loans usually tend to be variable interest rates.

Simon.

Tiggs

house cant help, i assume that "house owner" is a better bet for credit than "living with parents".

and poor risk ppl should pay more, im a good risk and dont want my costs increased because of higher risk ppl being lent to by the same lender. some companies deal with this by not lending to some ppl and others (like cahoot) deal with it via varible rates (just like car insurance)

T

Tiggs

p1- yep it is varible, but thats made very clear by them. (still cheap as chips)

P1Fanatic

Excuse my ignorance but doesnt "variable interest rate" mean they have the right to change your interest rate. The small print on their site seems to suggest this:

[Edited by P1Fanatic - 12/17/2002 4:51:34 PM]

Tiggs

they set the rate, which is then varible during the term.

TopBanana

My loan and credit card accounts are at 7%. Nothing special about my credit rating and was 23 when I took them out. Perhaps because I opened them with a zero balance they preferred me??

ADP

I have about 2k in my savings account with them..........they can go fck off as far as Im concerned unless they get back to me with positive info tomorrow - failing that egg can take my money.