GaryCat

"From 6 December your rate will change to 9.4% APR and on 19 December your rate will change to 14.9% APR variable. "

More than five percentage points in one step? I wonder if the banking ombudsman would be interested?

pslewis

Move the loan ...... thats your best option and your most powerful

Was the 9.4% rate a special one, with an end date?

They will have themselves covered ............. WALK!

If I needed a loan it would cost me 6%APR - quite why anyone pays more beggars belief!

davegtt

Cahoot also charge you a redeption IIRC to cancel a loan.

lightning101

Cheap Loans | car, personal & secured homeowner loans - moneysupermarket UK

5.8% fixed for the loan term

druddle

In that case move as much as you can without incurring penalties, maybe look at 0% credit cards (i think Egg let you transfer from a loan or account) to put the balance.

Dave

GaryCat

The loan was initially 6.5% and it is a Flexible loan which means I can put money in or take it out whenever I want and also pay as much or as little as I want. Basically it was a overdraft with a very good rate but cahoot have kept raising the rate since i took it out.

Proby521

iTrader: (1)

They have also informed me of this lately. My flexible loan balance was cleared 18 months or more ago. I tried to close the account, but they insist it stays open with '0' balance. Whatever. I never use it anymore, swapped and used Northern ******/Rock. Paid that off now though luckily.

Proby

Suresh

Which is why you should not borrow money from companies which are just modern day loan sharks. Once they have their claws into you its difficult to get away. Stick with reputable lenders if you must borrow.

Suresh
(works for a reputable lender)

davegtt

I have a cahoot loan and never had a problem, think its something to do with the word flexible, flexible for you and flexible for them Nice 5.9% fixed for me. Should be paid off before the end of the year though

Harty2000

I have the flexible loan too and was a bit peeved to get the email; stating the hike in APR.
I think you can change it to a fixed rate loan

Jamo

iTrader: (23)

cahoot are one of the only lenders in the uk that offer a variable loan rate! its always been the case, the apr can increase as well as decrease at anytime! I can assure you can they can put it upto whatever they want!

unclebuck

"The Kid's got Cahoot!!"

MooseRacer

As Cahoot are owned by the abbey....what are you trying to say?

molko

I got the exact same email mate.

I sent an email telling them i wanted to close my account, they are gonna send me a 'settlement' letter, also i have asked to close my savings account with them - they didn't seem bothered either way. The APR has gone from 5.9% to 14.9% in less than 1 month, thats nearly triple!.

Suresh

and abbey is owned by Santander - stay away from those scorchio terms and conditions!

chocolate_o_brian

iTrader: (22)

because you are much older (not wiser) that everyone else on here, so have a longer and more astout credit history.

you may be a total ***** with your money (amongst other things ) but as you have inhabited this earth for around 3.5 times as long as me you will naturally have a higher credit score, even if i was in a ridiculously overpaid job (in which case i wouldnt need credit)

point made

sarcasm welcome lewisky

Terminator X

iTrader: (7)

No doubt you're getting the same APR on your savings

TX.

molko

heh heh yeah thats right !.......am i **** !!!!

Lee247

I've informed Watchdog, they may take it on, if enough folks complain. Very much a loan sharkish attitude from a big bank