Cahoot Loans Review

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1.6 stars
Average rating for this product is: 1.6 out of 5

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they did what's Review of Cahoot Loans

9th Dec 2006

Overall Rating

0 stars
  • Value for money
    0 stars
  • Loan Rate
    14.9%
Good Points

It was supposed to be a cheap flexible loan account, where you only pay interest on the funds you use.


Bad Points

My wife and I took out flexible loans with Cahoot in 2002/2003, at a very reasonable rate of around 7%. In the last couple of years, the interest rate has increased steadily, including 3 rate rises this year, from 8.9% in June to 9.1% in August, to 9.4% on December 6th. Included with the e-mail was a notice, that from December 19th the rate was increasing to 14.9%!!

We are fortunate in that we are able to shuffle our finances and pay our way out quickly, but I feel really sorry for anybody who cannot.


General Comments

This hike in the interest rates is incredible.

Cahoot and Abbey don't seem to be bothered about any hardship that will be caused to their customers. I have spoken to an independent financial advisor, who almost swallowed his tongue when I told him the situation with Cahoot Loans.

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