Cahoot Internet Banking www.cahoot.com Review

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1.8 stars
Average rating for this product is: 1.8 out of 5

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burdettr's Review of Cahoot Internet Banking www.cahoot.com

20th Feb 2007

Overall Rating

1 stars
  • Value for money
    1 stars
  • Ease of Use
    3.5 stars
  • Used service for
    6 - 12 Months
Good Points

The web site is reasonable easy to use.


Bad Points

Absolutely everything else.


General Comments

I first joined them because they we offering a flexible loan at 6.9 % APR. It very quickly rose to 15.9% APR. The final nail in the coffin is that I received an email telling me that the rate is leaping up to a whopping 19.9% APR. I didn't realise the Bank of England had put he base rate up that much. I'm lucky enough to have been able to clear my balance and shut down the account. I feel for people that are unable to do that though. Cahoot do tend to prey on the poor!

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Members' Comments onburdettr's Review

  • Leila1 Rank: Lance Corporal on 8th Mar 2007

    I am currently in a dispute with them and will take it further. There seem to be lots of victims of unreasonable rises in interest rates and we're all flexible loan customers. Make an official complaint. I was told my original deal was a 'promotional rate' which I know it was not. There is no mention of this anywhere in the paperwork they sent me.They are treating their customers so badly. I have never heard of any bank raising rates so quickly. Mine was just raised to 14.9% from 6.9%. I expect that it would shortly have been raised to your 19.9%.