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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Leila1's Review of Cahoot Loans

2nd Mar 2007

Overall Rating

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

The flexible loan was initially excellent.


Bad Points

Recently they decided to hike the interest rate from 6.9 to 14.9 which is disgraceful. They also had the cheek to tell me that the initial rate was a special offer, which is not stated anywhere in the original paperwork I signed.


General Comments

I am in the process of trying to close the account. I wrote to them in the middle of February to question the 'end of the special rate' that I did not sign up for. They said it had been clearly visible on the website, which I can't argue with as I haven't got access to the old website. It is not stated anywhere in any of the paperwork signed by me or sent by them. The loan rate is described as standard variable. I thought that if I cleared the balance I could close the account. On the 28th February I transferred the balance from two other accounts. One has cleared and one has not yet but they should clear by the payment due date which is the 9th March. To make sure I did not pay twice, I cancelled my direct debit. They are now threatening to charge me and say I should have waited for a settlement figure. Why was I not told this when I initially wrote to them? As far as I can see, they have behaved in a way which has turned me off Cahoot and Abby for good. An 8% rise is appalling. Don't bother with them. As for the charge, they no longer have free acccess to my account so they can whistle for it!

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NameCredit RatingAPRTypical APRMin Loan AmountMax Loan AmountHome Owner  
Alliance & LeicesterGood8.00%8.00%£7,500.00£14,950.00No
Sainsbury's LoansGood8.00%8.00%£7,500.00£15,000.00No
Nationwide LoansBad7.90%7.90%£7,500.00£14,999.00No