Advantages easy to open
Disadvantages customer service and payment of money owed to me
I set up the loan easily 2 and 1/2 years ago and was in a position 4 months ago to close the loan and pay the outstanding amount early. Cahoot had a facility to do this on line and I thought the loan account had been successfully closed as the settlement figure had been taken out of my current account.Unfortunatley although my direct debit payments stopped the account remained open therefore appearing I was in arrears.
After numerous phone calls to Cahoot, customer services admitted the mistake and arranged a refund of £266 which was owed due to a mistake in the settlement figure. This was 3 months ago. Despite multiple discussions with Cahoot customer services and messages of : Yes, we apologise, the cheque is in the post..... I am still waiting for the money they owe me.Buyer beware....
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