I'm 29, Swedish (so forgive me if my grammar or spelling is sometimes a bit odd!) and I live in West...
I'm 29, Swedish (so forgive me if my grammar or spelling is sometimes a bit odd!) and I live in Westcliff on Sea, Essex.
Member since:10.02.2001
Reviews:33
Members who trust:3
Who has not heard of Cahoot these days? I decided to take advantage of their high interest rate on the current account and applied on-line.
The first thing that went wrong was that halfway through the application process I was informed that an error had occurred and that I should telephone the call-centre for help. I did so and was informed that all I had to do was go back to the beginning and by using the same log-in details I would be taken back to where I had been. Puzzled by having to telephone them for this information, I went back and re-applied, this time without any further problems.
The one application can be used for a variety of products,
including current, credit and loan accounts. I decided to apply for a current account and a credit card, as you can never have too many of those. You get asked what limits you want and, as they do not ask for your income details, you might want to try for something a bit higher than what you currently have, although I did not wish to push my luck and settled for the minimum limits, a 500 pound overdraft on the current account (250 of which is interest free) and a 1000 pound limit on the credit card.
After submitting the application I was informed, on screen, that I had been accepted and that I had to send in the credit agreement, direct debit mandates and two forms of ID. I was more than surprised to be asked for ID, as my ID can be checked using at least two different sources without me having to send anything in. Nevermind, after about a week I received the stuff to send in and did so promptly.
After a further week I received an e-mail stating my current account had been set up and by logging in I could view it. After a further week, the directdebit between my existing account and the Cahoot account had been set up and my debit card had been received and activated on-line.
By this time, I had received no word of my credit card and sent Cahoot an e-mail asking for more information. I received a fast response stating I had to send in the credit agreement, which was in the post, and 2 forms of ID. Oh dear. I queried this and received a modified response stating I had to telephone the call-centre, as they needed information on my exisiting current account. When I telephoned, I was informed my direct debit mandate had not been received (?) and that my card would now be set up.
I also sent an e-mail asking why I had heard nothing about my requested webcard, to use for Internet purchases. I received a quick response stating that I had to log into my account and apply from there. I did so and was immediately informed that, as I already had an application in process, I could not re-apply. Oh dear again.
Today, my credit card and webcard had been set up. I was pleased to see this and downloaded the webcard. I attempted to log in and was informed I could not be connected. I then decided to at least make a balance transfer, logged into my account and discovered that balance transfers had to be done by post. Oh dear, oh dear.
It has now been around four weeks since I applied for the accounts. I have yet to receive my credit card and the service I have received has been of a questionable standard. I am seriously doubting the wisdom of transferring my whole current account operation to Cahoot, something which they offer to do for you. I can see what could go wrong there!
The 3.2% interest on the current account and 250 pounds interest-free overdraft are great features, of course. The 8% APR on the credit card is also excellent and will save me money. I am, however, not sure I will use the current account very much and I doubt I will use the credit card after my balance, which will hopefully be transferred this year, has been paid off. I am a strong believer in 'start as you mean to go on' and I am not convinced that Cahoot is to be trusted with my hard-earned money.
In closing I would like to say that Cahoot will, of course, save or earn pretty much anyone money, and I would recommend their products for that reason alone. I do, however, think that a current account is about much more than just a good interest rate and considering you cannot just pop into a branch and get a problem sorted out, a Cahoot account might be more hassle than it's worth. If you decide to apply, do prepare yourself for a possibly drawn-out application process and do not expect a great level of service from the Cahoot staff.
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I also had a similar problem 2 years ago when applying for a current account and trouble setting up a direct debit betwen my old account and the new Cahoot one. Seems like things haven't changed too much for the better. Good op. in pointing out the hassles setting up with Cahoot.
m.lyon 06.10.2003 18:28
I had the very same problem applying originally, but they sorted it out for me. Great op. marc
Advantages: 24/7 banking facility, instant access, £500 a day from cash machines, good interest rates. Disadvantages: Internet only manipulation. Deposits via the mail or post office can introduce some delay.
quoia 15.07.2001 (02.08.2001)
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Oct 5th, 2003
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