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I joined Cahoot a few years ago, set up a current account and loan for £4000.
I have now closed my current account and I am in the final (painful) stages of paying off my loan.
I have closed my account for two reasons:-
- firstly, I have found Cahoot's customer service provided to be of a very poor standard. Their responses to email queries are at best confusing and at worst, rude and unhelpful. Whenever I have a query, it almost always takes more than two tries by me to get a coherent response. eg: - I closed my current account and reduced my loan limit by £2k in August, two months ago. Cahoot have not updated my credit record to reflect this change and as I'm applying for a mortgage, I need my record to be up to date to get the best credit rating I can. I am now on my third attempt to resolve this very simple issue.[
- secondly, in my opinion they are basically loan sharks and have behaved unethically in relation to my loan account. I took out a loan with a really good rate, below 7%. 18 months ago the rate unexpectedly jumped to 14%, two months ago the rate jumped to 19%. I am not a bad customer, have paid the loan installments on time etc, it's just aweful behaviour on the part of a major Uk bank and I really just want to get the loan paid off and get away from them asap.
I think they are best avoided.
Update - Thank you Claiiiree for your comments, The dramatic interest rate increases pre-date the credit crunch and haven't been linked to any difficulties in the financial markets.
To clarify, the product is a flexible loan and the amount borrowed can be increased easily. This is a really useful aspect product, although not a facility I have used and I certainly wouldn't have taken this product if I had known the rate would more than triple in such a short period.
The following BBC article captures customer reactions quite well if you are interested in finding out more:
And if you think you've been having problems? Their website has been down for 3 days, and their customer call centre hasn't been taking calls. Nor is there any explanation as to what is going on. I have a substantial amount of savings with them which is currently frozen, and I'm wondering if I'll ever get my hands on my cash again :-(
majeedkazi 16.10.2008 10:32
Hi, Welcome to Ciao.....
Claiiiree 16.10.2008 00:31
I hate to say it, but there is a credit crunch and interest rates are up a bit...plus I didnt get the issue with your credit limit...just don't borrow to it...i would have thought it was a good thing, if anything.