Cahoot and Consumer Credit Act - Page 2

mcmatty · 20th January 2009, 15:02

Hi to everyone on this thread. I have been reading these groups for a few weeks now and sent various CCA's off. As with other people, I received my PO back from Cahoot and the same agreement as displayed already in this thread.

Im interested to see that there's a few of us in the same boat here. It certainly looks like the APR hike is extortionate and could be the basis of a complaint to the ombudsman.

However I am most interested to see if one of the forum experts can take a squint at the CCA and see if we can start to pick holes here.

Here's hoping for some news.

duckegg · 21st January 2009, 16:15

Hi Yes my credit agreement is the same. Is there any holes to pick? Also I have just received a credit agreement from NatWest which is signed for a balance transfer of £1800. They have then sent a copy of a letter which they say was with the new card saying the credit limit has increased. Can they do this?

volvo62 · 1st February 2009, 20:16

Hi, I have the same agreement ,the signature from the lender is dated before the date of me signing,my understanding is that this means it has not been properly executed.Like the others my interest rate went from 7% to 29%. Surely there must be a way to hit back

bradkb · 4th February 2009, 22:55

In the same boat as many others it seems with Cahoot, started as a cheap loan, now my credit cards are offering less, shame I cannot use them.

My credit agreement is pretty much the same, and after scanning these forums for quite a few months its difficult to judge, if anyone can offer any advice would be much appreciated.

hopkinson · 7th February 2009, 18:05

I have received a letter back from Abbey which says they are investigating. When that process is finished I will put in a complaint immediately with the Financial Ombudsman and see where I get.

king123 · 8th February 2009, 17:56

In the same boat, and subscribing to the thread. I think we need some concerted action here. Hopefully somebody knowledgeable will show up soon - I am not that person!

I have my agreement now too and from memory it's not the same. I don't have the interest rates but am doing a Subject Access Request.

keith4444 · 18th March 2009, 23:13

Hi Hopkinson

I too shall add myself to this list of people with Cahoot agreements identical to yours above.

Did you ever find out if it is enforceable or not? Maybe we need to alert an expert to this thread? Rory32 seems to know his stuff from other threads on these boards!

The increase in interest rates is surely grounds for enticing into unsustainable debt as you say? How are you getting on with that?

Keith

jellybabe · 18th March 2009, 23:39

subscribing

keith4444 · 19th March 2009, 15:26

More expert views on this thread:
Cahoot Credit Agreement - Or is it?
The agreement looks identical to the one in discussion here.
Doesnt look good

keith4444 · 23rd March 2009, 23:04

Bump

Anyone filed a case with the FOS about the interest rates Cahoot are charging?

angiemcp · 24th March 2009, 13:34

Hi

My agreement is identical to this one, and I have forwarded a dispute to Cahoot regarding my CCA. The main body of the agreement does not include a right to cancel and one of the main issues I have is the fact that they signed and dated the agreement before I did, they also have a statement saying that the agreement will only be binding once I have signed and dated and that they have completed their final checks, so this kind of suggests its an application!!!!! Their rates have also jumped up at an extortionate rate which makes it an unsustainable debt. Their full agreement is very vague and I beleive it is one to fight. I started my own thread on this but haven't had mush of a response. I will update you if I hear anything soon

cybermoth · 24th March 2009, 21:49

hopkinson · 25th March 2009, 08:15

I have sent the documentation, including the agreement, and lodged a complaint to the Ombudsman and have had the first letter returned saying they are investigating and contacting the lender within the last week. I am now waiting for their opinion which should come back within the next couple of weeks. I will keep everyone updated on this thread with the progress. Keeping fingers crossed as have had a success this week in reclaiming my PPI from Lloyds after ten years and three knock backs from them over the years including one from the Financial Ombudsman. Obviously the mood has well and truly changed.

keith4444 · 25th April 2009, 13:58

BUMP

Any update for us Hopkinson?

hopkinson · 27th April 2009, 09:22

Unfortunately not. Still with Financial Ombudsman who rang about three weeks ago to say they are looking into it. Hopefully when they see the agreement and the rate of interest now charged they will knock it back. As soon as I get word I will put on website.

keith4444 · 27th April 2009, 22:15

Thanks Hopkinson

We all await your update

Did you Subject Access Request them to get a record of each increase in interest rate? I am about to do this myself.
Good Luck!

hopkinson · 28th April 2009, 09:18

I did get all the paperwork eventually which showed all the hikes upwards but they would not shift and so now with the Financial Ombudsman. I also think that the agreement may not be properly executed as it had no cancellation clause but I will wait for the Ombudsman to come back to me.

keith4444 · 28th April 2009, 22:07

Same as mine then!
I'll get my Subject Access Request off to them ASAP!

Keep us updated mate

Keith

citocoms · 30th April 2009, 20:31

Quote:

Originally Posted by hopkinson

I did get all the paperwork eventually which showed all the hikes upwards but they would not shift and so now with the Financial Ombudsman. I also think that the agreement may not be properly executed as it had no cancellation clause but I will wait for the Ombudsman to come back to me.

I too will keep a close eye on this, I have sent my flexi loan agreement off to a Solicitor for consideration, they have submitted it to a specialist checker company, i will let you know what they say eventually and compare it to the Financial Omsbudsman. I have lots of issues including those mentioned here already, cancellation clause absent, pre signed by Cahoot but not binding until their final checks, APR calculated on an assumed £100, when actual limit much higher (and furthermore they can at their initiation and discretion increase the limit).

Incorrect citing of variation in T&Cs ; refers in agreement to clause 7 General Conditions when in fact it is clause 8 General Conditions.

They increased the minimum payment amount; there is no such clause in the agreement allowing the minimum payment amount to be increased.

The Agreement gives Cahoot the right to increase the Flexible Loan Limit (which I think they did without my requesting this); unsustainable debt, proper checking of ability to repay issues.

The Credit Limit not specifically stated.

This is my wifes, my own suffers the same issues, apart from the wrong clause I think, but my agreement has no Data Protection/Use statement, which my ifes does.

So I will continue to watch this thread with great interest and I will contribute also.

keith4444 · 1st May 2009, 10:23

Some good points there Citocoms!

Can I ask when your (and your wifes) accounts with cahoot started? i.e what year?

Keith

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