Another Cahoot bad deal.

[juice123]

Hi Guys ...,I didn"t realise this Cahoot 'rip-off' was so widely spread>
I took a 6% loan out over 5 years and paid the full 5 year term with no default.I heard nothing from Cahoot over this entire period (kicking myself now as should have kept an eye on it)so presumed all was ok.After the loan period I stopped the direct debit only to then hear from them by 'post' me a letter telling me I'd only paid off 10% of the original amount.
Six months into the loan the interest rate went crazy but they admit they would have only told me via email and not via letter.If they had told me about the interest rate I would have taken action.To make things worse,the email address they had for me was incorrect,they spelt my name wrong yet they spelt it correctly on the posted letter.
They tell me it was a flexible account,maybe but who regulates them?What is stopping then putting the rate up to what ever the seem fit and not informing the customer.

Any guidance on this would be great.
Many thanks....juice123

	The Direct Debit Guarantee • The Guarantee is offered by all Banks and Building Societies that take part in the Direct Debit Scheme. The efficiency and security of the Scheme is monitored and protected by your own Bank or Building Society. • If the amounts to be paid or the payment dates change, we will notify you three working days in advance of your account being debited or as otherwise agreed. • If an error is made by us or by your Bank or Building Society, you are guaranteed a full and immediate refund from your branch of the amount paid. • You can cancel a Direct Debit at any time by writing your Bank or Building Society. Please also send a copy of your letter to us. This is a term of your banking contract and you can sue on it.

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[MARTIN3030]

Welcome to the site.I will move your thread into the Cahoot forums,where you should get some guides.

[juice123]

Many thanks.juice

[Sparklez30]

Hi Juice - just out of interest how much did they alter your rate by?

They got me by changing my fixed charge to a variable rate on a credit card as soon as it got more profitable to them to do so and my complaint is currently with FOS as I still state if they could just alter it to a variable rate and ramp up the charges what was the point in offering me to pick between the two options? Fingers crossed the FOS agree although I'm not very hopeful!

Have you complained about yours to the FOS as well?

	The Financial Ombudsman Service For the most part, don't bother. The Ombudsman is an industry arranged service which is under-resourced, takes too long, lacks clear transparency. You have no idea what evidence the FOS has received from the bank or how your complain has really been handled. The FOS is the preferred complaints route for the banking industry. The county court is to be preferred by consumers for its speed, openness, the quality of its awards and also because it will award 8% interest on top of any damages won by you. The Ombudsman should normally be used to solving little technical difficulties or customer service problems which you have expereinced with your bank.

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.