Thread: 19.9%

Hello all. I am another Cahoot casualty, and will be reading the threads regularly! I've written to them through their website, and am eagerly awaiting their reply. What's the next step? Oh, just to throw a spanner in the works, I actually now live abroad, so transferring to another lender in the UK is not an option, or is it??

I have a flexible loan with cahoot, the interest rate has jumped to 19.9%. I live abroad, so transferring to another loan is not an option - or is it? Anyhow here's the cahoot reply:

Thank you for contacting cahoot in Coventry.

We have recently undertaken a review of the cahoot flexible loan account, part of this analysis looked at the rates on this account against the rest of the flexible loan market and the increased costs of a flexible loan account. Unfortunately this review has led to an increase in the rate that applies.

The rate change is following a business decision that applies to all cahoot flexible loan account customers. The change is in no way related to the conduct of your account or repayment history to date. however, because of this change I regret we cannot reduce the rate that now applies.

If you would prefer to have a fixed interest rate and not worry about the rate changing again, you may wish to consider an Abbey Loan (cahoot is a trading division of Abbey).

The Abbey fixed rate loan can be arranged online, over the phone or in a branch. Simply go to the Abbey.com website to apply online or give Abbey a call on 0870 609 2430. Alternatively you can drop into your local Abbey branch. You can find a full branch list from the homepage of Abbey.com.

Kind Regards,

John XXXX
cahoot