I had a Cahoot loan that I paid off in full last month and was in the same situation that you are in now. It was a flexible loan for £6000 and it started off in 2002 at an APR of 6.9%, however by the time it was cleared last November the APR was 14.9%. In short, Cahoot are allowed to change the APR without warning (they emailed me to let me know the APR was increasing on about 4 occasions, much to my dismay). I suggest you pay it off as quickly as you are financially able to.

A few years ago I took out a loan from Cahoot. I believe the interest rate was about 7 %.

Now the rate is nearly 15% which is proving to be quite a burden. Are they allowed to make such increases especially when it is difficult to transfer the load to a cheaper lender.

Any advice please will be welcomed

Tee