Cahoot interest rate hike and limit drop

At 10:14:27 on 03/08/2006, paulfoel delighted uk.finance by announcing:

Moved accounts to or from cahoot? Does your salary still get paid into your cahoot account?

But you have 3k nearly on a credit card?

Spend less. Pay off your debt card.

So what ?

Haven't you got anything better than post pointless rubbish in this NG?

At 11:52:07 on 03/08/2006, mogga delighted uk.finance by announcing:

Where did he say that?

"Cut ....from about £6K to £3K (which is about £100 more than is currently outstanding". I make that £2.9K outstanding.

At 16:27:07 on 03/08/2006, Colin Forrester delighted uk.finance by announcing:

And what gave you the idea it was on a credit card, especially since you just snipped the bit that states that it isn't?

Are there any penalties for repaying the loan early?

If not, then see if you can borrow the money somewhere else at less than

12% and use that to pay off the loan. Even if there are penalties, it may still be worth it - do some maths and see.

Gareth.

At 09:30:26 on 04/08/2006, Gareth delighted uk.finance by announcing:

No. The advantage of a Flexible Loan is that you have a credit limit rather than a loan amount. You can pay as much as you want each month as long as you meet the minimum payment. You can also increase the loan at any time by as much as you want as long as you don't exceed your credit limit. It's a sort of cross between a credit card and a 'normal' loan.

Its a flexible loan so you can pay in and withdraw when u like. Quite handy really...

OK its 2.9k on a flexible loan.

Sensible lending indicates to them they think they've been offering too much. The solution is to pay it off.

But to deliberately borrow just because you can would be foolish.

D

At 13:44:11 on 04/08/2006, mogga delighted uk.finance by announcing:

That depends on respective interest rates of loans and investments.

What % of people who card tart don't spend the cash or even manage to get the dates spot on? I assume there's a % who forget the money isn't theirs to spend.

At 04:42:15 on 05/08/2006, mogga delighted uk.finance by announcing:

Dunno. But I'm one of them.

Absolutely. But that's a different matter.