We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Santander are now refunding interest payments on Cahoot flexible loan's
Comments
-
Hi Everyone
Congratulations to all who have had settlements so far. Massive thanks to OP for starting this off.
Sent initial complaint email with the template on this site on the 5th of February. Received email today asking for further address details as I have moved address and Santander had not updated it yet. Pretty much same situation as most on here. Will keep you posted on my progress........
Fingers crossed
Cheers0 -
I cannot thank Harry6854 and all the other people who have taken the time and trouble to post and comment on this thread. I had been battling Cahoot/Santander on the flexi loan rate hikes since 22 December 2010 - yes that long. Even the FOS had been involved for the past 6 months. Anyway after FOS can back with a rubbish offer of £100.00 and I had to repay it. I emailed the CEO at santander with the template style used. This was around 22 Jan, I got an acknowledgement in 48 hours. During that time the FOS came back with a £100.00 offer I told them to keep and I would keep on at Santander.
Well today in the post came a letter from Santander recalculating my loan at the original 6.69% for the entire duration. This means the £3229.05 they said I owed was credited to the account - clearing the debt and they also send me a cheque for £326.05 extra. I just cant express how happy and relieved I am - its finally finished 14mths of uncertaintity and misery. You guys gave me the strength to fight the cause which was plainly unfair. Santander wont admit any wrong doing it was a gesture of good will - to me its finished.
Thank you Thank you Thank you to everyone - fight the good fight and dont let these big companies treat us like this.
Hang on in there ......its sometimes is worth it
Harry you will have helped hundreds... a true saint - thanks XXXX0 -
I cannot thank Harry6854 and all the other people who have taken the time and trouble to post and comment on this thread. I had been battling Cahoot/Santander on the flexi loan rate hikes since 22 December 2010 - yes that long. Even the FOS had been involved for the past 6 months. Anyway after FOS can back with a rubbish offer of £100.00 and I had to repay it. I emailed the CEO at santander with the template style used. This was around 22 Jan, I got an acknowledgement in 48 hours. During that time the FOS came back with a £100.00 offer I told them to keep and I would keep on at Santander.
22nd Jan?! I'm getting worried I complained on the 8th Jan, chased on 7th Feb and NOTHING!
0 -
For whatever reason it isn't being done in date order. I guess some accounts are more complex than others.
I e-mailed on 11th January and await an outcome, and will give them a call next week. But it's really a case of biding your time I'm afraid.0 -
1st of all a big thanks to everyone involved in this thread i received the magical letter this morning, so hang in there the people who still have not recieived anything yet. I am put in a situation though where i have a decsion to make.
I have been offered the mighty sum of £3400 which cuts my outstanding loan in half. This is what i was roughly expecting so am happy with that. The problem is the interest rate will remain at 20.9% for the remainder of the loan and not at the 12.9% when it was taken out (Late joiner into the program). I am not currently in a positon to clear the remainder of the loan for at least the next 2 years at best so they will rake some of that back.
At least it is a decsion i am having to make and i have been given some money back. Money that did not exist to me at the start of year. Keep looking out for the letter i'm sure it will come soon.0 -
Thanks to the OP and everyone on this thread :T , I have received a letter today saying that my account will be credited with £4059.86 !! within the next 5 - 10 working days
:D
That leaves me with around £1300 to pay off, so I am a very happy bunny today!!
Part of my reply reads:-
We will apply the original 6.69% from the date the loan was opened until the date of our calculation on 25th July 2011.
Why the 25th July 2011 ? shouldn't the calculation be from 5th Jan 12 when I sent my complaint in and not 6 months ago , I have paid another 6 payments since then ??0 -
"We will apply the original 6.69% from the date the loan was opened until the date of our calculation on 25th July 2011"
Got to question that surely as the calc was only performed on receipt of your complaint. Maybe just a typo but still one to be clarified.
newbie1001 makes an interesting point that I have read before, i.e. outstanding balances are not being rebased at the calc rate. This must be worth pushing back on as it implies that you are better off holding your complaint off until the last payment is made (probably 2020 in my case!).
Also the calculation itself surely sets precedence for what the rate 'should' be for the product.
Looking on back on some posts from this thread I've read that Santander proactively rebased some customers APRs down as far as zero, though of course every case will be different.
Interesting to know if anyone has queried this on receipt of a partial payment.0 -
lunch12345 wrote: »Many thanks for your comments.
I rang the FOS as suggested and they advised that they acknowledged my complaint on 6th Jan (I didn't receive it but never mind, it's on their system).
I checked the starting rate again, and it's definitely 6.9 %.
If they do withdraw their offer it's not a big deal, but I truly believe that I should be due a hell of a lot more than £ 500.
Thanks again for taking the time to reply.
Just an update
Got my acknowledgement from FOS stating that they have written to Santander for their side of the story & will revert within 12 weeks.
Reading comments earlier where they have applied the starting Rate at 6.69 % makes me confident that they have miscalculated my rebate (They applied 14 % whereas my starting rate in June 2006 was 6.90%!)
I think if they had sent me a cheque for £ 490.00 rather than credit my loan I may well have taken it!
Can anyone maybe calculate what my actual refund may be?
Loan in June 2006 of £ 5K @6.90 % all the interest rate hikes that everyone had and I dipped in twice with an extra £ 2 K
Current balance abount £ 3.5K
Thanks in advance0 -
Hi there
Not quite sure how this forum thing works, first time. Just wondered I'd someone would be able to help me with my Santander situation by messaging me the template letter to complain?
Muchly appreciated
S0 -
Hi there
Not quite sure how this forum thing works, first time. Just wondered I'd someone would be able to help me with my Santander situation by messaging me the template letter to complain?
Muchly appreciated
S
Account; xxxxxxxxx
I write to raise a formal complaint on the above account. The account was taken out in XXXX with the company Cahoot. I understand Cahoot was taken over in the 2009/2010 period by Santander who had bought the parent company Abbey.
The account was excellent until October 2006 when the company imposed massive interest rate hikes. These interest rate rises have continued .
I wish to complain that these rate rises were unfair and the rate rises and current rate is unreasonable.
Send it to [EMAIL="ceo@santander.co.uk"]ceo@santander.co.uk[/EMAIL]If dogs don't go to heaven, then I want to go where they go. :A0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.5K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards