loan over 10 years and still paying

Hi can anyone help?
i had a cahoot flexi loan in 2006 for £8600 think the rate was around 9%
santander took over the loan and put the rate up to around 23% i think it must of been in 2008 after contacting them today to see how much i had left i still owe around £3600 at this rate i will be drawing a pension before its finished , the amount of interest i must of payed is astounding and would be more comparable with a loan shark, would my best bet to be contacting them direct to put in a compliant or to contact the financial ombudsmen just feel this is never going to go away
any help would be greatly appreciated
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  • [Deleted User]
    [Deleted User] Posts: 26,612
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    What would you complain about exactly? The Ombudsman won't pay off your debt or write it off.
  • i was not expecting them to pay it off or write it off . it was more about the doubling of interest rate just looks so unfair
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    You haven't posted enough information about how this came about. How much did you owe at the time and how much have you borrowed since? It's a flexible loan, so it won't have a fixed rate or repayment period.
  • i started the loan with £8600 in august 2006 and never borrowed any more than the initial £8600
    i know its flexible but that is one hell off a hike ,what worries me is i will never get it paid of at this rate as it still has £3600 left .
    searching on this forum people have had the same experience but no real post for a few years on the subject
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    i started the loan with £8600 in august 2006 and never borrowed any more than the initial £8600
    i know its flexible but that is one hell off a hike
    So why did you accept this interest increase at the time? Why are you only complaining now?
  • i did not know you could decline it
  • i was on the assumption that was the rate they was putting me on and i could not do anything about it unless i paid it off in full
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    i was on the assumption that was the rate they was putting me on and i could not do anything about it unless i paid it off in full
    So why do you think that situation is any different now?
  • since typing in cahoot flexi loan in mse search bar .That is why i am asking because things change which people like me are unsure about ,hence that is why i said about the financial ombudsmen .
    how many people got miss sold ppi (i know nothing about ppi) as the trust was with the banks

    So from the questions you are asking me i take it my own stupidity about finance has got me here (which i know)
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    This really has nothing to do with PPI (or your level of intelligence).
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