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  • FIRST POST
    harry6854
    Santander are now refunding interest payments on Cahoot flexible loan's
    • #1
    • 29th Oct 11, 9:14 AM
    Santander are now refunding interest payments on Cahoot flexible loan's 29th Oct 11 at 9:14 AM
    This is the discussion thread for the following MSE News Story:


    Back to original post, and a big thank you to Harry for this (as we've said in the story above).

    Santander are now refuding past interest paid on Cahoot flexible loans!!


    Myself and a number of others have secured thousands of pounds in refunds - I had my interest recalculated from 2006 to present day at 6% and was given a £8000 refund!! This is not a joke - it would appear someone has had success with a Financial Ombudsman claim and now there are paying out.

    I have been contacted by other's who state that this also works for closed account's.

    The best way to complain is by contacting the CEO office at the email the ceo's office
    (ceo@santander.co.uk)


    Spread the word!!! Any issues private message me
    Last edited by MSE Guy; 21-02-2012 at 4:18 PM.
Page 1
  • MONEYSAVER
    • #2
    • 29th Oct 11, 1:17 PM
    • #2
    • 29th Oct 11, 1:17 PM
    I have just PM ed you thanks
    • Oliviasmom
    • By Oliviasmom 30th Oct 11, 12:29 AM
    • 33 Posts
    • 21 Thanks
    Oliviasmom
    • #3
    • 30th Oct 11, 12:29 AM
    • #3
    • 30th Oct 11, 12:29 AM
    How is this possible? Surely the interest rate u agreed on was signed for? I got a 5k loan
    At 8.9% then 2 years later added another 1k on and the interest was then 26.9% is this similar to your situation?
    • happy_bunny
    • By happy_bunny 30th Oct 11, 8:21 AM
    • 4,480 Posts
    • 1,759 Thanks
    happy_bunny
    • #4
    • 30th Oct 11, 8:21 AM
    • #4
    • 30th Oct 11, 8:21 AM
    How is this possible? Surely the interest rate u agreed on was signed for? I got a 5k loan
    At 8.9% then 2 years later added another 1k on and the interest was then 26.9% is this similar to your situation?
    Originally posted by Oliviasmom
    It all depends on the exact circumstances and loan type. Was this the flexible loan or was it fixed rate?

    Fixed rate, and there's little you can do as you knew the rate when you signed up to it.

    If its a flexible loan:
    but jacking up the interest by that much on a existing loan is pretty unfair (hence the refunds on complaint). Bit harder when you also spend at the higher rate.

    I had around 12k that got rate rises from 9 to 23%, I spent a little on it but most was already there when they rate jacked me.

    I said it was unfair to lend me 12k at 9% then just keep saying 'we've put up your rate' with no reason given'.

    In the terms and conditions it said the interest rate was variable, but the handling of the account still has to be fair.

    HTH
    • Oliviasmom
    • By Oliviasmom 30th Oct 11, 10:35 AM
    • 33 Posts
    • 21 Thanks
    Oliviasmom
    • #5
    • 30th Oct 11, 10:35 AM
    • #5
    • 30th Oct 11, 10:35 AM
    Thanks for the reply.

    My paperwork clearly states the higher interest rate I just don't know what they give me such a low rate on 5k then such a rate on 26.9. That's seems unfair but I agreed it so I'll just have to put it down to experience. 6k all together and I'm paying back almost 10k. For the 5k I was paying £6200 all in. I've been so silly :S
  • harry6854
    • #6
    • 30th Oct 11, 11:29 AM
    • #6
    • 30th Oct 11, 11:29 AM
    I don't know why Santander are refunding - I asked them and they would not tell me. I think its because someone had a successful FOS claim but what the reasons were I don't know and can only speculate but there must be something because they did;nt even try and put up a fight. But in the end who cares why, I got £8k back and I know lots of others who have had similar.
    • Oliviasmom
    • By Oliviasmom 30th Oct 11, 1:24 PM
    • 33 Posts
    • 21 Thanks
    Oliviasmom
    • #7
    • 30th Oct 11, 1:24 PM
    • #7
    • 30th Oct 11, 1:24 PM
    Well done. Wish I could get something similar?!
  • harry6854
    • #8
    • 31st Oct 11, 9:01 AM
    • #8
    • 31st Oct 11, 9:01 AM
    Just to note - this applies to Cahoot product only. And then only to the Flexible loan product.
  • paul2funky
    • #9
    • 5th Nov 11, 7:10 PM
    • #9
    • 5th Nov 11, 7:10 PM
    Nice one for the tip off! have just sent a complaint email to the CEO office - will see what happens. My loan has only been £1000 which is still in repayment, but I still reckon I could be due a refund of £100s
    Proud to be dealing with my debts!!
  • tremendous
    Hi,

    First post! I too had a Cahoot Flexi Loan that changed to Santander.

    How do i go about trying to reclaim unfair interest charges? What do i need to include in my letter of complaint?

    Thanks,
    Last edited by tremendous; 07-11-2011 at 6:18 PM.
  • Northumberland Guy
    Both my wife and I have had these, can you PM me some details of what you did please?

    Thanks
    • teddyclown
    • By teddyclown 8th Nov 11, 7:04 PM
    • 21 Posts
    • 19 Thanks
    teddyclown
    That's very interesting, Harry6854. I have one of these Cahoot flexible loans which was switched to Santander. Originally at 8%, now 20%. I have emailed as suggested and will see what happens. For some odd reason they have stopped sending me statements - the last one I have on file is March this year - then nothing. Have rung them several times and each 'bod' promises me a statement will be put in the post - but still nothing to date.
    Thanks again....
    • happy_bunny
    • By happy_bunny 8th Nov 11, 7:08 PM
    • 4,480 Posts
    • 1,759 Thanks
    happy_bunny
    You can also email to the complaints address on here:
    http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&cid=121060 7166846&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_A COM_TemplateA2

    You will get a reply from here.
    • teddyclown
    • By teddyclown 9th Nov 11, 8:01 AM
    • 21 Posts
    • 19 Thanks
    teddyclown
    Thanks for the link happy_bunny. I'll give it a few days and see if I get any response. If not, I'll forward my email to their complaints department. Harry6854, how long did the process take you - did they respond fairly quickly?
  • Im78
    Hi all

    Thanks for the tip about this.

    I emailed using the CEO email address on Monday no reply as yet.

    My cahoot flexible loan opened in 2003.

    What specific reasons are people putting for submitting these complaints/claims ?

    TIA
    • happy_bunny
    • By happy_bunny 9th Nov 11, 9:43 PM
    • 4,480 Posts
    • 1,759 Thanks
    happy_bunny
    As I mentioned in a post above, based on the following. PM me if you want a copy of my complaint letter:

    "jacking up the interest by that much on a existing loan is pretty unfair (hence the refunds on complaint). Bit harder when you also spend at the higher rate.

    I had around 12k that got rate rises from 9 to 23%, I spent a little on it but most was already there when they rate jacked me.

    I said it was unfair to lend me 12k at 9% then just keep saying 'we've put up your rate' with no reason given'.

    In the terms and conditions it said the interest rate was variable, but the handling of the account still has to be fair."

    Hi all

    Thanks for the tip about this.

    I emailed using the CEO email address on Monday no reply as yet.

    My cahoot flexible loan opened in 2003.

    What specific reasons are people putting for submitting these complaints/claims ?

    TIA
    Originally posted by Im78
    • arbroath lass
    • By arbroath lass 11th Nov 11, 7:59 PM
    • 1,566 Posts
    • 3,829 Thanks
    arbroath lass
    I sent an email and got an email response within a couple of days. Within a week I'd a phone call from someone called Richard, saying, as a gesture of goodwill, they would refund the difference between the original interest rate and any increases.

    I was advised it would take about a week to do the calculations and, sure enough, I got another call about a week later with a figure. I was told the amount was over what Richard could authorise and he would pass it to his supervisor for authorisation and they would be in touch again next week.

    I must admit it seems to easy. I can't help but think it is too good to be true. Has anyone other than the OP received any money?
    • teddyclown
    • By teddyclown 11th Nov 11, 8:10 PM
    • 21 Posts
    • 19 Thanks
    teddyclown
    I emailed on 8th November (Tuesday of this week) and nothing as yet. I'll give it a week, and then copy my email to their complaints section - link kindly supplied by happy_bunny. It would be great to get something back. I am really struggling with finances at the moment. I am self employed and have a shop - and business is just dire at the moment.
    • XXSCOTSLASSXX
    • By XXSCOTSLASSXX 11th Nov 11, 8:20 PM
    • 407 Posts
    • 575 Thanks
    XXSCOTSLASSXX

    I must admit it seems to easy. I can't help but think it is too good to be true. Has anyone other than the OP received any money?
    Originally posted by arbroath lass

    I received letter a month ago with calculations etc, sent off the acceptance ...heard nothing since! called last week as payment due (refund will clear the outstanding balance) and was advised will be another 3-6 weeks before applied to account grrrr think they stalling a bit

    Just for info: my calculations letter came from Customer Retentions.... acceptance form was sent back in pre-paid envelope to Mortgage Operations (very odd i thot lol)
    Last edited by XXSCOTSLASSXX; 11-11-2011 at 8:24 PM.
    • happy_bunny
    • By happy_bunny 11th Nov 11, 9:28 PM
    • 4,480 Posts
    • 1,759 Thanks
    happy_bunny
    I got £5k+ back but had to go via the FOS.

    My wife just got a letter as well from the FOS, as for some reason Santander just rejected her complaint (probably as she's married to me ) and will be getting back quite a bit of cash, amount TBD but will pay off most of the outstanding balance.
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