Cahoot Loan problems

milliemonster

I have a cahoot loan which has now been taken over by Santander, it was initially a flexible loan at a low interest rate but was hiked up like I believe many others were.

I have had various emails from Santander recently to say I would no longer be able to withdraw funds, and that online access to the loan was also being withdrawn which was a bit of a pain as I am overpaying this loan each month to pay it off and like to check the balance as I do so.

However, the rest of the terms and conditions were remaining the same apparently, until today it seems.

I checked my online banking today as I do every morning to see that they have taken a sum of £50 today towards this loan (it says Cahoot Fixed rate), this has been set up as a DD without my knoweldge and is in addition to the monthly payment that was paid by DD only a few days ago (which was in excess of the minimum monthly payment)

I have had no communication from them regarding additional dd's they would be taking so I don't know what is going on, can anyone advise?

thanks

[Deleted User]

if the dd has been taken without your consent talk to your bank and ask them to recall it now

Dabooka

Who do you bank with?

milliemonster

Dabooka wrote: »

Who do you bank with?

HSBC, I have finally managed to get through to Santander Customer Services and they have no idea why it has been set up, they can only put it down to a glitch during the transfer process. They did say they could refund me but it would take up to 19 days, or I could ask the bank to recall it under the DD guarantee, but fortunately, I have enough in my account to cover the payment anyway so have just left it. I just told them I was more concerned as to how and why a DD has been set up without my knowledge, they are going to investigate and write to me to let me know the outcome. In the meantime they have cancelled this additional direct debit.

So I guess, anyone who has a cahoot loan, check your bank accounts in case I'm not the only one this has happened to!

dolly74_2

Same thing happened to me. Just had a nasty surpise that £75 has been taken out twice. My mortgage comes out next weekas well and cant afford it so currently trying to get through to my bank to sort. Once I am through with this loan will be giving cahoot and Santander a very wide berth indeed. The way this transfer thing with the loan has gone, the interest rates etc and now this it is a complete nightmare.:mad:

finley909

Does this rogue Direct Debit show up in your Cahoot account manager under the Direct Debit tab?

milliemonster

finley909 wrote: »

Does this rogue Direct Debit show up in your Cahoot account manager under the Direct Debit tab?

No because we can no longer access the loan account online, or via cahoot online banking as it is now owned by Santander and we can only service the loan via telephone!

finley909

milliemonster wrote: »

No because we can no longer access the loan account online, or via cahoot online banking as it is now owned by Santander and we can only service the loan via telephone!

I assumed you meant that a Direct Debit had been set up to repay the loan from your Cahoot current account which is still accessible online.

I've been advised to go into a Santander branch and pay this months repayment then set up a DD in a branch.

So was this DD set up on another current account without your knowledge? Get an indemnity claim in there with your bank.

milliemonster

Yes the original DD to pay the monthly payment to my cahoot loan was set up from my HSBC account, this comes out on the 23rd of every month, which it did this month, I noticed on 25th that an additional DD payment had come out of my HSBC account to service this loan, but I had not set this up and Santander claim to have no knowledge of why this has happened.

Will wait with baited breath to find out why!

finley909

This is quite worrying. How is a bank as large as Santander able to get away with this kind of behaviour?

Has anybody had a postal statement from these guys yet? Just wondering how we're expected to manage the loan. Surely we're not expected to call up every now and then to check on it !

jennieshrew

I've just noticed the same thing on my online banking as I have a Cahoot flexible loan. I now have two direct debits on my account, one to Cahoot, and this mystery new one called Santander Loan. I had no idea my cahoot loan was now part of Santander and have been trying to work out how this DD got on to my account.

I was just about to transfer all my credit cards to this account but I couldnt log in to my account. I called them and they said the account has been frozen and the loan facility withdrawn.

No notice has been given although they told me that I should have been notified, should have had a letter and will receive statements through the post. I had an email a few days ago to say my statement was available online so I dont think they are sending out a very good impression. Nightmare basically.