Cahoot flexi loan

Steve_123

Hi all, I'm new here !! and in debt like the majority !! lol

Basically I'm on a DMP through the CCCS and recently received notification that my flexi loan with cahoot is now transferred to Santander.

My question is, as I have not signed any sort of credit agreement with Santander nor ever delt with them how can they enforce any sort of agreement on this ?

thanks in advance

Steve

CLAPTON

yes you signed an agreement that said they could do that

Steve_123

I can't see anywhere in the agreement stating this..
the agreement was signed back in 2001.. does that make a difference?

R0bert_Sterling

Stop grasping at straws for goodness sake.

Banks often merge and change conditions. Happens all the time. It would have stated something to this effect at the time.

You are making yourself look ridiculous.

Steve_123

Dear Robert

Please accept my sincere appologies for asking such a basic question about the consumer credit act....
I am not trying to grasp at straws, merely asking a question - this is the first time I have ever encountered this as the majority of debts are passed to a recovery firm not another bank

Are you always this harsh with your comments/replies and personal remarks ?

finley909

Steve:

The transfer of your loan to Santander was legitimate (see T&Cs from your initial loan) and this was explained to customers at least 30 days beforehand.

Robert:

Steve is not by any means the only person not to have been contacted by Cahoot regarding this. Cahoot was plagued with 'technical issues' for years and Santander have had huge problems with their Direct Debits for Cahoot loans.

Since Cahoot took away the online function to check your balance etc... the customers have been left with only customer contact centre support. They have promised to issue paper statements, but have so far failed to do so.

They set up additional Direct Debits from people's bank accounts to pay this loan without the authorisation from customers.

These Direct Debits have failed, no communication made by Santander until arrears letters were issued to them.

They have told some customers that Cahoot had calculated interest incorrectly for years and increased monthly payments due (again, without any formal notice)

They are refusing to officially confirm whether or not their mistakes will affect customer's credit scores.