Santander rip off with 20% loan started at 7 % with cahoot transferred

Fiddlestick

FOOTYCOACH wrote: »

The reason I am mad is that the FSA are allowing Banks to raise the interest to what they like and no one is monitoring them.

Nobody NEEDS to monitor them - they are operating the loan exactly to the terms of the agreement.

If I was told at the time of selling the product that the interest rate would go to that level then I would of taken a fixed rate.

But you *were* told - the clue is the fact that the rate is variable.

I have not received any information from anyone why it went to 20% and why it has not been reduced in 2008 when the rates were all cut.

They don't need to give you a reason.

There is no need for them to reduce the rate - it's a variable rate loan, not a tracker rate.

Yes i can transfer the loan but I should of not been misold in the first place costing me thousands.

You were not mis-sold the loan.

You made a poor financial choice and you are now paying for that poor choice.

Either suck it up and pay the money or take out a fixed-rate loan to clear it off.

opinions4u

FOOTYCOACH wrote: »

I have not received any information from anyone why it went to 20% and why it has not been reduced in 2008 when the rates were all cut.

I refer you to post #4.

I thought I provided fairly good information.

I assume you will click the key accordingly.

The FSA should be not allowing the Banks to make fat big profits out of people such as myself

Stating the obvious, profit making companies exist to make profits out of their customers. Do you think loss making banks are a good idea?

I should of not been misold in the first place

Has it crossed your mind that you mis-bought?

FOOTYCOACH

You are not getting my message Banks should not be able to make big fat profits like Cahoot and Santander, you obviously work for the Bank who likes big fat profits for yourself. As I said before they are good at putting the rates up but donot bring them down for the customer and their customer service is rubbish see watchdog

opinions4u

FOOTYCOACH wrote: »

You are not getting my message

Oh don't worry. I understand your message. But have you bothered to try and understand any of the responses that you got?

Banks should not be able to make big fat profits like Cahoot and Santander

Why shouldn't banks be allowed to make profits? Please expand on this.

you obviously work for the Bank who likes big fat profits for yourself.

No, I don't.

As I said before they are good at putting the rates up but donot bring them down for the customer and their customer service is rubbish see watchdog

And my post #4 gave you some explanations for the rates going up.

You mentioned approaching the FOS for help. What was their response?

aloiseb

OP, you have just come up against one of the great truths: life isn't fair.:mad:

Wait until you have a house in negative equity - we've spent 17 years so far trying to get out of that one. (Suppose we are lucky to have a house at all...lots don't)

It's no good being bitter about it - just get on with finding a fixed rate Santander will let you move to. Of course they didn't explain what might happen to the interest rate - it wasn't in their interest (sorry) to do that. But it's definitely in your interest to admit to yourself that you made a mistake, and move on.

ILW

Negative equity for 17 years, how did you manage that?

Apples2

It was a Cahoose

FOOTYCOACH

I have approached the FOS and I am awaiting a reply1

_Andy_

FOOTYCOACH wrote: »

I have approached the FOS and I am awaiting a reply1

Well done for wasting their time - people like you clog them up with ridiculous 'complaints' meaning legitimate complaints take ages.

What do you think they're actually going to do? Write back and say "you're right you know - banks shouldn't be allowed to make profit or vary the rate on variable rate loan agreements - thank you so much for bringing that to our attention"?

What's your next move - complain to Tesco if they raise the price of bread?

Should no-one ever be allowed to make profit or vary variable things?

halifax71

Once again this site brings out some rather disturbing comments.

You signed, it's variable, the banks need to treble their profit - etc

Absolute disgrace - you should be ashamed. :mad:

To the original poster. You need to look at your terms and conditions and then investigate: -

- The Unfair Terms in Consumer Contract Regulations 1999.

One of the many extracts of the OFT guidance states: -

A term which merely says that variations will only be 'reasonable' or will only be made 'reasonably', is unlikely to be any fairer than one which contains no such qualification, unless there can be little doubt in a reasonable consumer's mind as to what sort of variation, broadly speaking, such wording allows, and in what circumstances. Where the criteria of reasonableness are vague, or clearly meant to include the best commercial interests of the business, there will be scope for the supplier to change the bargain unfairly to the detriment of consumers, simply on the basis that he needs to protect his profit margins.

Disgusted once again - Martin would be ashamed to be associated with such drivel.