Fixed APR has been changed???

pigsmightfly

Had a reply now, yey! This has now been passed to an adjudicator to look into and they are just requesting further information from me to build a case so fingers crossed

pigsmightfly

Just an update, spoke to the new adjudicator and gave them all the extra info they needed and they have said they will be back in touch with me, hopefully with an answer in 28 days.

Fingers crossed peeps

fozmcfc

Just to say I've been following this thread with interest, as it is rare that a thread appears on here, where the OP actually has a justified reason to complain.Look forward to the outcome.

pigsmightfly

fozmcfc wrote: »

Just to say I've been following this thread with interest, as it is rare that a thread appears on here, where the OP actually has a justified reason to complain.Look forward to the outcome.

Thanks will keep you updated

pigsmightfly

3 weeks to go and counting.....am really anxious to see what reply comes back. Fingers crossed

Consumerist

Looking forward to seeing the outcome.

pigsmightfly

Well have had a reply from my contact today at FOS as below:

Santander has now informed us that when Cahoot loans were migrated to Santander in March 2010, your account details were mistakenly amended by its system.

The mistake on your account has now been corrected and Santander has told us that it would be prepared to pay you £100 in full and final settlement of your complaint.

You now need to consider this offer. When doing so, you may wish to bear in mind that Santander has recognised and apologised for the distress this issue has caused you and written to me to confirm that:

-you did indeed take out a fixed rate rather than a flexi loan in July 2005 even though you received letters regarding a flexi loan

-your monthly repayments have not altered from the agreed amount, you have not been charged any additional interest nor will you be charged any in the future

-your APR has now been changed to reflect the correct rate of 9.7%

Taking the above points into account, I do consider that £100 is a fair and reasonable resolution to the complaint.

I'm happy so long as the details are changed back to be correct however, I have asked FOS's opinion by looking at my statements on whether they agree Santander hasn't been taking extra money towards interest therefore less coming off my total as I don't understand how to work this out myself and I basically don't trust a word Santander says.

If this is alright then I suppose I have no other option than to accept their £100 apology.

pigsmightfly

Just had this mega fast reply from FOS after my email just now as below:

Thank you for your response. Having studied your bank statements I am convinced that Santander did not take more than the agreed monthly payment from your account. Santander has also sent me correspondence from their internal office to confirm that although the information on your statement was incorrect, you were always charged the correct amount with no additional interest.

I hope this provides some clarification. If there are anymore queries you have, please do not hesitate to get in contact.

So £100 apology it is then

Just makes me mad with Santander that after numerous letters I sent that when I first complained, they never even read them properly and only now that the FOS got involved did they even realise the accounts had been moved over from Cahoot incorrectly.

Anyone else out there who has had a loan moved over, I would get checking you paperwork just in case....

pigsmightfly

Had yet another email from FOS now....

Just to confirm if you accept, Santander has offered to make the payment either via cheque to your address or to an account at another bank. It is completely up to you.

For the second option, they request the name of the bank, the sort code, the account number and the name of the account holder.

Consumerist

pigsmightfly wrote: »

Just had this mega fast reply from FOS after my email just now as below:
. . . I am convinced that Santander did not take more than the agreed monthly payment from your account. Santander has also sent me correspondence from their internal office to confirm that although the information on your statement was incorrect, you were always charged the correct amount with no additional interest.

Your statements should indicate the interest charged each month. If the amount of interest charged did not increase after the "rate change" then it is probable that Santander didn't charge the increased rate. In fact, the interest charge should get slightly smaller each month as the outstanding balance reduced over the term.

You could use the MSE loan calculator to check the numbers.

Hope this helps.