Santander are now refunding interest payments on Cahoot flexible loan's

Kira000

EKAndrew wrote: »

i dont know where to start............i only found this in error. I normally only read the debt free wannabe section
i took out a 10,000 loan in 2001.......still paying, and my interest rate was jacked big time. My statements say my APR is 20%, but when i called them, they told me it was 21.94%

i would very much appreciate if someone could PM some details as to what is required to make a complaint - does it need to be done in writing? or can you call them?

the reason i ask is that I previously spoke to them and said that what they were doing to me was daylight robbery, and the guy just said that there was nothing that he could do

Will PM you as well!

happy_bunny_2

Hi,

I see Kira000 PMd you something to send.

You will be amazed what they will tell you on the phone compared to what they will tell you when you submit a complaint. Not just Santander, but most of the industry from personal experience and what I read on here.

Your case sounds similar to mine, my start rate was 7-8% I think when i took out mine in 2001.

Good luck.

HB

EKAndrew wrote: »

i dont know where to start............i only found this in error. I normally only read the debt free wannabe section
i took out a 10,000 loan in 2001.......still paying, and my interest rate was jacked big time. My statements say my APR is 20%, but when i called them, they told me it was 21.94%

i would very much appreciate if someone could PM some details as to what is required to make a complaint - does it need to be done in writing? or can you call them?

the reason i ask is that I previously spoke to them and said that what they were doing to me was daylight robbery, and the guy just said that there was nothing that he could do

happy_bunny_2

Hi,

I think what you are complaining about has to have happened within the last 6 years, and the rate was jacked when sold to Santander in 2008 I think.

You will be fine with the dates you have I am sure.

You don't need statements, but including your account number would be helpful.

You might want to hold on until they process your address change, or at least mention that when complaining.

You can get the email from here. I see Kira000 PMd you something to send, so good luck.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&cid=1210607166846&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2

HB

BobLoblaw wrote: »

Hello all, this is my first post. I just called Santander to check on the balance of my cahoot flexible loan, which I took out in 2004/2005 for a period of 5 years. The amount borrowed was £2500, and I was told that I still owed just under £1800! This is despite never missing a payment, and not having withdrawn any funds from the account for at least 5 years. Somewhat dumbfounded, a quick search directed me to this thread.

I was aware that Santander had bought the loan, but the last I heard from them, I was told that my interest rate was not going to change. Unfortunately, the original loan agreement is missing from my files (I have moved house several times since taking the loan out) but I think news has spread round Santander staff as I was treated with great politeness by the lady I spoke to, who arranged to send me out a change of detail form in order that my statements can be re-sent.

Could anyone advise whether or not there is a time limit for submitting complaints regarding this issue? I was going to wait until I had copies of my statements etc, but if that will take me over any time limit then I'll get the ball rolling now.

Many, many thanks to the hard work and diligence of OP Harry6854 and everyone else who has posted so far.

BobLoblaw_2

Thanks. My original rate was either 6.9% or 7.9% (I remember as it was considerably lower than the staff rate offered by the bank I used to work for). I also have the a/c no. from my bank statements.

Just waiting on the change of detail paperwork before I can raise an official complaint, but I called them this morning to let them know I wasn't happy.

I'll post updates as and when.

happy_bunny wrote: »

Hi,

I think what you are complaining about has to have happened within the last 6 years, and the rate was jacked when sold to Santander in 2008 I think.

You will be fine with the dates you have I am sure.

You don't need statements, but including your account number would be helpful.

You might want to hold on until they process your address change, or at least mention that when complaining.

You can get the email from here. I see Kira 000PMd you something to send, so good luck.

HB

happy_bunny_2

Sounds about the same initial rate as me. Mine was jacked several times by Cahoot, then big style on sale to Santander.

I remember just getting PMs from Cahoot saying we have increased your rate to x with no explanation.

Good luck.

BobLoblaw wrote: »

Thanks. My original rate was either 6.9% or 7.9% (I remember as it was considerably lower than the staff rate offered by the bank I used to work for). I also have the a/c no. from my bank statements.

Just waiting on the change of detail paperwork before I can raise an official complaint, but I called them this morning to let them know I wasn't happy.

I'll post updates as and when.

EKAndrew

thanks to happy bunny and kira..............will draft the email just and get it sent away

fingers crossed - i will keep you posted with any feedback or responses i recieve

EKAndrew

email sent - and auto response received, part of the email says:
"We can’t respond directly to any questions via this e-mail address, but all e-mails are processed"

if this is the case, how will they get back to me?

happy_bunny_2

Probably means someone else will reply, rather than from the complaints email.

I got an auto response, then a few days later a reply saying we are looking into it. can't remember which email address from.

After that, it was letters.

Give it a week and if you don't have anything give the complains dept a ring to make sure its being processed.

EKAndrew wrote: »

email sent - and auto response received, part of the email says:
"We can’t respond directly to any questions via this e-mail address, but all e-mails are processed"

if this is the case, how will they get back to me?

OasisFan1978

Well when I first saw this I must admit that I was sceptical.

However after PMing the OP who was kind enough to send me his template I sent it off thinking I had nothing to lose.

I received a reply from Santander the following day and within three weeks have had a written confirmation they will be crediting me with around £3.7K to my loan!!!!

Obviously I am delighted with this result but I'm just curious if anyone has been able to negotiate getting a cheque for the value as opposed to offsetting it against the loan. Probably not I'm guessing but either way a superb outcome and many thanks to Harry6854 for his guidance and hopefully this will give some faith to others that this is genuine.

happy_bunny_2

Percys32 wrote: »

Hi, would be grateful of any advice.
My OH had a Cahoot loan taken out in Nov 2002..we cannot remember the exact APR but it was either 6 or 7%. I have checked his statement with Santander and the loan APR is currently @ 16.61%.
Do you think he would have grounds to try and reclaim...after reading the thread i notice that many who have been sucessful have APRs over 20%.

Thanks for any help.

I would complain as it gone up significantly. You have nothing to lose and won't even cost a stamp if you email it