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

Cell

Still no letter for me.

I'm beginning to think that they took my threat to take matters to the FOS literally and have shelved the claim entirely.

emmapurple

no rejection letter for me either yet, keep expecting it in the post....maybe tomorrow

Denza

Cell wrote: »

Still no letter for me.

I'm beginning to think that they took my threat to take matters to the FOS literally and have shelved the claim entirely.

I'd be surprised if they were that organised.

I'd like to think you might be getting paid but probably they are just busy crafting a bespoke letter for you...

harry6854

So sorry to hear that Santander are no longer paying out on new complaints.
My thoughts are as follows; The original payouts came as a result of a successful complaint via the FOS sometime ago when the result went against Santander, in all the successful refunds Santander would never acknowledge why they had paid out, there is a concrete reason for this - Banks don't just give money away. This complaint also featured in the Daily Telegraph's money column (by Jessica Williams I think). Santander probably expect most customers to take the knock-back and not bother to take the matter any further (this will reduce the amount they are having to payout obviously). If you get a knock-back go to the FOS - the more complaints they get on this matter the better, also Moneysaving expert it's self should help on this matter.

Cell

Denza wrote: »

I'd be surprised if they were that organised.

I'd like to think you might be getting paid but probably they are just busy crafting a bespoke letter for you...

I sent an e-mail reminder yesterday and received two responses today.

One a general 'we will contact you as soon as we can', the other the '7-10 days' which has been received by posters earlier in the thread.

I fully expect a letter to be on the mat when I get home tonight.

fairydust30

Just to let you all know I phoned the number outlined at the top of my 'knock-back' letter and got through to a gentleman who said the lady who deals with this complaint (prob referring to the flexi-loan ones and named in the knock-back letter) is on holiday until after the easter hols. I called them to ask for a list of the rate rises with dates etc. He said they dont have that information without putting a request into Cahoot and that the information wasnt within my complaint (I pointed out that they didnt include that information on my knockback letter) and he said they didnt have it - I said it seemed strange to make a judgement on a complaint without actually having got the details that the complaint is all about - the rates! Because my rates more than doubled!

Does anyone have a list of arguments that they are including in their complaint to the FOS? or does it not matter as FOS clearly know all about it now. Any thoughts...

Cell

Cell wrote: »

I fully expect a letter to be on the mat when I get home tonight.

No letter.

mui7087

Having recently stumbled across this forum - we sent a letter to Santander about the flexi loan with Cahoot. Today we received the 'knock-back' letter we believe everyone is talking about. At first we thought 'oh well, at least we tried' then having read on we have decided to go to the FOS. Will let you know how we get on

halifax71

Cell wrote: »

What's this claptrap? What possible penalty could have been imposed, given that it was a flexible product? As they are quick to point out for a long time it was a flexible loan. Pay what you want, borrow what you want, within the account limits and conditions.

How could they have penalised anyone for taking out a new loan at a lower rate to pay off an account where you could pay anything from the minimum to the full balance at any time - WITHOUT PENALTY?

Fishier than Grimsby Docks.

Think this is an attempt to avoid any claim under the Unfair Terms in Consumer Contract Regulations.

See Schedule 2, 2b http://www.legislation.gov.uk/uksi/1999/2083/schedule/2/made

Paragraph 1(j) is without hindrance to terms under which a supplier of financial services reserves the right to alter the rate of interest payable by the consumer or due to the latter, or the amount of other charges for financial services without notice where there is a valid reason, provided that the supplier is required to inform the other contracting party or parties thereof at the earliest opportunity and that the latter are free to dissolve the contract immediately.

They are probably right, if there really was no penalty / and you wouldn't be worse off for leaving.

My experience of the FOS is that they are incapable of dealing with issues such as this. Essentially they will consider whether the terms of the contract have been complied with, but not whether the terms have been written ambiguously and / or unfairly.

I'd suggest looking under the CCA Unfair Relationship Test provisions which will place the burden of proof on the lender to show that the terms were fair, rather than the need for you to show that the terms were unfair.

You could also ask the FSA to consider a consumer redress scheme http://www.fsa.gov.uk/pubs/guidance/guidance10.pdf

Misspickles

For those whi they are saying an alternative optional lian was offered - it is rubbish - They offered me an alternative fixed loan twice when they tripled my rate. Both time I applied I was rejected! Even though it was the same company, and I wanted the loan to pay off the sky high rate loan they said they couldn't do it!!! So really they offered no choice, no other option, but to trap me into the crippling loan rates.