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

OasisFan1978

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.

Definitely worth trying as mine was only 16.61% as well and I have been very successful.

Good Luck.

samuel.s

I don't know if this means I have had a refund as such but on 16th November I called Santander and asked them to reduce my payments from 300 to 100 per month for next three months. I did this while I investigated whether I was entitled to a refund. The new payment amounts were set to be debited from my account on the 30th of each month.
On 21st November I sent my email to the CEO which was acknowledged the next day basically saying they will investigate.
Today I checked my online banking and they only took £87 and not £100 as arranged.
Is there anyway I can check online with Santander to see my balance?

oscar52

if you have the loan account number you can call 0845 602 2713

samuel.s

I live outside the uk at the moment and 0845 numbers will not work. I will check their website and see if there is a number if calling frm abroad.

savingbox

I requested them to refund over charged interest on my account early November and it took about 15 days to receive the payment. I received over £3000.

Does anyone know about the interest rate you will get charged until the account has been paid off? Will it just stay on the same high interest rate or are they offering a reduced rate until account is paid off?

finley909

savingbox wrote: »

I requested them to refund over charged interest on my account early November and it took about 15 days to receive the payment. I received over £3000.

Does anyone know about the interest rate you will get charged until the account has been paid off? Will it just stay on the same high interest rate or are they offering a reduced rate until account is paid off?

I've received a letter today offering a goodwill gesture of just under £3K. The letter states that the remaining balance will be subject to the current rate of interest (about 20%).

I am pursuing this further and will update on this post once I have any news.

Many thanks to the OP, Harry. If MSE did awards, he would certainly be worthy of one!

InsertWittyName

My interest rate remained the same after 'good will' gesture too (21.08%).

patfla

We complained about the 21.9%rate in 2010 in august they decided to change % to 0% based on complaint and are refundeing a few thousand to the account based on the difference between the origional apr and the move over the years to 21.9% so keep pursuing

David1974

I have a loan from 2003, and was just about to complain to the FOS regarding my interest charges when i stumbled upon this thread.

I complained using the online Santander Website address in addtion to sending an email to the CEO email address. Had a call within a week from Richard (Complaints Manager) who advised that as a gesture of goodwill (but not liability) they would refund me interest over and above my original rate at loan inception and would calculate the amount within a week and let me know. My interest rate is currently around 16.6% according to the statement i get sent each month.

Low and behold, i get a call back from richard and they advise me that they will be crediting the loan account with just over £5,800!

This is such good news, before Xmas too, saving me the hassle and time of going to the FOS and paying off essentially 80% of the remaining loan. 1 easy email, stating my case, followed by two recieved telephone calls and i'm nearly £6,000 better off! RESULT!:T

I can only assume, IMHO, that Santander have accepted internally that these accounts were unfairly administered by Cahoot with Treating Customer Fairly principles in mind together with potentially shoddy adherance to the original T&C's when advising customers of rate increases. Either way, large sums are being refunded, so there must have been an error that they are looking to resolve.


I urge anyone with one of these loans, whether still open or closed to investigate this!

Good luck!:beer:

EKAndrew

so let me get this straight - most folk who have had a return, have had it removed from the balance of their loan? is that correct?

the reason i am asking is that I have about £3.8k remaining on my loan...............i have tried to play about with some interest rate calculations and if my calculations are correct -then i should be due an amount which is larger than what i owe! (if my loan interest rate stayed the same the account would have been cleared about a year ago!!) would they return me the money? or would they just settle the account?

tbh - that is a fairly optimistic way of looking at things, and i would rather just accept that anything they offer me is a "bonus"

whats your thoughts?