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

oracleman

persianface wrote: »

Message for oracleman

How long did it take to get a resolution from Financial Ombudsman?

How much did you get and did they calculate away back to the start of your loan or just when Santander took over?

My original complaint was sent back in July last year, with a reminder sent in January! Eventually got a reject letter last week.

Thanks

It took about 4 months in total from when I submitted to the FOS to a resolution. Got just short of £1,000 and it was calculated back to the start of the loan at the original rate. Slow process, but hang in

MHO_2

One month gone, so only 3 months or so to go :-(

Cell

While we're waiting (;)), is there anyone looking in whose case has been rejected by the FOS?

Attackthebanks

Well after writing to them as i didn't know my account number etc, they said they didn't keep account info over 5 years old, so they couldn't help me!
Then i had a brain wave....
Cahoot was one of the creditors i had on my DMP, so i contacted them and they provided me with the info i needed.
Long story short, i emailed the ceo email address 5 days later, knock back letter received!
So it's off to FOS.
Btw does this have to be done via post, or can you submit your complaint over the phone?

Cell

You can ring them, though I've never been answered in under 10 minutes, and they'll take the details, fill in a form and send it out to you to add your own documents and complaint details and then return.

The advantage of this is that you get a reference to quote:o

I actually faxed the documents a week ago on Friday and checked that they had been received last Tuesday - they had. No acknowledgement as yet but they're clearly under the cosh.

Attackthebanks

Cell wrote: »

You can ring them, though I've never been answered in under 10 minutes, and they'll take the details, fill in a form and send it out to you to add your own documents and complaint details and then return.

The advantage of this is that you get a reference to quote:o

I actually faxed the documents a week ago on Friday and checked that they had been received last Tuesday - they had. No acknowledgement as yet but they're clearly under the cosh.

Got my ref #, their sending me the complaints form to add my details etc.
Cheers for the help!

bankbasher2000

Hi All

I just signed up on the back of reading this thread, I took out a Cahoot Flexible Loan back in 2005, £10k @ 6.9% apr, now the rates have risen steadily to just under 20% which means nearly a 3rd of my monthly payment is now swallowed up by interest payments - somewhat crippling as I still have £3k outstanding.

It looks as it everyone is generally successful, be it direct or via the FOS, I'm not sure what the best way to word a letter of complaint, would someone be kind enough to send me an idea of what needs to go in it so I can get the ball rolling.

Thanks

J

Cell

There are many examples, expecially in the first half of the thread, but mine was something like this:



RE: Cahoot/Santander FlexiLoan ****** – Unfair Interest Charges

I refer to the above account, which you took over from Cahoot some time ago.

When the account was originally set up the interest rate was reasonable (around 6%APR?), but over time it increased to the point where I feel that the amount being charged was unfair (20%APR). I believe that this process started in around 2006. The product did come with a variable rate, but any increases must be fair and proportionate. There seemed to be no justification for the increases, and as this was a loan product essentially it seemed that ‘credit card’ procedures were invoked in increasing rates over which the customer had no control or opt out.

I wish to complain that these rate rises were unfair and the rate rises and final rate were unreasonable. I am currently in touch with other customers with these products who have had success with interest rate refunds/reductions (through FOS involvement) and look forward to receiving your response and proposals.

I look forward to hearing from you.

Essentially you just need to get the ball rolling...you'll get turned down in the first instance anyway, so it's best to save any extra detail for the inevitable FOS complaint:o

bankbasher2000

Brilliant, thank you Cell I'll give it a go and post the progress .. fingers crossed!

aer_2

I like many others, saw the posts here and thought "nothing ventured" etc.....

I had a loan for seven and a half years from feb 2002 after which I eventually got another sensible rate loan to pay off what I owed... I am still repaying this loan, so effectively still clearing what I owed them I guess (only 8 months to go :rotfl:)

I got the standard knock back letter, contacted the ombudsman, got a reference number and downloaded and completed their complaint form and sent that off.

I have also sent Santander a letter detailing why I'm going to the ombudsman, with a list of things that i'm not happy with. Not only the interest hikes, but the way they didnt answer the questions I stated in the initial complaint, such as sending me a copy of the initial loan docs, etc etc...

Hopefully I will get a response sooner rather than later but judging by the other posts I will have to wait my 12 weeks and be patient!

Good luck everyone and thanks for the inspiration...