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

MHO_2

Anyone had any FOS feedback yet?

mcinta

Hi, Just had the knock-back letter from Santander and looking to progress with the FSO plus another complaint follow up to Santander, anyone got any more pointers? Thanks Al

MCSAVE

I decided to check if my APR was actually 16.61% as quoted on my statements for the last 4 years, so I contacted Santander and was told that the APR was 17.94%. I queried why it was different and they said they'd look into it. I've received a letter this morning confirming the rate is 17.94% with no explaination why.The first page states "Bespoke communication enclosed", I'd hate to see what a ready made letter looks like as they've not answered my question why the 2 rates are different. The full sentence reads " I have investigated your query and would confirm that the current APR on your loan is 17.94% and that your loan is flexible" FLEXIBLE what on earth are they going on about? It's no wonder they have shown no consistency in dealing with complaints, they haven't got a clue what my product is let alone what problems their customers have with it, this stopped being flexible years ago. I'll forward this on to the FOS, although their updates and confirmation of receipt of paperwork has left a lot to be desired.

Hollielujah

After receiving the standard knock back in March I wrote back with some more reasons as to why I think the loan interest should be recalculated and received a reply to that communication at the beginning of May saying that they were "very concerned" that I wasn't happy with their original resolution (well no I wasn't because basically it was a big fat "NO!" to recalculations, etc.) Anyway their response is that they would review their decision and contact me "as a matter of urgency" with another resolution... well needless to say that four weeks later still nothing (incidentally I sent a cheque off for a SAR in March which was cashed early April and still no SAR - am I surprised... erm... no!) So today I have given them a nudge - if nothing is forthcoming pretty quickly I am going to write to a newspaper (the financial problem page) to see if they can help, leaving the FOS as a last resort... BUT I am not going to give up! Hopefully this new resolution I have been promised will be favourable (I hasten to add I won't be holding my breath on that one but **crosses fingers** miracles do happen!

Denza

Hollielujah wrote: »

I am going to write to a newspaper (the financial problem page) to see if they can help, leaving the FOS as a last resort... BUT I am not going to give up! Hopefully this new resolution I have been promised will be favourable (I hasten to add I won't be holding my breath on that one but **crosses fingers** miracles do happen!

I would strongly recommend that you engage the FOS immediately, you really have nothing to lose other than perhaps 20 minutes of your time.

Good luck.

oracleman

On another complaint to do with Santy. I wrote to FOS begining of April, just had a letter today, to confirm receipt of my correspondence, and that it may be upto 4 weeks beofre they come back to me. From past experience, in 4 weeks I get another letter to say we are looking into your case and it may take 12 weeks for it to be assigned to an adjuicator. !!
Watch out, the FOS is dead dead slow..

willsboy

MCSAVE wrote: »

I decided to check if my APR was actually 16.61% as quoted on my statements for the last 4 years, so I contacted Santander and was told that the APR was 17.94%. I queried why it was different and they said they'd look into it. I've received a letter this morning confirming the rate is 17.94% with no explaination why.The first page states "Bespoke communication enclosed", I'd hate to see what a ready made letter looks like as they've not answered my question why the 2 rates are different. The full sentence reads " I have investigated your query and would confirm that the current APR on your loan is 17.94% and that your loan is flexible" FLEXIBLE what on earth are they going on about? It's no wonder they have shown no consistency in dealing with complaints, they haven't got a clue what my product is let alone what problems their customers have with it, this stopped being flexible years ago. I'll forward this on to the FOS, although their updates and confirmation of receipt of paperwork has left a lot to be desired.

Since they've formally notified you by post every month in your statements that your interest rate is 16.61%, I don't see how a "bespoke communication" from 4 years ago would have any relevance. I mean, surely if the statement says 16.61%, that's what you've a right to expect.

My statements state 20%, but after reading these posts, I've a sneaky feeling it's actually 21.94%, so I'll be checking.

MCSAVE

willsboy wrote: »

Since they've formally notified you by post every month in your statements that your interest rate is 16.61%, I don't see how a "bespoke communication" from 4 years ago would have any relevance. I mean, surely if the statement says 16.61%, that's what you've a right to expect.

My statements state 20%, but after reading these posts, I've a sneaky feeling it's actually 21.94%, so I'll be checking.

Willsboy,
The "bespoke communication" comment was the first page of the letter they sent me the other day, not 4 years ago. Their own T&C's state that they should let us know when there is a rate change, so this is a breach of their terms. The reason I was surprised they called it bespoke was because they still state it is a Flexible loan, when it clearly isn't, but then again I shouldn't be surprised with this mob. Well worth checking your APR though, it's only a quick call and they'll tell you over the phone.

trsisko

FOS complaint rasied but i'm not holding out much hope for this one. I guess this debit will still be around when i die!

willsboy

MCSAVE wrote: »

Willsboy,
The "bespoke communication" comment was the first page of the letter they sent me the other day, not 4 years ago. Their own T&C's state that they should let us know when there is a rate change, so this is a breach of their terms. The reason I was surprised they called it bespoke was because they still state it is a Flexible loan, when it clearly isn't, but then again I shouldn't be surprised with this mob. Well worth checking your APR though, it's only a quick call and they'll tell you over the phone.

Thank you for that clarification, McSave.

I had not realised that they had not given notice of the last interest hike, nor that they had continued to show a false interest rate on their monthly statements, over a period of several years.

Something a bit shady there, then!