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

Flyboy757

Letter from FOS saying they have a large number of complaints so will be 8 weeks before they deal with it.
My complaint went to them last week.

pheonixrising21

At the mo, I'm still going back to the chairman's office at Santander. Each time they respond they quote a different clause to justify the rises. They just can't get a straight story together.

For example, they stated in one reply to me that the Bank of England base rate rising between 2006 and 2008 was a reason for some of the rises in my interest rate. I checked and the base rate rose from around 4.5% to 5.75% during this time. I then went bank to them to point out that the base rate fell in 2009 to 0.5 % but my interest rate didn't fall at all. They didn't mention this at all in their next reply, instead moving on to "running the business prudently" as the reason for the rise.

I'm going to stick at this for a couple more rounds to see if they relent (or at least until they clarify their position). If they still don't refund, I'll have a load more evidence to send to the FOS

oracleman

pheonixrising21 wrote: »

... They didn't mention this at all in their next reply, instead moving on to "running the business prudently" as the reason for the rise.

Ask them to explain exactly in what way "running the business prudently" is a valid clause and why this had an impact on your rates..

This is pretty vague statement and therefore may be deemed unfair under the Unfair Terms in Consumer Contract Reg 1999.

I asked them and was told be clause it is valid, no explanation nothing. I pointed out its an unfair condition no response.

pheonixrising21

oracleman wrote: »

Ask them to explain exactly in what way "running the business prudently" is a valid clause and why this had an impact on your rates..

This is pretty vague statement and therefore may be deemed unfair under the Unfair Terms in Consumer Contract Reg 1999.

I asked them and was told be clause it is valid, no explanation nothing. I pointed out its an unfair condition no response.

I mentioned those regulations in relation to the "any reason that is valid" clause. They didn't respond to that either.

I have mentioned it again in my latest response to them and asked them to explain what it means. They said 14 days for a response on it. Should get something at the end of next week.

Devonian_Devorah

Thanks Flyboy757

Yep, it was the standard letter which rather makes a mockery of their review of my complaint. I emailed my complaint to both the CEO and Executive Complaints at 16.45 on 17 July and their 'thorough investigation' concluded by sending out the said letter the following day!!!

Flyboy757, did you request a SAR and if so was it comprehensive or did it omit information?

thet_3

Today,

I have had an update that my credit limit on my Flexi loan has been changed from £7500 ( Original ammount) to £0 even thought I still have a balance

This was one of my main thing I complained about along with the unfair interest rates for 17%.

anyone else had this happen to them?

MCSAVE

thet wrote: »

Today,

I have had an update that my credit limit on my Flexi loan has been changed from £7500 ( Original ammount) to £0 even thought I still have a balance

This was one of my main thing I complained about along with the unfair interest rates for 17%.

anyone else had this happen to them?

Thet, How did they notify you and did they give a reason? Not happened to me as far as I know.

Flyboy757

Devonian_Devorah wrote: »

Thanks Flyboy757

Yep, it was the standard letter which rather makes a mockery of their review of my complaint. I emailed my complaint to both the CEO and Executive Complaints at 16.45 on 17 July and their 'thorough investigation' concluded by sending out the said letter the following day!!!

Flyboy757, did you request a SAR and if so was it comprehensive or did it omit information?

I did request all the details re the loan... None of which have been sent. But the FOS will gain a copy of the SAR direct from Santander.

jace65

Devonian_Devorah wrote: »

Things are moving very quickly at Santander! My standardised rejection letter arrived this morning (dated 18 July 2012). My initial and only email complaint was submitted on the evening of the 17 July 2012!

I sem to have started mine on a similar date to you............emailed Saturday 14th July, reply from Santander dated Monday 16th July!!

I have just replied to there letter asking for some further clarification, specifically: Flexibility, the meaning of "Prudently" and why I'm penalised i.e. being charged more so that they can "continue to offer" this product (which they aren't anymore!!)

I have also talked about the Bank of England Base Rate, which is something they mention in their T&C's.

I have ended my letter by stating that I feel that this is an unfair relationship, as defined by the Consumer Credit Act 1974 and I expect the loan and interest rate to be adjusted accordingly!!

Will see how long they take to reply, and then it's off to the FOS....

J

VanGoghsEarhere

thet wrote: »

Today,

I have had an update that my credit limit on my Flexi loan has been changed from £7500 ( Original ammount) to £0 even thought I still have a balance

This was one of my main thing I complained about along with the unfair interest rates for 17%.

anyone else had this happen to them?

Not that I know of, and kinda hoping that they don't as I'm sure it won't look too good on credit reports. In fact, I'd make a point of contacting CRA's and stating that the loan amount outstanding has been agreed (so to speak) otherwise it may look like you've been on an unauthorised spending spree. I could be wrong but I think that it would be wise to check it out.