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

Denza

hairyfishman wrote: »

In the meantime, I've also written to the Unfair Contracts team at the FSA; reading their website, they base their decision on whether to act partly upon how many people may be affected - may I suggest that all the people watching this board write / email the unfair contracts team ([EMAIL="unfair.terms@fsa.gov.uk"]unfair.terms@fsa.gov.uk[/EMAIL]) / Unfair Contract Terms Team, Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS, mentioning clause 13 (the one which gives Santander carte blanche to raise the rates). Might be worth contacting the OFT too; I'll do that this afternoon.

I've just fired off the FSA complaint citing what I certainly consider to be unfair terms as requested.

Unfortunately I do not believe that OFT can process complaints of this nature directly and you would have to go via Consumer Direct.

Good luck to all.

kenny_straw

I asked my adjudicator was there any movement or likely timetable for a decision....he just said they are still waiting an all the information from Santander....a lot of similar complaints...bla...bla ..bla...anyway he said not to expect any update for about a month.
Before Farmers decision I was quite looking forward to a decision....not so optimistic now though...
Good idea by the Hairyfisherman to send off complaints to the email address supplied. I will do this today.
Good Luck All!

Duncton

denza/hairyfishman - in your email to the FSA, have you made mention to the existing complaint with the FOS?

hairyfishman

Hi Duncton,

In my letter to the FSA, I did mention that I had a complaint outstanding with Santander, BUT that I was aware they couldn't / wouldn't get involved in my specific complaint, and so didn't expect them to; however I would like them to investigate in a "general" capacity.

I also made them aware that I'd send more information if they wanted.

A week later, I've heard nothing from them; not sure if they would get involved directly with an individual. However, if enough people make them aware of this issue, maybe they'll step in from a high level.

Denza

Duncton wrote: »

denza/hairyfishman - in your email to the FSA, have you made mention to the existing complaint with the FOS?

Absolutely. In fact I submitted a lot of recycled "evidence" from the FOS case. The FSA will have zero input into the case as such but any regulatory ruling on the T&Cs would clearly have an impact from a FOS adjudication perspective.

That being said; on full review of the FSA guidelines this morning I note that:

"We don’t deal with complaints about contracts concerning personal loans, hire purchase, credit cards or other credit products. The Office of Fair Trading (OFT) deals with these. You can contact them through Consumer Direct – see Related links."

Which is somewhat strange considering that:


"We are the independent body that regulates the financial services industry in the UK."


Which includes all of the following with respect to unfair terms:

• mortgages and the selling of mortgages;
  
• insurance and the selling of insurance;
  
• bank, building society and credit union savings accounts;
  
• pensions;
  
• investments; or
  
• long-term savings.

The FSA therefore advise contacting the OFT via Consumer Direct... even though Consumer Direct ceased to operate from March of this year (God bless the Age of Austerity*).

* Santander UK plc exempt

Have been redirected web-wise to "Adviceguide" whom I will try to engage later today.

Good luck to all.

dubois-chabert

Hi, I'm new to this forum and I got really excited when I read the first few pages of posts about payments from Santander re. the interest rate increase. I had a Flexiloan worth about £12k from 2000-2011 when I eventually paid if off. I remember being very frustrated at the rate hikes, and that's why I eventually found a cheaper loan and paid off the Flexiloan.

But then I jumped to the last page of the posts and suddenly saw that everything had changed, and Santander were no longer paying out. Gutted Our family could really do with the money.

The questions I have are:
* Is it still worth sending the email to Santander?
* When they reject the request for a refund, is it still worth sending it to the FOS?
* Is all now LOST????!!! Is there any HOPE???

Thanks in advance for any advice.

hairyfishman

Hi Dubois,

It will cost you nothing to send an email to the ceo address ([EMAIL="ceo@santander.co.uk"]ceo@santander.co.uk[/EMAIL] / Lord Burns, Abbey House, 2 Triton Square, Regent's Place, London, NW1 3AN), and if they reject your complaint, the FOS complaint is free to you (tragically it will cost Santander £500 per complaint) so you really have very little to lose. It will not be a quick process, but it is easy (plenty of template letters / contact info on this thread, and others) and free for you. The only way big banks ever give way is under pressure; sheer weight of numbers.

Regards,

Annie021063

Got the rejection letter so now might as well go for FOS, do I tell Santander that I will be following this route? Should I have one last bash stating I am aware of refunds and gestures of goodwill being made so why is it ok for some to get refund and not others (certainly don't begrudge successful claimers a penny) what do you think?

oscar52

hairyfishman wrote: »

To anyone considering not bothering to complain to Santander; each complaint to the FOS costs Santander £500, so if the amount that they have "acquired" from you is below that, they may settle;

hairyfishman wrote: »

Hi Dubois,

It will cost you nothing to send an email to the ceo address ([EMAIL="ceo@santander.co.uk"]ceo@santander.co.uk[/EMAIL] / Lord Burns, Abbey House, 2 Triton Square, Regent's Place, London, NW1 3AN), and if they reject your complaint, the FOS complaint is free to you (tragically it will cost Santander £500 per complaint)

Regards,

I believe the fee has recently risen again, to £700. Also, just because FOS get a complaint about a firm, doesnt automatically mean a fee is charged. The complaint wopuld have to be upheld.

If it were the case that they got charged anyway, then we could easily cause banks to close just by lodging a complaint (irrespective of any account) - Whats 65 million * £700?

hairyfishman

I believe it costs the company regardless:-

(not allowed to post link here, google "fos complaint costs")

perhaps to encourage banks to a) keep customers happy and b) settle low value claims in house...

Which Santander don't seem capable of anyway...