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

Jasmine12

The FOS case fee is £500 (£850 for PPI). This is charged regardless of whether the complaint is upheld or not. There are however some situations where a fee may not be charged.

sonwill95

Hi, I'm new to all this but have had a cahoot flexible loan which I paid off about 2 years ago, quite a hefty sum and the interest rate hikes were high. Can anyone update me with the contents of the first complaint letter so that I can start the ball rolling? Many thanks

Denza

Well it looks like Santander have got this one wrapped up by default, by default of the regulators being incompetent.

In 'farmer1971's adjudication mention was made of alerting the FSA to the T&Cs issue.

However on speaking with the FSA you will learn that for personal loans in general you need to approach OFT.

OFT however will tell you that they cannot accept direct consumer issues as these must go via Consumer Direct (aka Adviceguide).

Adviceguide however have just replied to my detailed consumer concern in this area (in which I referenced the FOS) with:

"[FONT=&quot]I am sorry to hear about the problems you have been experiencing in relation to this issue.[/FONT]
[FONT=&quot]
Based on the information supplied within your email it appears as though your enquiry is outside of the normal remit of the Citizens Advice consumer service as your query relates to a personal loan.[/FONT]

[FONT=&quot]We are however able to suggest alternative agencies that may be able to help:[/FONT]

[FONT=&quot]I would advise that in the first instance you direct your enquiry to the Financial Ombudsman Service (FOS)."

[/FONT][FONT=&quot]SO THAT'S ALL GOOD THEN.[/FONT][FONT=&quot]
[/FONT]

Denza

Denza wrote: »

[FONT=&quot]SO THAT'S ALL GOOD THEN.[/FONT][FONT=&quot]
[/FONT]

I've calmed down a bit now!

Enough to update you with the fact that I have now managed to submit the general concerns to the Office of Fair Trading via their Credit Fitness team.

Will update the board and interested guests with any progress.

Good luck to all.

Denza

http://www.fsa.gov.uk/doing/regulated/uct/role



If the FSA considers the OFT is better placed to deal with the matter, it will pass the case to the OFT for it to decide whether action is required and, if so, what action is appropriate.


The OFT will consider the fairness (within the meaning of the Regulations) of standard terms in financial services contracts where activities are governed by the Consumer Credit Act 1974 and any subsequent amending legislation, including second-charge mortgage loans, buy-to-let mortgages and non-mortgage personal loans. Further, the OFT may consider fairness under the Regulations in respect of financial services contracts involving activities within the FSA's remit where the firm is not an authorised firm or an appointed representative of such a firm.


All of this is set out in a Concordat, which details the working relationship and division of responsibility between the OFT and the FSA.
We have set out our guidance on the use of our powers under the Regulations in the Unfair Contract Terms Regulatory Guide (UNFCOG) in the Handbook.


In May 2005 we published a Statement of Good Practice on the Fairness of Terms in Consumer Contracts to help firms interpret and apply the Regulations, particularly in relation to variation terms. In January 2012, we published Final Guidance on improving standards in consumer contracts.

sonwill95

Hi, I'm new to all this but have had a cahoot flexible loan which I paid off about 2 years ago, quite a hefty sum and the interest rate hikes were high. Can anyone update me with the contents of the first complaint letter so that I can start the ball rolling? Many thanks

husaberg

I too had a couple of cahoot flexi loans, and after reading about the interest rises on here thought I'd try and get a response, well i wrote saying i felt it was unfair, Ive just received a reply a week later saying basically it was a flexible loan and that was the end of the matter, if i feel any differently i should write to the FOS

Any thoughts from anyone on here would be appreciated

many thanks in advance

trsisko

It's worth applying just so they lose £700, even though it looks like we are not going to win this one I'm afraid

hairyfishman

There is still hope yet; I've raised a complaint with the OFT, and I think that a lot of FOS complaints (including mine) are still outstanding.

If you don't even complain, then you have no chance of redress. Continual pressure is the only way to get change.

If you want to know how much you should be reclaiming from Santander, you'll need to at least ask them for the statements - raising an SAR is sometimes the only way to get this information.

Devonian_Devorah

hairyfishman wrote: »

There is still hope yet; I've raised a complaint with the OFT, and I think that a lot of FOS complaints (including mine) are still outstanding.

If you don't even complain, then you have no chance of redress. Continual pressure is the only way to get change.

If you want to know how much you should be reclaiming from Santander, you'll need to at least ask them for the statements - raising an SAR is sometimes the only way to get this information.

Hairyfishman, please can you advise as to how you placed your complaint with the OFT?

I've submitted my FOS complaint and also a complaint to the ICO as both requests (and subsequent reminders) for my SAR and CCA were totally ignored by Santander's Data Controller. I now, wish to ensure that I've sent in a complaint to every office.