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

happy_bunny_2

Just checked equifax after the same alert. Mine now says credit limit 0. Unsecured loan. However, the terms still say 999 months at £x. Thought they would have updated the terms toon

hinch100

Just heard about this. Am yet again in 'a dark financial place' and am in process of changing my current account etc and transferring my SO's/DD's with the help of a guy from my credit union.

I took out a Cahoot Flexible Loan in about 2002. Can't remember the interest rate but it was LOW. About 10% possibly. It was a good deal at the time and was recommended in the financial press.

Then it just rose and rose. I was given no information about transferring to fixed interest. I just put up with the increases thinking I'd no choice. I have now emailed the CEO of Sanander and the FOS. Here's hoping I get something back.

MHO_2

I've had a credit alert, telling me the same thing, zero credit limit, same term.

VanGoghsEarhere

MHO wrote: »

I've had a credit alert, telling me the same thing, zero credit limit, same term.

I could be wrong, but if you have an outstanding balance how can they put £0 credit limit. Surely that will appear, to other lenders, as if you have gone overdrawn without permission.

MHO_2

That's just one of santanders mistakes, bumped up rates, made it fixed rate, but not willing to admit it. But if they didn't think anything was wrong, why now change the credit profile of an existing product. It stinks

happy_bunny_2

Just logged a complaint online about the zero credit limit and 999 months payments. I will annoy them as much as I can for their incompetence.

farmer1971

happy_bunny wrote: »

Just logged a complaint online about the zero credit limit and 999 months payments. I will annoy them as much as I can for their incompetence.

That was the only part of my complaint the FOS upheld!! They can't even get that right!!!!

Settled my loan a few weeks ago before they bump the rates up once again now the FOS has given them the green light to do so!!!

VanGoghsEarhere

farmer1971 wrote: »

That was the only part of my complaint the FOS upheld!! They can't even get that right!!!!

Settled my loan a few weeks ago before they bump the rates up once again now the FOS has given them the green light to do so!!!

As it is now a fixed loan (and I have correspondence that states that it is) they wouldn't have a leg to stand on if they did hike the rates again. But yeah, they are incompetent, underhand *ankers

kenny_straw

...my adjudicator said in an email today he now had all the information on my case (and other cases) from Santander ....he hoped to be in contact next week regarding 'what happens next'..........so looks like a decision is coming soon...

gibbskr

I have just logged my complaint with FSO lady taking my details said they have had lots of new complaints to deal with.
At some point OFT will have to take action against Santander.

My Cahoot was set up in 2002 and still paying the thing off.
When I requested my statements I did notice I paid PPI until they pushed interest rates up. I could not aford to keep the PPI going so cancelled the payments.

So at least I should get back some money back on that found a company that going to take then on.

Good luck everyone.........pity the press & TV are not putting extra pressure on banks like Santander, afterall banks will not survive without customers.