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

Denza

Found this in the ether which may be of interest to those who have challenged Santander's claims that an Abbey Fixed Rate Loan was offered to all Cahoot customers in December 2006.

http://news.bbc.co.uk/1/shared/spl/hi/programmes/money_box/transcripts/06_12_09.txt

Advertised; yes. Offered; no. There is a big difference as those of us who were promptly rejected found out.

The smoking gun:
A’COURT: "Cahoot say customers who replace the flexible loan with another won’t have to pay any penalty charges and that some customers will be able to get an Abbey fixed rate loan at 5.8%. That’s a very good rate. But getting it isn’t guaranteed. Existing flexible loan customers will be credit checked again and might be refused it. Other lenders like NatWest and Co-op also offer flexible rate loans at around 15%. The problem for Chris and others is that unfortunately there really isn’t anyone offering anywhere near the same value deal as the old Cahoot one and of course that’s what the bank is taking advantage of at their expense."

kgeerstick

Hello everyone,

New to posting on this forum so forgive me if I am asking questions that may have already been asked. I have been through this thread but can't see anything similar.

I took out a Cahoot Flexi-loan which according to my Credit Report was opened in August 2004 and settled in September 2009. I don't have any of my flexiloan information anymore as I had a massive clear out a few years back. I can recall paying approx £100 off the loan (which was approx £4000) each month and having £50 interest wacked on which almost counteracted the payment but I don't have any proof of this now and as the loan is closed, cannot log in to retrieve anything.

I have recently had a successful claim with PPI from HSBC (£4986!) and am keen to clear the last of my existing debts and then came across this thread about the high interest rates on the Cahoot flexiloan. It is on listed my credit report as "Budget (Revolving Account)". Do any of you think I'd have a case?

Thank you in advance for any replies to my post

Denza

kgeerstick wrote: »

Hello everyone,

New to posting on this forum so forgive me if I am asking questions that may have already been asked. I have been through this thread but can't see anything similar.

I took out a Cahoot Flexi-loan which according to my Credit Report was opened in August 2004 and settled in September 2009. I don't have any of my flexiloan information anymore as I had a massive clear out a few years back. I can recall paying approx £100 off the loan (which was approx £4000) each month and having £50 interest wacked on which almost counteracted the payment but I don't have any proof of this now and as the loan is closed, cannot log in to retrieve anything.

I have recently had a successful claim with PPI from HSBC (£4986!) and am keen to clear the last of my existing debts and then came across this thread about the high interest rates on the Cahoot flexiloan. It is on listed my credit report as "Budget (Revolving Account)". Do any of you think I'd have a case?

Thank you in advance for any replies to my post

You have as good a case as anyone else on here.

The starting point would be to get an Account Number reference which may or may not be possible by calling Cahoot.

Cahoot : 01274 369 222

If they can't provide you with an Acc Num then you need to ask why and more importantly how you can obtain it.

You have enough evidence (credit report) to show that you have had a Flexi-Loan so you may as well apply for your template rejection letter now to Cahoot via Santander, and by that I mean raise a formal complaint.

With your rejection letter (final response) and Acc Num you have all you need to throw your hat in the FOS ring. I dare say you will be able to determine that outcome of that way before your case is processed on the basis of the existing cases which this thread is updated with.

Good luck to you.

rubble2

Emailed my complaint to Santander on 24th August 2012, as I have not heard anything back and 8 weeks has now elapsed I sent another follow up email to find out what was happening.

Just got a reply saying that they issued a resolution letter on 24th August (same day as the complaint?) But as I have not received it they will send it again.

If anyone else is waiting for a response it may well be worthwhile chasing them up.

hairyfishman

kgeerstick wrote: »

Hello everyone,

New to posting on this forum so forgive me if I am asking questions that may have already been asked. I have been through this thread but can't see anything similar.

I took out a Cahoot Flexi-loan which according to my Credit Report was opened in August 2004 and settled in September 2009. I don't have any of my flexiloan information anymore as I had a massive clear out a few years back. I can recall paying approx £100 off the loan (which was approx £4000) each month and having £50 interest wacked on which almost counteracted the payment but I don't have any proof of this now and as the loan is closed, cannot log in to retrieve anything.

I have recently had a successful claim with PPI from HSBC (£4986!) and am keen to clear the last of my existing debts and then came across this thread about the high interest rates on the Cahoot flexiloan. It is on listed my credit report as "Budget (Revolving Account)". Do any of you think I'd have a case?

Thank you in advance for any replies to my post

Hi kgeerstick,

By law, Santander have to maintain all records of your accounts unil 6 years after your relationship with them ends; in other words, as your account was closed in 2009, legally they should still have all your information. There seems to be a long delay with the Ombudsman, so the sooner you get your complaint started, the better.

By the way, Santander might ask you to prove your identity, before releasing any information to you - if they do, you can get "certified copies" of your passport (or other identification) from any Santander branch, so you don't have to send off any originals - I have read on other boards about such documents getting "lost" by Santander...

Best of luck.

Duncton

I called the FOS yesterday for an update and received a call today from an adjudicator that has recently been assigned.
Very cagey, didn't really want to go into detail but said that all like complaints were on hold following a recent rejection (Farmers I suspect) being passed to the Ombudsman for a decision.
I did say that all complaints are different and he said that the main thread is the increase in interest rates.
I commented that the increase in rates was following the removal of all flexibility and turning the product into a fixed loan, but not offering fixed loan rates. He "understood how I felt" but that's all.
If they are basing any decision only on the rate issue it would be a very narrow consideration.
Apparently the decision is soon.

Adoran

Flexi loan, Cahoot then santander.

I recently found my account number, loan start and end date on the close letter from Sanander. I had no other details.

I emailed about PPI, I knew I had it for a while and cancelled once I found it wasn't compulsory.

My loan started in 2001 and ended in 2010. Turns out I paid PPI for the first 3 years, which they have offered to settle (3 days from email!).

My concern here is that in the email I mentioned rate hikes too. I do remember calling at least twice to ask how I could get the "typical" rate quoted as I had noticed a big jump (from 8.something to 16. something IIRC). Each time they dropped the rate, but it crept back up again.

The ppi letter mentions nothing about the rate hikes. Is it worth proceeding with a rate related complaint?

topsy73

Just wondering if anyone saw the article in The Mail business section yesterday regarding Santander putting aside a very large amount of money (252 million?) in preperation for a large number of compensation claims?

I have yet to lodge a letter with Santander but think I might be getting off my butt now! I was talking with my mum about it and also the fact they allowed me a different loan with a much lower rate in February this year...now putting 2 and 2 together this came just after the first round of pay offs....wonder if anyone else is in the same boat? Still got 7k to pay of an original 8k loan taken out in around 2005....

Fingers crossed the financial ombudsman is going to do something!

sharon

myball123

Here's a link to the article for those that are interested

http://www.dailymail.co.uk/money/markets/article-2223090/Spanish-banking-giant-Santander-pays-price-mistakes.html

Simon

InsertWittyName

Very nice, it'd be great to think that the £232m was for the people in this thread.