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

Denza

pheonixrising21 wrote: »

Doesn't this loan have a "physical" minimum payment per month i.e. 2% or £25 (for example), whichever is greater? These sort of loans and credit cards usually have such a thing. If so, then it should be quite straightforward to work out how long it will take as once 2% of the balance equals £25, then £25 becomes the minimum each and every month after that.

You are absolutely correct.

2% or £50, whichever is the greater.

10K with a minimum repayment would take you just shy of 10 years to repay.

That is based on 0% APR.

Moving to the generous 20% APR which is a ballpark figure for the average many of us enjoy.

10K with a minimum repayment would take you 43 years and 9 months to repay and your total interest paid would be a few hundred over £40K.

My balance is approximately £9950 so 2054 looks like it's going to be a rich year in the Denza household.

MCSAVE

Having had this loan since 2001 I have finally paid it off today, no more Santander for McSave! I am now almost debt free. It's been a long road, but it's good to see the end in sight. Good luck to everybody on here, even if we don't get the judgements we deserve, we are doing the right thing by taking control of our finances and holding financial institutions to account.

madmaxmaico

Hi folks, just joined today and am in the same boat as many of you. Took out a loan in 2004 (15k) reduced this to 10k in a year and then Santander too it over... I work abroad and didn't realise loan was still running but in 2012 I am still paying etc
Just called and 6k outstanding, checked my D/D's and guess how much I've paid to date...27K!!!!!
Called to complain, online complaint and email CEO... I guess I won't hold my breathe after reading last few pages!!!

Captain_Smollett

Hi all, I'm new to this too and thought I would join the forum to keep track of how everyone is getting on with their claims. I took out my cahoot flexible loan in 2003, 9k to buy a car, and borrowed a couple of thousand on it again in 2008 to help pay for my wedding. Due to the interest being hiked up to around 26% at one point, I still have 4.5k outstanding now (and an interest rate of 16.6%) I haven't missed a single payment in 9 years and could never understand why the interest was so high. I suppose I was very naive to just sit back and accept it...

...less than three hours later I have received a reply; my complaint has now been passed to an executive complaints officer. Does the prompt reply bode well, I wonder??

Denza

Captain_Smollett wrote: »

...less than three hours later I have received a reply; my complaint has now been passed to an executive complaints officer. Does the prompt reply bode well, I wonder??

The safe money, unfortunately, is resoundingly on no.

I suspect that you will shortly receive the template rejection from Michelle, Natalie or whomever from the Exec Complaints Office.

If I remember correctly the actual content of the letter has already been posted somewhere on the site if you want a sneak preview.

You can at least then get your FOS case raised promptly and I would also urge you to raise your complaint with the OFT.

Good luck.

Captain_Smollett

It doesn't always pay to be optimistic does it?! Clearly they might just be getting more efficient with their rejections. I asked for my original signed agreement and records of the interest rate increases during the life of the loan to be sent out too, ready for the FOS claim I knew I would have to make.

Cell

Seven months since I made my FOS complaint, over six since it was officially allocated.

If they're going to template reject the very least they should do is get on with it.

kenny_straw

If they're going to template reject the very least they should do is get on with it.

...Must admit that's what is really going to bug me...for months now my adjudicator has been saying things like ...'have all the information...have made substantial progress...my report will be ready in 1/2 weeks' bla bla bla...................but at the end of it any day now I'm sure all I will get is pretty much a copy and paste job of Farmers decision! Joke!

bobdauilda

It's a shame there isn't an Ombudsman for the Ombudsman Service as some of their decisions are highly dubious.

halifax71

The fos are useless with stuff like this, as are the oft.

Maybe if there's enough of you you can chuck a few quid together, choose your guinea pig and put in a small claims case, test the water.

Use s140 of the CCA, say it's unfair, the burden of proof then falls on santender to prove that their actions are fair.

Claim just needs to below 5k to prevent cost liability. It'll cost you about 500 pound in fees.