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

David1974

EKAndrew wrote: »

Hi David - congrats on getting rid of that kind of debt!! (when you say gone - do you mean, their refund cleared this for you? or have you paid some extra yourself?)

I'm with you, in the beginning, it was great but turned into a nightmare. Do you mind me asking your initial loan amount? Mine was for 10k in 2001 - so i'm hopeful of a nice refund! My email has been sent, they asked for further info, and that has now been provided too, so just waiting on a response.

Fingers crossed - i just have no idea what kind of figure i will be offered

Go MSE'ers!!

Hi EKAndrew,

My loan was initially for £7,000, then it increased to £10,500 in around 2005 and had been at that amount until Santander took it over and closed the 'flexible' part. I was absolutely livid in the way that I was treated by Cahoot. My refund was around £5,800, therefore i had about £1,600 left to pay to 'settle' the loan which i have done by bank transfer today!

My turnaround was quite quick, i emailed them on teh 14th November, and in less than a month i've had a refund, cleared the loan and had the letter confirming what they have offered. There was no elaboration on the calculation that they performed, but i would suggest that if it is an amount that you are willing to accept, i'd accept it. For me, it cleared 80% of the loan so was a no brainer!:o

Good luck with your refund quest and keep us the MSE'ers updated on your progress!

Would be interested to see how other Cahoot loan customers refunds are being applied to the accounts and the effect on the interest charged each month. No impact for me now that i've closed the loan, but for others it may still be something to 'discuss' with Santander!

D

David1974

finley909 wrote: »

Do you think that this means the balance is reduced and the remaining balance is subject to he current interest rate, or will we still get charged the interest rate on the balance as it was before the refund?

There seems to be mixed opinions about this.

Would welcome other account holders calling Santander and asking what the treatment is on their accounts. I called them on the C/S direct line (01908) 719137 (cheaper than the 0845 number!)

David1974

hr9hr9 wrote: »

Thank you OP for this wonderful thread

I chanced upon this somehow this morning, and I have written letters for my own and my husbands Cahoot Flexi Loan accounts.

My husbands account was opened in 2001 and mine in 2002, so I am hoping that we can get something back as they seem to be never ending!!.

Eagerly awaiting their response. :eek:

Is it against MSE rules to post a template letter as I personally struggled with mine.

Thank you again
Helen

Good Luck Helen - all things going well you could be in for an early christmas present! :beer:

D

Fortuna1

I emailed my complaint through Santander's website, regarding my Cahoot Flexi loan on the 24th November. I had an email acknowloging my complaint on the same day and I've heard nothing since!

Am I just being impatient or should I have heard from them by now?

I've just called them but they told me that as the original complaint was made by email, they couldn't discuss it over the phone! Wierd huh!!

Kira000

Fortuna1 wrote: »

I emailed my complaint through Santander's website, regarding my Cahoot Flexi loan on the 24th November. I had an email acknowloging my complaint on the same day and I've heard nothing since!

Am I just being impatient or should I have heard from them by now?

I've just called them but they told me that as the original complaint was made by email, they couldn't discuss it over the phone! Wierd huh!!

LOL. I think maybe a little impatient yes!

2-3 weeks seems normal, and you arent there yet. I got the same acknowlegement message the next day, and got a call about 2 weeks later on.

Give them a bit longer. Hopefully it will be well worth it!

Fortuna1

Kira000 wrote: »

LOL. I think maybe a little impatient yes!

2-3 weeks seems normal, and you arent there yet. I got the same acknowlegement message the next day, and got a call about 2 weeks later on.

Give them a bit longer. Hopefully it will be well worth it!

I'm terrible at waiting!!! I open Xmas presents early as well! :rotfl:

oscar52

Fortuna1 wrote: »

I emailed my complaint through Santander's website, regarding my Cahoot Flexi loan on the 24th November. I had an email acknowloging my complaint on the same day and I've heard nothing since!

Am I just being impatient or should I have heard from them by now?

I've just called them but they told me that as the original complaint was made by email, they couldn't discuss it over the phone! Wierd huh!!

I emailed them day after, got acknowledgement ame day and letter for refund today.

Fortuna1

oscar52 wrote: »

I emailed them day after, got acknowledgement ame day and letter for refund today.

Thanks Oscar, I'll hold my breath and bite my tongue till my letter comes!

Did you complain just on the basis of the unfair rate rises?

adam918

WOW!! so glad i found this threat by accident, i had a cahoot flexible loan from about 2001 and had to replace it with a fixed rate HSBC loan in about 2007 as i didnt seem to be paying anything off.

Problem is i have no paperwork left with account details, apr's etc..

Would it be worth sending an email anyway?? If not is there anyway to get that account information if cahoot is no longer active?

Anyone else had similar issues??

Regards

Adam:j

MattStewart69

Just by chance I have found this thread. Who do I contact to change my address details and get a break down on what my interest is and outstanding amount? I seem to recall my loan was £9000 and am still paying it off.I do remember the interest rate going up and thinking I am screwed here. Feel like a bit off plum for agreeing to the product in the first place.

Any help would be greatly recieved