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

kenny_straw

Folks
The latest from Santander\FOS in my case takes the proverbial biscuit. As I mentioned a few times my monthly statements come through with an apr of 0% - despite my apr being closer to 18%...
This was ignored in my original complaint AND my 'independantly reviewed' fos case.
Today I received an update from both...
'Santander has confirmed the following today:

- The Annual Percentage Rate on your loan is currently 17.94%;

- The last known interest rate was 16.61%, as at August 2011; and

- The statements show the interest rate is 0.00%. It has investigated this and confirmed that, unfortunately, this is a systems error and cannot be changed.

Obviously, this is not correct and the statements should show the correct rate. I have asked Santander to comment on this, but I believe it is unlikely to change the overall outcome of your complaint.

I am sorry I did not consider this point the first time. But I believe the opinion addresses all the other points that you have made.

If you would like to exercise your right of appeal, please explain where you think my opinion is incorrect. The ombudsman will need to be satisfied that you have read and commented on all the points I have made.

Please let me know if you have any questions.

So its ok for them to send me statements with 0% as my interest rate????
Any advice on what I should reply back is welcome!!!

VanGoghsEarhere

The Annual Percentage Rate on your loan is currently 17.94%;

- The last known interest rate was 16.61%, as at August 2011; and

- The statements show the interest rate is 0.00%. It has investigated this and confirmed that, unfortunately, this is a systems error and cannot be changed.

Obviously, this is not correct and the statements should show the correct rate. I have asked Santander to comment on this, but I believe it is unlikely to change the overall outcome of your complaint.

Unf******believeable! So they more or less agree that this is a transgression but still side with Santander. The FOS is supposed to be an independent arbiter, ensuring that financial institutions don't abuse their position - isn't it? Toothless and spineless. I'd get on to the Citizens Advice, Which or some other independent authority. The "laugh" is the last known interest rate is almost a year and half ago. When did it change to the higher rate and how will you know if it increases again if your statement shows 0%? This illustrates that they can still increase the interest rate on what I assumed was now a fixed rate loan as all 'benefits and privileges' have all but been withdrawn. Furthermore it places the onus on you to regularly contact them to check your interest rate. This has to be a blatant case of contravening the CCA and T&Cs. Also what happened to all the investment in IT facilities that they can't amend a statement to illustrate the APR? I've yet to get my response but am wondering if my union's solicitors would be interested in taking a case based on a 'no win no fee' basis. If they feel the case is strong enough, regardless of the FOS decision, their costs would have to be paid by Santander if we were to win. The thing is this needs to get to court for a legal decision to be made and then the floodgates really open. We all know Santander will do all that they can to prevent this from happening.

halifax71

Your monetary claim will be calculated based on the wrong you're claiming so you cannot simply claim £4,999 if the actual wrong equates to more than that.

Sorry, i've tried that. In our case we struggled to fibd someone below the threshhold. In the end we did though. You need to compare the interest rate variance and the capital variance. Remember your capital repayment would have varied if the interest rate was lower.

Denza

kenny_straw wrote: »

Folks
The latest from Santander\FOS in my case takes the proverbial biscuit. As I mentioned a few times my monthly statements come through with an apr of 0% - despite my apr being closer to 18%...
This was ignored in my original complaint AND my 'independantly reviewed' fos case.
Today I received an update from both...
'Santander has confirmed the following today:

- The Annual Percentage Rate on your loan is currently 17.94%;

- The last known interest rate was 16.61%, as at August 2011; and

- The statements show the interest rate is 0.00%. It has investigated this and confirmed that, unfortunately, this is a systems error and cannot be changed.

Obviously, this is not correct and the statements should show the correct rate. I have asked Santander to comment on this, but I believe it is unlikely to change the overall outcome of your complaint.

I am sorry I did not consider this point the first time. But I believe the opinion addresses all the other points that you have made.

If you would like to exercise your right of appeal, please explain where you think my opinion is incorrect. The ombudsman will need to be satisfied that you have read and commented on all the points I have made.

Please let me know if you have any questions.

So its ok for them to send me statements with 0% as my interest rate????
Any advice on what I should reply back is welcome!!!

I suspect that the APR is indeed 16.61% however Santander Help Desk and Complaint Handlers quote the EAR which would be in your case be 17.94% if calculated monthly.

Hence Santy are not guilty of unreported APR increases (more is the pity) but just of utter incompetence and the provision of mis-information.

The Adjudicator however, disempowered to do anything other than follow party line though they are, does not seem to care regardless. This is inexcusable though completely in line with all cases to date.

I am particularly incensed by "The ombudsman will need to be satisfied that you have read and commented on all the points I have made.".

In my case the Adjudicator could not be bothered to read and/or comment on the bulk of material I submitted in his initial assessment. Not could he be bothered to do the same when I pointed this out with explicit details. I have now re-iterated this for the third time with a mere two prime examples. I have zero expectations that they will bother in this instance, primarily as the decision has been predetermined for all cases by an overarching FOS decision.

However to then hear that Ombudsman needs satisfaction that claimants have read and commented on all points before they deign us with their thoughts???

Taking the absolute !!!!. Not least as I will guarantee 100% that they will ratify the adjudication and offer zero commentary not already provided.

Denza

halifax71 wrote: »

Your monetary claim will be calculated based on the wrong you're claiming so you cannot simply claim £4,999 if the actual wrong equates to more than that.

Sorry, i've tried that. In our case we struggled to fibd someone below the threshhold. In the end we did though. You need to compare the interest rate variance and the capital variance. Remember your capital repayment would have varied if the interest rate was lower.

Hi Halifax,

Grateful for your input.

Does that mean that you cannot go through the SCC with a claim greater than £5K even if you accept £5K will be the maximum settlement through that process?

I had not planned to use the SCC as my claim would extend beyond £5K however I was not aware that, prehaps, I could notuse the SCC for that very reason.

Cheers, Denza

Pathway2

Well I have seen it all now.

What a total conspiracy beween Santander and FOS!

So off to the FSA or Finance Conduct Authority and the OFT.

and

The Small Claims Court!!!

We shall not be walked over by these organisations who impose unfair terms and conditions and do not provide documentation which is compliant with the Consumer Credit Act.:j

DJTASK

I've had to take two days to calm down from my latest interaction with FOS.

Received an email last week updating me on my challenge to their conclusions before Christmas. I had added about the statements issue and how this breaches the CC regulation. In response I got:

"Unless you are able to show that it has materially affected your position, I cannot find that it changes the outcome. If you can show that you would have acted different then I would be happy to consider this further."

What???? Since when has this been a condition of a breach of the CC regulations. Do they not read the media and the recent Northern Rock Together Loans breach? My response was - too bloody right I would have acted differently if I had been aware of the breach, I would not have paid santander any interest..................

Unbelievable.

I'm guessing we pay taxes to fund this outfit?

halifax71

Denza wrote: »

Hi Halifax,

Grateful for your input.

Does that mean that you cannot go through the SCC with a claim greater than £5K even if you accept £5K will be the maximum settlement through that process?

I had not planned to use the SCC as my claim would extend beyond £5K however I was not aware that, prehaps, I could notuse the SCC for that very reason.

Cheers, Denza

That's what our barrister told us. Makes sense as if you won the case why would you settle for less? It's unfortunate for us and i guess the limit needs revisiting but as it stands this is another barrier that needs to be overcome.

Cell

The Small Claims Court limit for money claims is due to go up to £10,000, but it's linked to other changes in the system which are actually on hold because personal injury lawyers are fighting tooth and nail to preserve their right to charge defendants ridiculous sums.

This was the announcement last year. It was due to come into force on 6th April, but it's all up in the air at the moment.

http://www.lawgazette.co.uk/news/clarke-raises-small-claims-limit-county-court

kenny_straw

"Unless you are able to show that it has materially affected your position, I cannot find that it changes the outcome. If you can show that you would have acted different then I would be happy to consider this further."

...My word that's unreal, if they breach regulations what the f**k does it matter what your material position is?

Likely I will get a similar line from the FOS tomorrow in response to my statement query....I can feel the rage already ....