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

happy_bunny_2

You can get a copy of the original contract (copy of your consumer credit act agreement) by writing to them sending them a cheque or postal order for the required fee (£1). they should send it to you within 14 days. they had mine from 2001.

Best include your account number and address they have for you if not the same as now.

primitive_man wrote: »

My Partner got one of these flexi-loans months before the Santander took over Cahoot. Initial Loan amount was £6000. When Santander took over, the interest rate went from 16.2% to 28.9%.

Despite never missing a payment: varied from: £155 - £170, she now owes more money then the initial loan amount (Some £6480.21).

I have repeatedly tried to get statements from Santander and the ones they have sent don't make much sense... in at least two of them the outstanding balance is £0. I can't log into the website or get a copy of the original credit contract.

Can anyone suggest a course of action?

I used this site some years back to (successfully) get money back from Lloyds TSB for mis-sold PPI and Bank charges.

AOboy

happy_bunny wrote: »

You can get a copy of the original contract (copy of your consumer credit act agreement) by writing to them sending them a cheque or postal order for the required fee (£1). they should send it to you within 14 days. they had mine from 2001.

Best include your account number and address they have for you if not the same as now.

Thanks very much for your reply happy_bunny.

Do I need the CCA if I already have the account details?

happy_bunny_2

AOboy wrote: »

Thanks very much for your reply happy_bunny.

Do I need the CCA if I already have the account details?

only if you need a copy of what you signed up to.

Your account details are enough to send them a complaint letter, or even better, from the santander website as its free.

MCSAVE

I complained to Santander about the breach of CCA 1974 saying that the removal of the ability to draw down funds changed the account from a running credit account to a fixed credit account(it's already with the FOS but wanted to be fair to Santander and get them to comment). Their reply doesn't really address my point. I am using legal terms like running account credit but they respond by using terms like Flexible loan. they say my account remained flexible because I could pay it off early and overpay without penalty, so what?that point has nothing to do with my complaint. I gave them the definition of a running account credit, they have looked at it, but won't comment on it. this is quite simple, the CCA 1974 gives consumers protection, but Santander are ignoring the issue. I'll wait for the FOS response and might contact trading standards to see their view on the breach of CCA. I will also be checking if they have kept to CCA rules for when the account was running account credit, seeing as though that's what they believe it is.

kerrysparkes

Does this apply to loans in arrears? Bit cheeky I know but if it helps reduce the amount surely not a bad thing??

Denza

The approved means for notifying the Regulator of unfair terms and conditions includes a formal notification to the other party.

With that in mind I have created a template letter for both Santander and the OFT should anyone wish to use them (feel free to edit as applicable obviously).

In order to obtain a Zip file of the docs (plus a recent copy of the Cahoot T&Cs) please PM me your email address. If you are not able to use Zip I can send the docs in their native Word format.

Cheers, Denza

DJTASK

MCSAVE wrote: »

I complained to Santander about the breach of CCA 1974 saying that the removal of the ability to draw down funds changed the account from a running credit account to a fixed credit account(it's already with the FOS but wanted to be fair to Santander and get them to comment). Their reply doesn't really address my point. I am using legal terms like running account credit but they respond by using terms like Flexible loan. they say my account remained flexible because I could pay it off early and overpay without penalty, so what?that point has nothing to do with my complaint. I gave them the definition of a running account credit, they have looked at it, but won't comment on it. this is quite simple, the CCA 1974 gives consumers protection, but Santander are ignoring the issue. I'll wait for the FOS response and might contact trading standards to see their view on the breach of CCA. I will also be checking if they have kept to CCA rules for when the account was running account credit, seeing as though that's what they believe it is.

You're lucky you got a response. I got a phone saying they could not discuss it with me as I have an active complaint with the FOS !

abbapinkdisco

how have i only just come accross this thread?!
i took out a cahoot flexi loan in july 2006! was for £9000 and am still paying off today with £6000 left. Some of it my fault i.e i kept dipping into it when finances got tight.

However, my interest went up at the wrong time - hubby left me, lost my job and cahoot/santander weren't helpful in the slightest.
I believe my bad credit rating due to above reasons made my interst go up and it's now 16.9% apr.
i am paying about £150 per month which i desperately can't afford having lost my job in the summer so i feel it may be worth a try at least. Can't lose anything when i'm at my lowest anyway.
i'm the type of person who will take it to the financial ombudsman if i have to or if i feel i'm being fobbed off like i said what have i got to lose?!

have copied a template letter and about to gladly post.
here's wiating months for a response. Will keep updated if i manage to get an outcome
Ally

Pathway2

Hi all and Denza

I came across a document from the FSA titled Unfair Contract Terms dated January 2012 - you can find it by searching on internet.

and valid reasons:- and I quote:-

"Examples of reasons that we (the FSA) are likely to consider not to be valid include:-

1. to cover unexpected costs
2. for any reason a firm sees fit
3. for any reason a firm considers reasonable at the time of change or
4. solely to increase profit margins."

Denza I would be pleased to receive the documents you have and perhaps you can email them to me.

Does the above help our cause about unfair terms?

VanGoghsEarhere

Received knockback the other day. I have until the 5th February to appeal the decision. I will do so but chances of Ombudsman overturning adjudicators decision, going by the experiences of posters here, is about 1%. The gist of what adjudicator said was you signed the agreement which meant the T&Cs and this allows Santander to do this, that and the other. Absolutely nothing about whether said T&Cs are actually fair (and transparent) to the consumer / debtor.

http://www.financial-ombudsman-problems.co.uk/whistleblower.htm
http://www.financial-ombudsman-problems.co.uk/