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

Flyboy757

And I added today......

Further to my recent response to the adjudicators decision ( which I hope you have received?) I would like to put a few other points for the Ombudsman's attention.

I have mentioned that I do not think that the 'hand dated' T&C's are valid and I would like to further state that these are NOT even the specific T&C'S for the cahoot flexiloan, moreover a general set of terms and conditions. Have you really used these as the primary document to investigate this case?

I would also like to point out once again that the FIXING of this loan is NOT appropriate.
Firstly, I would like to know where and which terms you find cover this topic. I can not find anywhere in either the general terms or the specific terms a clause that allows Santander to make this decision.
Secondly, according to their terms they must notify me of any changes to the agreement. I'd like to know when they decided to fix the APR of the loan and how they notified me! The list of communications from them to me that you have forwarded has the last correspondence dated 19/03/2010. And that is not in reference to fixing the APR.
Therefore, I suggest they are in breach of the agreement. They, once again, have failed to give me the notice period for something I do NOT believe they are allowed to do!

Please could you forward these points as the final response may be quoted in future legal proceedings against Santander.

If you could let me know your thoughts and to confirm that you have received my latest updates to the case I would appreciate it.

Denza

In addition to a barrage of indignant emails I took the time to formalise responses to the Adjudication, Santander's Submission and Ombudsman Review.

These were delivered in line with your recent posts, i.e. a deconstruction of the flawed arguments and material which Santander have provided and/or the Ombudsman has relied upon in their overarching and non-case specific cut and paste decision.

It also covered the complete lack of substantive analysis which has underpined the wholly biased decision in favour of the lender.

The above covered many of the points you have raised alongside many others and was complemented by irrefutable evidence in claimant's favour which contradicted the Santander/FOS position. It also featured independent subject matter expert commentary supportive of the claimant position.

My experience as above makes me well placed to inform you that you can expect to receive a "thank you for your recent emails", "added to your case file", "having carefully considered", "I am not inclined to alter my decision" type of communications in the near future.

You will be pleased to note also that the further comms maintain a blissful ignorance of all points which you have complained have been ignored/missed previously.

In summary, the FOS ostrich will pull its head out of the san(tan)d(er) just long enough to spit in your face once more before returning to its favourite comfort hole.

I would be delighted to be proved wrong, I do not expect that to be the case.

Don't let that stop you sticking it to them though! Certainly I have no intention of stopping until satisfaction is gained or the Courts rule in favour of the lender. It is now a labour of love.

Good luck to all.

Flyboy757

I don't even get acknowledgements! So your one up on me!

I too am NOT giving up.

Iiyama66

Hi,

My flexi loan was taken out in Nov 2002 and I believe he rate was 6.9 a and the amount was £3000.

My last statement says I've got £2558 left to pay!

I have sent a basic email based on what I've read on here and have templates from Denza to use later, big thanks Denza

I have received a response today which I assume is the basic/standard one.

Dear Mr Walsh

Thank you for your email addressed and for taking the time to bring your concerns to our attention.

One of our Executive Complaints team will be responsible for carrying out an independent review of your complaint in the hope that we can reach an acceptable outcome.

Once our review is complete we will provide you with the details of our investigation and the proposed outcome. If you remain unhappy and do not feel we have resolved your complaint to your satisfaction you are entitled to refer your complaint to the Financial Ombudsman Service.

Until our investigation is complete, I do not know what the outcome will be. I do hope however, that we will be able to find a solution that you are happy with.

Regards


Executive Complaints Team
Santander UK plc, 201 Grafton Gate East, Milton Keynes, MK9 1AN

spartacusviking

Hi all, just to had my pennyworth. I was 4 payments late (my fault) with Santander as I was ill but I said.... and I did pay off the loan in full after the fifth payment, which was on time. The loan is now shown as "Satisfactory" and "Settled" but this one blip on my credit is stopping me getting a mortgage.
I e-mailed Santander and to date all I have had is an automated response. TBH there are now too harsh constraints on people getting access to money. I believe the house market is being artificially held too high and all the quantative easing is not filtering through to Joe Public.

I have a £25000 deposit but can't move:(. I have no debt but my credit score only shows as FAIR??????

Things will hopefully get better.

Denza

spartacusviking wrote: »

Hi all, just to had my pennyworth. I was 4 payments late (my fault) with Santander as I was ill but I said.... and I did pay off the loan in full after the fifth payment, which was on time. The loan is now shown as "Satisfactory" and "Settled" but this one blip on my credit is stopping me getting a mortgage.
I e-mailed Santander and to date all I have had is an automated response. TBH there are now too harsh constraints on people getting access to money. I believe the house market is being artificially held too high and all the quantative easing is not filtering through to Joe Public.

I have a £25000 deposit but can't move:(. I have no debt but my credit score only shows as FAIR??????

Things will hopefully get better.

There appear to be two symptoms of recent central bank intervention;

[1] Sell side financial institutions are able to hoard reserves and increase profits (by churning out MBS to a guaranteed buyer on the investment side and borrowing at effectively zero and lending at a lot more on the retail side)
[2] Buy side financial institutions are being crowded out of the secured fixed income market (as the central banks are buying a massive percentage of Government Debt and Mortgage Backed Securities)

Unless Joe Public is also invested in the assets which the buy side are being forced into and which the trailing hot money is chasing or front-running, e.g. global stock markets, then there is no follow through as you stated.

These asset bubbles will ultimately collapse of course taking most investors with them.

Certainly the banks are not passing on the benefits which you would have hoped was a pre-requisite for participation.

All in my opinion at least.

Back to your mortgage dilemma; I have faced similar in recent years and have been pleasantly surprised to find that an Independent Financial Adviser was able to secure much better offers in the mortgage market than myself including where my credit score counted against me.

If you have not done so already I would strongly recommend this course of action.

Good luck to you.

iiyama_2

Hi all !

Ive received my letter from Santander.

Dear Mr...

Thank you for your email dated 4th April 2013 expressing your concerns about the interest rate rises applied to your Cahoot loan.

I have completed my investigation and unfortunately am unable to uphold your complaint for the following reasons.

Cahoot introduced flexible loan in 2001. One of its features was a flexible borrowing facility which allowed you ti choose a credit limit (subject to Cahoot's approval) and draw against it from time to time. Subject to a monthly minimum payment, you could repay part or all of what you had borrowed when you choose to do so, without incurring any repayment charge and you could borrow more up to the credit limit if you so wished.

The flexible loan product was closed to new business in August 2006 but continued to operate for existing customers such as yourself.

Your flexible loan was opened on 4th Nov 2002. At time it had an introductory interest rate of 11.39% when this had expired on 5th june 2003 your rate decreased to 11.24%. After this the rate increased as set detailed below.

5 December 2003 11.24% - New Rate 11.48%
5 March 2004 11.48% - New Rate 11.75%
5 June 2004 11.75% - New Rate 12.11%
5 August 2004 12.11% - New Rate 12.55%
5 September 12.55% - New Rate 12.77%

The interest rates charged were in line with other flexible variable rate loans available on the market.

The rest of the letter goes on about we wrote to you in 2010....
Quotes Cahoot T&C which im sure is standard stuff.

A photocopy of the Cahoot T&C inclosed!

So, what is the best course of action from here?

It does not mention my current rate which is 21.0800% and has been since 11-08-2008 to 11-03-2013

As always cheers in advance for any help!!

richardw06

Hi,

I have a Cahoot account which I'm attempting to repay via a DMP. I've complained to the FOS about the interest rates and have received the usual standard replies. They've failed to answer several of my points and just seem to respond with the standard responses everyone has had.

I too would be more than happy to take this to the OFT, so would welcome any template letters your able to share.

Thanks for your help!

Iiyama66

Hi,

It would appear that Santander know they have the backing of the FOS and will not budge. The speed at which they replied to my letter made that v clear.

I agree that it will take a OFT group letter to get the, to consider our complaints.

mne2

I have also had the same response along with a copy of T&C that were dated after my loan was taken out - has anyone challenged this? Not sure how they can advise if the changes to the rate were valid if they weren't using original T&Cs ?