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

trsisko

My issue really is the fact i wasn't told about being able to close the account or given adequate communication.

http://www.bbc.co.uk/news/business-22217850

Looks like santander have been caught out doing this with other products!

courtleigh

Have just received a 4 page document stating why FOS does not uphold my complaint.
Have to accept or reject their decision - will be doing the latter.
Has anyone any suggestions to the next step?? and if so please could you provide me with contact details and if possible a template.
I cannot believe that these banks can get away with this!!
Your help would be greatly appreciated.

kenny_straw

My word this thread has gone quiet!
I am looking to take Scumtander to the small claims court on the basis of their statements they sent me being completely innaccurrate. ie They show my interest rate at 0% instead of 17.9%. Apparently this is a 'systems error' that cant be fixed!!?
Since the statements dont comply with any version of the CCA this loan is supposed to adhere to, the interest charged since Santander took over is unenforceable.
My question is - how do I calculate what they owe me if I base my claim that the loan should be re-calculated at 0% since they took over? I have a list of all transactions for the account.
Any help would be greatly appreciated.

happy_bunny_2

Tricky, mine has the interest amount on every statement and the rate on it s correct.

OH has 0% on hers and the amount she pays each month actually comes off the balance. So looks like they are not charging her interest at all for the last 6 months or so.

Is your balance being reduced by the monthly payment?

Denza

kenny_straw wrote: »

My question is - how do I calculate what they owe me if I base my claim that the loan should be re-calculated at 0% since they took over? I have a list of all transactions for the account.
Any help would be greatly appreciated.

Take the February 2010 balance, minus all your repayments from that point forward.

That should give you the true balance with respect to your claim.

The difference between your true balance and the actual balance would appear to represent your claim as of the most recent statement date.

Though the thread has indeed been quiet I am happy to report that I have been busy working on the following items:

- FOS escalation post Ombudsman Charade... I mean Review
- OFT escalation
- Santander complaint #3 *
- Litigation preparation for CCA breach (small claims - initially)

* this was with respect to them failing to furnish customers with any credit limit advice from late 2009 onwards (which used to be available via the Secure Zone) and for removing the Secure Zone without notification or appropriate T&C abuse. Feel free to check your statements, notification emails and the current T&Cs for reference.

In answer to the new complaint I was furnished with the following final response ""I am sorry we have given you cause to complain regarding the interest rate rises which have taken place on your Cahoot Flexible Loan". Yes, I even double checked with them on receipt and that does indeed represent their final response to a complaint which pointedly does not include the issue of interest rate rises.

From the sublime to the ridiculous, made me laugh though!

kenny_straw

OH has 0% on hers and the amount she pays each month actually comes off the balance. So looks like they are not charging her interest at all for the last 6 months or so.

Is your balance being reduced by the monthly payment?

Although it says 0% they have confirmed its almost 18% and cant be changed on the paper statement!

..Good man Denza...

No matter what I ask them by I get the same tag line ' the FOS has already ruled in our favour and we will not be changing our position' - even when what I am asking is not related to my FOS complaint either!
I have sent 3 requests to provide me with what version of the CCA they are required to abide by and they have ignored them all. How hard is that to do?

Denza

kenny_straw wrote: »

No matter what I ask them by I get the same tag line ' the FOS has already ruled in our favour and we will not be changing our position' - even when what I am asking is not related to my FOS complaint either!
I have sent 3 requests to provide me with what version of the CCA they are required to abide by and they have ignored them all. How hard is that to do?

Not to worry.

The Courts will expect to see that all avenues of consumer resolution have been explored in good faith before the issue is brought before them, i.e. direct engagement, formal complaint, FOS claim, OFT escalation.

That good faith works both ways however and Santy's new found obnoxiousness will most certainly not be looked upon favorably.

At least they had the good grace to politely fleece us in the first instance!

Good luck to all.

kenny_straw

Take the February 2010 balance, minus all your repayments from that point forward.

That should give you the true balance with respect to your claim.

The difference between your true balance and the actual balance would appear to represent your claim as of the most recent statement date.

Am I probably being stupid here.
Say for example my balance was 8000 as of Feb 2010
Suppose I have paid back 3000 leaving a balance of 5000
I should be claiming 3000 if my statements are showing at 0%?

Denza

kenny_straw wrote: »

Am I probably being stupid here.
Say for example my balance was 8000 as of Feb 2010
Suppose I have paid back 3000 leaving a balance of 5000
I should be claiming 3000 if my statements are showing at 0%?

No because you have also paid off some of the principal in addition to the interest.

£5000 would represent your balance if it was truly 0% interest.

However the actual balance for an APR in excess of 0% would be higher with the accrued interest.

The difference between £5000 and the real balance would be your claim amount.

Example, borrow £1,000, pay £250 per month, at 0% versus 12% APR calculated monthly:

@ 0%
£750.00 due at the start of next month
[£1000 - £250]

@12%
£757.50 due at the start of next month
[£1000 - £250] +
[£750 * 12%/12]

The claim here would be £7.50 for the month.
[£757.50 - £750.00]

At least, that is my understanding!

mattr1125

Hi

I was wondering whether anyone had any success with an early settlement or Full & Final settlement - loan not got to a DCA or anything but wondering if there is any negotiation or in the T&Cs there was a provision for an early settlement.

Thank you in advance.
Matt