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

emmaphill

Thank you so much for this thread my dad has been struggling with bringing the balance on his loan down after cahoot doubled the interest rate.
I emailed complaint on his behalf about 2 weeks ago and he received a letter yesterday confirming a £3k refund and that interest rate would decrease. Very happy father and a bottle of wine for me!

finley909

emmaphill wrote: »

Thank you so much for this thread my dad has been struggling with bringing the balance on his loan down after cahoot doubled the interest rate.
I emailed complaint on his behalf about 2 weeks ago and he received a letter yesterday confirming a £3k refund and that interest rate would decrease. Very happy father and a bottle of wine for me!

Great to hear so many people having success with their refunds! Did your letter state that the interest rate for the remaining balance would be reduced?

samuel.s

Funny enough I called today to see if the refund had been applied to the account yet. It had. I Then asked what current interest rate was I on, just wanted to see if it had been reduced or stayed the same. Imagine my shock to find they had increased it! Before the refund my statements were saying the interest rate was 16.61 when I called today it's now 17.94. The guy on the phone told me I have reasons for complaint and I would get the interest refunded. He obviously did not know that I had just received one. He was almost pushing me to complain. Do not know whether to bother or not as only owe about 600 now and hopefully going to pay it off by the end of the year.

finley909

samuel.s wrote: »

Funny enough I called today to see if the refund had been applied to the account yet. It had. I Then asked what current interest rate was I on, just wanted to see if it had been reduced or stayed the same. Imagine my shock to find they had increased it! Before the refund my statements were saying the interest rate was 16.61 when I called today it's now 17.94. The guy on the phone told me I have reasons for complaint and I would get the interest refunded. He obviously did not know that I had just received one. He was almost pushing me to complain. Do not know whether to bother or not as only owe about 600 now and hopefully going to pay it off by the end of the year.

Are they not required to give 30 days notice of any interest hike?

oscar52

finley909 wrote: »

Are they not required to give 30 days notice of any interest hike?

I would have thought so, also, as this is a "revolving" account, very much like a credit card, could it not be argued that you should have the option to "opt out" ??

happy_bunny_2

oscar52 wrote: »

I would have thought so, also, as this is a "revolving" account, very much like a credit card, could it not be argued that you should have the option to "opt out" ??

Its no longer a revolving account since transfer to Satan, I was told that the APR was fixed on transfer from Cahoot when Satan rejected my initial complaint.

cookie78

I am definitely going to give this a go and send them an email. Got nothing to loose and have never claimed anything back before such as PPI etc. Could anyone please be so kind as to PM a template email that they have used successfully please? :money:

rikmartin

cookie78 wrote: »

I am definitely going to give this a go and send them an email. Got nothing to loose and have never claimed anything back before such as PPI etc. Could anyone please be so kind as to PM a template email that they have used successfully please? :money:

Same here; interested in trying this since I had a Flexi-loan from 2005 till a few months ago. please could you PM me a template

Many Thanks

oscar52

happy_bunny wrote: »

Its no longer a revolving account since transfer to Satan, I was told that the APR was fixed on transfer from Cahoot when Satan rejected my initial complaint.

So if its no longer a revolving account, they shouldnt be able to increase the interest rate further as posted above.

At least thats my understanding.

lilly2011

Hello

A friend of mine told me about this thread as i have had a Cahoot flexi loan since 2001 and have been on an agreed payment plan with them for the last 18 months after i lost my job and was only able to find work at a lower salary.

My loan was originally for £11500 and my APR was 5.9%. Over the years it has steadily increased to 20% and my reduced payments barely cover the interest.

The current balance is £7250.

Does anyone have a record of the APR increases that could help me calculate what i could potentially claim back as this debt is such a worry to me as despite making the agreed payment without fail, i can never see a way of clearing the debt.

I am currently studying towards a qualification that will allow me to apply for higher paid jobs so could be in a position in the new year to request that the loan is rescheduled (if they'd allow it) so whatever the remaining balance is, i could increase my payments to clear it quicker.

Not sure if it's worth mentioning but prior to Santander taking the loan over, i was receiving charges every month from Cahoot.

Any help would be great

Thank you