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

MHO_2

I've only got August's statement in front of me and it was £6257

happy_bunny_2

MHO wrote: »

I've only got August's statement in front of me and it was £6257

Ok, so 20% divided by 12 months = 1.666% per month interest.

So, 0.01666 x 6257 = £104.24 per month.

I think its about right.

happy_bunny_2

MHO wrote: »

Still baffling me!

This is my loan statement;
Original Loan Amount £9700
First transaction 21-06-02
Loan end date 21-12-9999 (so it's over a 9997 year term!)
at 20% APR
with a contractual payment of £153.81, it leaves the loan type blank.
with no mention of ability to make overpayments.
my actual payment taken is £155.12 and interest payment is £105.36.

This is the rate charged since 11th August 2008, i'd have to know the balance on that date wouldn't i?

At my reckoning that is a term of it finishes February 2025, why are they not required to show this on the statement!?!

They seem to get away wit this when others are not:

http://www.moneysavingexpert.com/news/loans/2014/11/tesco-starts-refunding-customers-over-paperwork-blunder?_ga=1.18414073.1357754409.1329767907

Sabbydancer

I've just read an article about a group of people who are taking West Bromwich to court as they increased a tracker rate mortgage (which tracks the Bank of England Base rate) without an increase in the base rate. The Ombudsman has said they acted fairly as they had something in the small print saying that they could make the changes for commercial reasons. I don't think the trail is taking place till Jan 2015 but I think it would be worth keeping an eye on to see how it goes. Is anyone else still considering legal advice?

bobdauilda

Yes it is very odd how its all gone quiet. I would be up for a class action case, anyone else?

Sabbydancer

I would be happy to pursue this route depending on costs etc

trsisko

I have had to default on mine, there goes my access to mortgages, at least its getting paid off now.

happy_bunny_2

trsisko wrote: »

I have had to default on mine, there goes my access to mortgages, at least its getting paid off now.

Presumably they stopped adding interest at the point of default?

byebyedebt

Interesting story here. I cant find any cahoot or santander statement, so if anyone has one, maybe you could see if the required information is shown.

http://www.moneysavingexpert.com/news/loans/2014/12/first-direct-starts-refunding-customers-over-paperwork-blunder

happy_bunny_2

byebyedebt wrote: »

Interesting story here. I cant find any cahoot or santander statement, so if anyone has one, maybe you could see if the required information is shown.

http://www.moneysavingexpert.com/news/loans/2014/12/first-direct-starts-refunding-customers-over-paperwork-blunder

Much worse than that (incorrect interest rates is one example) but still the FCA and FOS do nothing.