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

holeinthehead

I'm assuming there is no progress on this....

I had another conversation with Santander about my lack of statements and the interest - he claimed that refunds were only given to people with fixed loans, not flexible?

happy_bunny_2

They too may have had refunds on fixed loans for lack of statements etc. as per a few other banks...

jdmave

HI All

Guessing from reading the last few pages ive missed the boat here......

Guess i'm willing to join forces or try and take a different line of approach (court....?), As does appear that the FOS are about as effective as a chocolate fire guard....

Appreciate any update or news

Jdmave

MHO_2

I've finally got to the point where i have rang and settled my flexi loan! I've paid pittance off since the interest rate was hiked to 20%.

My query comes when i've settled it, there were interest charges of about £200 added to my capital loan amount.

I just don't get how they can work this out, based on the fact that the end date on their statements is the 31/12/9999!!!

Can anyone explain if i have a right to question their calculation methods. I've had the flexi loan open since 2002, they have had alot of money of me in interest payments, and now they screw me when i get to pay it off :-(

I know i've queried HP settlements for my work before and they didn't like being threatened with FSA complaints, about not adhering to reasonable settlement calculations and they soon reduced the figures, but they had a start and an end date and it was easier to calculate the statutory early settlement discount!

thanks in advance

elgnit

can you help My mother in law took out a loan from abbey national in 2003 for £5,000.00 with a monthly payment of £69.00 she died in late 2003 so the debt referred to my wife who acted as guarantor she has been paying this ever since, unfortunately we do not have the records when the debt is due to end, we have paid I believe to date over £9,900.00, we have contacted Santander about the load couple times in the last 8 months and have been told on each occasion they are looking into it the case, can anyone help use close this out and advise if we are entitle to a refund ?

happy_bunny_2

MHO wrote: »

I've finally got to the point where i have rang and settled my flexi loan! I've paid pittance off since the interest rate was hiked to 20%.

My query comes when i've settled it, there were interest charges of about £200 added to my capital loan amount.

I just don't get how they can work this out, based on the fact that the end date on their statements is the 31/12/9999!!!

Can anyone explain if i have a right to question their calculation methods. I've had the flexi loan open since 2002, they have had alot of money of me in interest payments, and now they screw me when i get to pay it off :-(

I know i've queried HP settlements for my work before and they didn't like being threatened with FSA complaints, about not adhering to reasonable settlement calculations and they soon reduced the figures, but they had a start and an end date and it was easier to calculate the statutory early settlement discount!

thanks in advance

This lot seem to be able to do what they like and the FOS won't touch them.


End date is a known issue...


As for the extra interest, what date did you [ay v your statement date? It is likely to be the interest from the last statement date to when you paid.


Although, that would be a fairly high balance to add £200.

crapouillette

I have managed to get my head out of the sand regarding my PPI; I had a flexi loan with Cahoot, so would definitely apply for refund. Would you be kind enough to email me a template for the complaint letter, please? it would be very much appreciated. Thanks in advance

gsaver

Hi All, has any one had any recent success with their claim against Santander regarding the old Cahoot Loan interest rate hikes? I have got to the stage following old advice on this post to the point where they have rejected my complaint and advised me to go to the FOS. Any advice?

gsaver

anyone able to help with this? Maybe PM me if possible? Thanks

gibbskr

See article below which puts britains protection agencies to shame ..well done USA.......Santander still have the cheek to advertise themselves as a fair bank in it's latest adverts......what a joke.

CFPB Says Santander Violated Fair Lending Laws

August 11, 2015Print6DALLAS — On Monday, Santander Consumer USA revealed in a regulatory filing that it could face regulatory scrutiny from the Department of Justice (DOJ) regarding its dealer participation policies.On July 31, according to the filing, the Consumer Financial Protection Bureau (CFPB) notified Santander that it had alerted the DOJ to what it considers to be violations of the Equal Credit Opportunity Act (ECOA). The bureau alleges that the auto loans purchased by Santander from dealers contained “statistical disparities in markup” charged to minority borrowers.The CFPB also noted that the “treatment of certain types of income” in the finance source’s underwriting process could be at odds with the ECOA.“The company does not believe that there are any proceedings, threatened or pending, that, if determined adversely, would have a material adverse effect on the consolidated financial position, results of operations, or liquidity of the company,” the filing read, in part.Santander!paid $9.35 million!in February to resolve a DOJ lawsuit charging that its vehicle repossession practices violated the Servicemembers Civil Relief Act. Its subprime auto lending business was!also the subject of scrutiny!by the DOJ and!Massachusetts Attorney General Martha Coakley!last year.The finance source noted in its regulatory filing that it has received civil subpoenas from multiple state regulators, and is “complying with the requests for information and document preservation” related to its underwriting and securitization of auto loans.The CFPB has been targeting multiple finance sources in recent months related to auto lending policies that allow dealers to mark up the interest rate on retail installment sales contracts as compensation for arranging financing for car buyers. The regulator believes that when dealers are given the discretion to mark up interest rates, minority buyers pay more for auto loans than white buyers.Earlier this month, the!Wall Street Journal!reported that Fifth Third Bank!could be forced to cap the markup!it allows dealers to make as part of a rumored settlement with the bureau. Honda Finance Corporation!reached a $24 million settlement!with the bureau and the DOJ in July, and agreed to lower its markup caps from 2.25% to 1.25% above the buy rate for auto loans with terms of five years or less, and from $2% to 1% on loans with longer terms.