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

anniemudge

What constitutes a 'standard reply'?

I emailed the CEO and had a reply stating my complaint had been passed on to a named person who would contact me within ten working days.

Is this just the standard reply?

Jonny_Red

Hello all

I'd be very grateful if you could email me the template letter too please happy_bunny.

Thanks in advance.


J

happy_bunny_2

Jonny_Red wrote: »

Hello all

I'd be very grateful if you could email me the template letter too please happy_bunny.

Thanks in advance.


J

on its way

davemorton

anniemudge wrote: »

What constitutes a 'standard reply'?

I emailed the CEO and had a reply stating my complaint had been passed on to a named person who would contact me within ten working days.

Is this just the standard reply?

How long from your initial email did it take to get your acknowledgment email??

mustremembermylogin

Success!!

Sent my initial email on the 6th December, acknowledgement 7th December. Received a letter today from them detailing my settlement. Nearly £3.2K!!!

Thanks to everyone who helped me with this, especially happy_bunny and harry6854 - it is much appreciated.

Good luck everyone. If I can help in anyway then please send me a PM.

oscar52

finley909 wrote: »

There may be a bit of confusion re the reduction in payments following the refund. The letter I got states that the remaining balance after refund would be subiect to the current interest rate (c 20%) which would imply that the refund is taken into account when calculating monthly payment amounts. Another member spoke to Santander and was told that the refund would be held in a suspense account until the balance was brought down to a level equal to the refund amount.

I'm due my monthly statement any day now so hopefully will be able to clarify things once it arrives.

I just had my statement and the payment has been taken off the outstanding balance, so what I owe has been reduced.

Alex444

Seems Santander are getting off the hook pretty easily on this, surely any refund should be "interest in restitution" generally accepted to be about 24.4%.
Interest in restitution is considered to be the amount of money Santander may make off your payments.
Also cannot believe they can leave any further payments due at their headline rate 20%.

happy_bunny_2

Alex444 wrote: »

Seems Santander are getting off the hook pretty easily on this, surely any refund should be "interest in restitution" generally accepted to be about 24.4%.
Interest in restitution is considered to be the amount of money Santander may make off your payments.
Also cannot believe they can leave any further payments due at their headline rate 20%.

The stance of the FOS who ruled for me and OH was that I could have got another loan at the time I realised that I had grounds for complaint, hence the same high rate after the refund. I wasn't about to argue as I got 5.5k back when I wasn't really expecting anything.

The numbers they are refunding sound similar to what the FOS helped me get, but you are probably right, they will be giving the bare minimum while hoping to avoid the FOS. Also with the FOS, it depends who you get as some are better than others, in my experience.

Nicky321

Maybe it would be a good idea for people to post timelines of their complaints, emails, letters, refunds etc. Just so people can gauge where abouts they are, what they can expect next, letters and outcomes.

katsikaki

Hi Guys,

I'm new to the forums but have been following this thread with some interest. I have a Cahoot loan dating back to 2005, which is currently sitting at nearly 21% APR. I have e-mailed the CEO (10th Dec) and received a reply from the Executive Complaints Team on the 12th, saying they are looking in to my case. Judging by some of the replies here, it's early days to be hearing back with a resolution but in the meantime I have another question. Amazingly, I have found my original Credit Agreement and it mentions nothing of PPI on it. However, I'm paying nearly £50 a month in charges. I have no memory of having sent another signed form back specifically for PPI and I certainly have no hard copy in my file. Does anyone think this is something worth pursuing? If so, any ideas on wording a letter would be really helpful.

I'll keep everyone updated on my progress, as my Father has just sent his e-mail to the CEO today for his loan that ended in November of this year. Fingers crossed!

Just some additional info. Anyone who wants to check some of Cahoot's web pages from earlier years can use the Wayback Machine. It has archived many of their pages from throughout the 2000's.