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

InsertWittyName

katsikaki wrote: »

I'm paying nearly £50 a month in charges.

I'm assuming these are interest charges - which is the basis for all our complaints.

3-4 weeks seems to be about the average timescale for a settlement to be offered (need to factor Christmas into this for the new complaints however).

I don't recall Cahoot actually offering PPI, but that may just be my poor memory.

katsikaki

Those are just PPI charges! Interest is an eye-watering £110, bringing my minimum payment to £151 per month. On a balance of £6000 and a DD of £200, I'll be paying it off until the day I die ....

InsertWittyName

katsikaki wrote: »

Those are just PPI charges! Interest is an eye-watering £110, bringing my minimum payment to £151 per month. On a balance of £6000 and a DD of £200, I'll be paying it off until the day I die ....

Oof, Apparently I do remember wrongly!

Seems you have already raised a complaint regarding the interest levied, so I would take the following approach.

• Ring them up and cancel the PPI as soon as you can to stop incurring any fees (assuming this is your goal).
• Raise a separate complaint regarding the PPI. The PPI sub-forums would be your best bet for advice here, as there is likely to be somebody that's already tried this for Cahoot loans that've transferred to Santander.

See: https://forums.moneysavingexpert.com/discussion/3494145

Hope this helps.

katsikaki

Thanks, I'll look in to this. Do you think it's safer to allow the interest claim to be responded to first?

XXSCOTSLASSXX

katsikaki wrote: »

Those are just PPI charges! Interest is an eye-watering £110, bringing my minimum payment to £151 per month. On a balance of £6000 and a DD of £200, I'll be paying it off until the day I die ....

does ur monthly statement show charge for PPI or are u assuming the £41 extra is a PPI payment? the minimum payment is as far as i remember 2.75% of ur balance..... I had a balance of 3.5k before refund cleared it last month, my min payment was £86, ...£58 was interest and the rest came of the balance each month....my PPI was cancelled in 2003(they state!!!... lol thats another issue currently outstanding with them for the last 8 weeks grrrrrr lol)

if the charge is shown as PPI.... get claiming it back! lol i claimed back in august and received PPI refund from 2002 to 2003 when they state was cancelled (am disputing this as my bank statements etc show July 2004) was advised was null and void at the time due to me being 'a housewife' when signed up however at the time they said i wasnt entitled to the payments back...i made 1 phone call to them re the PPI and 2 weeks later received offer of £1754 which was paid into bank 2 days later.

sent 1 letter re PPI on my cahoot credit card at the same time and received £300 back for that too funnily enough tho they state that was cancelled on same date as the loan PPI which it was, refund for credit card was for 2002 to 2004 waiting patiently to see what the outcome for loan now is lol .. good luck

katsikaki

It does actually specify that it is PPI on the statement. £48.73 to be exact. You don't happen to have an e-mail or address to send a letter to, as it's now dealt with by Santander and the only one I can find is a Cahoot address?

XXSCOTSLASSXX

I called them for the loan PPI on the customer service number, there is an option there for PPI may be worth trying that, I was a bit dubious at 1st re the call as guy didnt even ask me much info just loan account number and reason for complaint... that was it 2 weeks later received the letter

When I wrote to them re my credit card I used a prepaid envelope that they had sent for my loan PPI acceptance have just fished out the envelope for the cc acceptance lol i faxed them the acceptance back as was quicker...

address is

PPI Complaints
PO Box 6197
MILTON KEYNES
MK10 1UY

just for info when I disputed the timescale for the loan PPI i used the 'contact us' part of their website again was a bit dubious as to whether would hear anything back but have had 3 letters now one acknowledging complaint and 2 of them giving the 'will be in contact with resolution in 4 weeks' blurb.... so am sure even emailing from there would work as well x

happy_bunny_2

katsikaki wrote: »

It does actually specify that it is PPI on the statement. £48.73 to be exact. You don't happen to have an e-mail or address to send a letter to, as it's now dealt with by Santander and the only one I can find is a Cahoot address?

Hi,

If you need specific help on PPI, posting on here may help:
http://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=169

HB

Alex444

I received a copy of my original signed agreement yesterday, dated January 2004, following entries missing:-

Amount of loan

Credit Limit

APR....given as percentage of loan

PPI box to be ticked.

A load of t&c's making reference to clauses, something that is quite hard to follow.

Working through other forums, the feeling I get is that the FOS do not like Interest in Restitution although it is a proven legal exercise.

mattr1125

oscar52 wrote: »

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

Have your monthly payments reduced as well? Thanks M