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

Nicky321

LemonLady wrote: »

Hi all

I have just stumbled across this post whilst I was googling for a sort code for Cahoot flexi loans/Santander. I took out a loan in Jan 2006 (and am still paying for it off!) and every month I make my payment manually via internet banking. I made a payment on 27th Dec and have just checked my online banking and have a counter credit on the 5th Jan from Cahoot for the exact same amount! Very strange! It certainly has never happened before

I would be really grateful if someone could send me a message with the template/email that you are all using. I'm pretty sure my interest rate when I took the loan out was 5.9% and it went up pretty swiftly on a 6 monthly basis and has been stuck at (according to my statement) 16.61% since Santander took over. I would be SO pleased to have the balance knocked down

Many thanks in advance

Done
check Pm

Send to ceo@santander.co.uk

LemonLady

Nicky321 wrote: »

Done
check Pm

Send to ceo@santander.co.uk

Thank you muchly! I've just adjusted it, sent it off so now I shall wait with fingers crossed to see if I am successful! I am absolutely certain the interest rate was 5.9% when I first took the loan out so it would be really nice if my balance was reduced a fair bit! I (very stupidly) still have just short of £9000 on my balance after drawing on the loan a fair few times before Satander took over! The original loan was for £10,500! I am SO stupid at times! So I pay £225 a month with the interest being about £125!! Oh dear, oh dear, oh dear! This really WOULD be a godsend!

Nicky321

LemonLady wrote: »

Thank you muchly! I've just adjusted it, sent it off so now I shall wait with fingers crossed to see if I am successful! I am absolutely certain the interest rate was 5.9% when I first took the loan out so it would be really nice if my balance was reduced a fair bit! I (very stupidly) still have just short of £9000 on my balance after drawing on the loan a fair few times before Satander took over! The original loan was for £10,500! I am SO stupid at times! So I pay £225 a month with the interest being about £125!! Oh dear, oh dear, oh dear! This really WOULD be a godsend!

My cahoot loan was opened in 2004 at 7.16% then gradually increased until it reached 16.61%, like you I kept dipping in and borrowing, but they have (by the looks of it) cleared my balance and refunded a small amount by cheque. Good Luck

ned-g

Thanks to Nicky for the template, received ok.

Ned

debtox

Hi,

Ace thread! Glad everyone has been getting great results.

I have had a Cahoot Flexi Account since 2004 but can't remember the rate. I think it was under 10% and is now 20% with a £7k+ balance.

Do I need to know the opening interest rate? My paperwork if it's still there, is 200 miles away.

Can someone please send me the template you have used for the email?

Also does anyone know if there is a way to get a cheque rather than a credit to account?

Thanks a lot!

highadmiral

debtox wrote: »

Hi,

Ace thread! Glad everyone has been getting great results.

I have had a Cahoot Flexi Account since 2004 but can't remember the rate. I think it was under 10% and is now 20% with a £7k+ balance.

Do I need to know the opening interest rate? My paperwork if it's still there, is 200 miles away.

Can someone please send me the template you have used for the email?

Also does anyone know if there is a way to get a cheque rather than a credit to account?

Thanks a lot!

You don't need to know your initial interest rate,though its handy to give you some idea of how they have overcharged you and whether their calculations are correct.The chances are your rate was under 10% in 2004 but it will show on your original agreement if you can find it.

I didn't use a template,i simply emailed the CEO's office stating i was making an official complaint regarding unfair rate hikes on a flexi loan formerly a Cahoot product now the responsibility of Santander.I gave the account number and obviously my contact details.I did give my initial and current rates but its not essential.
I understand they are inundated with similar complaints,simple mention of flexi loan and interest will get a result i think!.

You could ask for a cheque,but with one or two unusual exceptions they seem to be crediting the balance on live accounts and not offering direct payment unless the account it clear.

corgi1998

Hi bit of a newbie here I also have loan with cahoots taken out in may 2006 I was on a reduced payment plan until Santander took over and then they defaulted me straight away and within mts sold my loan to a company which I now pay £300 a mth to get rid of it .the loan was for 9000 is there anything I can do can I claim anything as my loan was taken out online as well ?
If so can someone send me a idiots guide in what to do thanks again

highadmiral

corgi1998 wrote: »

Hi bit of a newbie here I also have loan with cahoots taken out in may 2006 I was on a reduced payment plan until Santander took over and then they defaulted me straight away and within mts sold my loan to a company which I now pay £300 a mth to get rid of it .the loan was for 9000 is there anything I can do can I claim anything as my loan was taken out online as well ?
If so can someone send me a idiots guide in what to do thanks again

I would have thought you can claim for the period you took out the loan until they sold it,it matters not how you applied for the loan.
The massive hike in interest rate on mine took place in Aug 2007,so if you paid a higher rate for a period before Santander sold your loan then you should be able to claim for it.
It well worth the time it takes to send an email and try !

debtox

highadmiral wrote: »

You don't need to know your initial interest rate,though its handy to give you some idea of how they have overcharged you and whether their calculations are correct.The chances are your rate was under 10% in 2004 but it will show on your original agreement if you can find it.

I didn't use a template,i simply emailed the CEO's office stating i was making an official complaint regarding unfair rate hikes on a flexi loan formerly a Cahoot product now the responsibility of Santander.I gave the account number and obviously my contact details.I did give my initial and current rates but its not essential.
I understand they are inundated with similar complaints,simple mention of flexi loan and interest will get a result i think!.

You could ask for a cheque,but with one or two unusual exceptions they seem to be crediting the balance on live accounts and not offering direct payment unless the account it clear.

Thanks, I have sent off an email to them. Fingers crossed!

hr9hr9

Once again OP tyvm :j
Just received a letter this morning WRT my letter of complaint.

Sent Original email and letter on 6th December 2011
Received NO confirmation of receipt

Recieved offer on 9th January 2012

Outstanding Loan amount £1259.66
Offer amount £1318.84

Original Interest Rate 7.72%
Current Interest Rate 20%

Saving me £50 pm

I was going to counter the offer but as it clears the loan completely, I am more than happy to accept.

Many thanks
Great start to the New Year :T