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

katsikaki

Another update for everyone. Sent an e-mail for my Dad on the 20th December, he has now received a cheque for £1900 for his loan. I also sent a claim for PPI for my loan and have today received an offer of £7300 for PPI, on top of the interest repayment of £3800!!! Now, that's a result ...

Thanks to everyone on here for helping me clear over half of my debt. Debt free by the end of 2012 now looks like a serious possibility!

craigmobile

Hi

I've just registered to this site so I can report the outcome of my complaint to Santander.

I sent my email to the CEO on 29th Dec with the template posted near the top of this thread, received a standard reply confirming who my complaint had been allocated to, received a letter in post on 6th Jan (so must have been posted 5th at latest) confirming a reduction in the outstanding balance by £5,100.

I had a £8,000 loan since about 2004 which I regularly kept at the limit until the flexi option was removed. The interest rate was initially about 6.9% rising to 19.9%.

I had been annoyed with this interest rate rise for years and moaned about it several times on the phone to them. The staff were always sympathetic but effectively couldnt do anything. After stumbling across this forum last month and following the instructions I should finally be clear of this debt by July, after thinking I would be paying £200 a month for about another 5 years.

Thanks to the people who originally posted about this, and to the ones who have subsequently reported their success.

daftspore

All,

I was wondering if someone come please pm me a copy of the letter.

I used to have a cahoot loan that was taken over by satander (10k) which I paid off and my wife still has a satander loan with 3.5k on it (has had it for 8 years).

Thanks in advance,

Chris

plaisance

Hi all,

Great to hear your success stories. I stumbled across this thread 'cos I was looking for advaice on paying the loan early. As with others, my cahoot flexible loan was also 'taken over' by Santander and the interest rates jacked up.

I would be grateful if someone could send me an example or template letter so that I can claim the refund.

Thanks

Angie2012_2

Hi
Could anyone PM a letter templete please?

katsikaki

I will post the letters I used when i get home.

daftspore

Thank you.

lilly2011

I'm stuck as to what to do now

I phoned Santander to enquire as to what my balance will be once the refund
credits only to be told the account was defaulted and written off in September. It has been sold to a Debt collection company but i have had no contact.

The letter regarding the refund said my loan would be credited but when I phoned today, they could not access my account as it was closed with a nil balance.

I am waiting to hear what DCA have bought the debt but in the meantime, am I entitled to request the refund by cheque so i can then full and final with the DCA?

Also, what happens with the default as the figure is wrong or once I have cleared it with the DCA, will my credit file show it as satisfied?

Thanks

highadmiral

lilly2011 wrote: »

I'm stuck as to what to do now

I phoned Santander to enquire as to what my balance will be once the refund
credits only to be told the account was defaulted and written off in September. It has been sold to a Debt collection company but i have had no contact.

The letter regarding the refund said my loan would be credited but when I phoned today, they could not access my account as it was closed with a nil balance.

I am waiting to hear what DCA have bought the debt but in the meantime, am I entitled to request the refund by cheque so i can then full and final with the DCA?

Also, what happens with the default as the figure is wrong or once I have cleared it with the DCA, will my credit file show it as satisfied?

Thanks

I would have thought that for the purposes of settling the complaint they would need to send you a cheque as your account with them has zero balance.
They have upheld your complaint for a period before the account was closed and sold on and that should still stand regardless.The default and writing off of the loan are a side issue,though if it had not been for the rate hikes perhaps you may not have defaulted of course.

The DCA situation is odd,its strange that the account was sold on in September and you have no contact.
I would first contact Santander again and ask for a cheque,see what they say and report back !

UK_AEH

Hi,

I had a cahoot loan which I payed of just over a year ago, originally for £7k.....like mny others the intrest rose from 8ish % to I think 23%.
I still have a current account with cahoot (now owned by santander), but there is no trace of any of the loan details, no loan 'number' or anything.
I have sent a message through cahoot asking for the loan details (so I can write to complain) but go this:

Thank you for contacting cahoot in Coventry.

The loan that you held with cahoot is now being managed by Santander. As we no longer have access to your account information we are unable to assist you with your query.

You can call Santander directly on 01908 719 137* to discuss your loan. They are available from 8am to 7pm Monday – Friday and 9am to 2pm on Saturday and they will be happy to help you with any queries.

So shall I write anyway, stating my details, my cahoot bank account number?
Any thought would be appreciated