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

adam918

Flexiloan taken out 2002, 7.72%
Paid Off 2006 11.56%

Cheque for £307.20 received today, of course Santander are not to blame but i am happy anyway.

Thanks to all those that helped along the way...

debtox

My statement says my interest was 20% from Aug 08 to now but I think there might have been another increase before that. Does anyone recall if Cahoot did general increases before Santander took over?

katsikaki

Mine went up by about 4% before Santander took over. According to my letter, they stated my interest rate changed in 2006 and that's when they have back dated my original rate to.

UK_AEH

Wow, just been through my email history, my loan started out in single figures.............i had a price hike to 15.9% June 06,
then to 19.9% March 07 ,
then to 21.2 Spetember 07 ,
then finally to 23.2% August 08
(Paid it off early '10)
Hopefully a big payout coming my way!

highadmiral

debtox wrote: »

My statement says my interest was 20% from Aug 08 to now but I think there might have been another increase before that. Does anyone recall if Cahoot did general increases before Santander took over?

Yes they did,my statement says exactly the same as yours 20% since Aug 08 but in fact my rate jumped to 20% in Aug 07 a year earlier.
Going on the change in min payments from my bank statement i would say there were a couple of small rises prior to that too.

oracleman

Watch out folks when you get your refund as Santander got mine wrong by around £800. As a quick guide perhaps this might help people.

Generally Santander are refunding the difference in interest between the initial rate when you took out the loan and what they actuall charged each month. In my case this went up 6.69%, 14%, 14.4% to finally 16.69%.

So each month on your statement you will have an outstanding balance and also a debit of the interest charged and at what rate (%) You can then work out the interest charged each month and see if Santander are correct.

So for simple maths. Say we started the loan at 5%. the balance for this month was £10,000 and the rate for this month is now 15%

Do the difference in rates is 15% - 5% = 10%
We have to divide this by 12 to get the rate for 1 month
so 10% / 12 = 0.833% per month

So now multiple the balance by the monthy rate difference
and divide by 100 as its a percentage
(10,000 x 0.833) / 100 = £83.33

So £88.33 is the amount Santander owe you for the difference in interest rates for this month. Do this for each month, changing the balance and rate depending on what you have on your statement.

This should give you a rough value for what the payout should be. witin a few pounds. certainly you should know if you are hundreds out !!

It is too easy to give in at the first figure when they are handing money out. But they do get it wrong - so check .

I hope this helps

debts_reducing

debtox wrote: »

My statement says my interest was 20% from Aug 08 to now but I think there might have been another increase before that. Does anyone recall if Cahoot did general increases before Santander took over?

I remember a number of rate rises. The letter I received offering me a settlement said the first rate rise was in April 2004 - my loan was taken out in 2002.

debtox

Thanks all. Fingers crossed for a decent refund! Will keep everyone posted.

daftspore

Sorry guys, can someone please send me the template.

Thanks,

Chris

IndianaBlues

I too have one of these loans, but cannot locate any of my paperwork...it probably doesn't help that I also moved house and forgot to notify them until just now and that is when I found this thread , so perhaps it was a good thing!

Sooo, the only thing I have is my direct debit reference. Does anyone know if this relates to the account number at all (either all or part of it)? It's in the format:

Ref: 12345678/123456789

Many thanks,

'Blues