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

DaisyBell

Hi, I too have been emailing Santander about my flexi loan. I originally emailed them on 19th December, got back an automatic acknowledgement but nothing more. I then emailed the CEO directly on the 8th January, got a proper acknowledgement email but still nothing more. I telephoned Santander on the 19th January, they checked their records and said that they were still looking into things, but that legally they had eight weeks in which to work out a reply. I was wondering if anyone else had actually had to wait eight weeks for a reply? I only ask as Santander are threatening, well promising really, to default the loan, even though they have agreed I can make reduced payments. Is it true when they default an account it is immediately sold on? What happens then? Also, I started having trouble paying the loan back in April of last year, I tried to ask if they would consider lowering the Interest rate, which is about 20%, but they refused. They did say I could take out a loan to clear it at a lower rate, but the new loan would have to be £7,000, and as I only needed £5,000 I had to decline. However, since then I have received no statements, despite phoning and writing to request them. Is this normal?

wensleydaleuk

Nicky321 wrote: »

Send the letter (template available) to CEO and await a reply.

Hi Nicky,

Where is the template available, is it still going around via PM or is it now available online?

Many thanks

Nicky321

wensleydaleuk wrote: »

Hi Nicky,

Where is the template available, is it still going around via PM or is it now available online?

Many thanks

Check your PM

wensleydaleuk

Thanks a lot Nicky, I've sent it off and will let everyone know how it goes!

Tesco_Tom

Just stumbled upon this thread and I wonder is there any point in raising a complaint.

I took a flexible loan out with Cahoot back in 2001 and then struggled to pay it off, resulting in eventually a default being registered in October 2006. From 2006 until last year I was on a repayment plan through the CCCS and have now cleared the balance.

So is there any possibility of a refund?

Thanks

happy_bunny_2

Tesco_Tom wrote: »

Just stumbled upon this thread and I wonder is there any point in raising a complaint.

I took a flexible loan out with Cahoot back in 2001 and then struggled to pay it off, resulting in eventually a default being registered in October 2006. From 2006 until last year I was on a repayment plan through the CCCS and have now cleared the balance.

So is there any possibility of a refund?

Thanks

depends on what interest rates they were charging you including after default, if any. Do you have the info? If not, you could ask for it or just send them a complaint anyhow and let them figure it out.

Tesco_Tom

happy_bunny wrote: »

depends on what interest rates they were charging you including after default, if any. Do you have the info? If not, you could ask for it or just send them a complaint anyhow and let them figure it out.

Prior to the default I remember they were increasing the interest rate, however after the default and CCCS were involved interest rate was frozen at 0%.

happy_bunny_2

Tesco_Tom wrote: »

Prior to the default I remember they were increasing the interest rate, however after the default and CCCS were involved interest rate was frozen at 0%.

Mine went up a fair bit from 2001 to 2006, so worth a go in my opinion.

Will PM you what I sent them.

happy_bunny_2

If anyone still needs ideas for a letter to send, PM me and I'll send you mine.

HB

thunkpad

Thank you to everyone on this thread! I'm so happy I stumbled across this page. I've just received an offer of over £3400 which more than pays off my loan.

If it helps others, I used my loan as a flexible loan, paying it off and re-borrowing numerous times before and after the rate hikes until the takeover by Santander when it stopped being quite so flexible! Do not be put off if you paid off at the original rate and then re-borrowed more after the rate went up.

Good luck!