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

lunch12345

Hi- this is my first post.
Can I just start by thanking the original posters very much indeed- great work.
My story goes.........
Took one of these delightful loans out in 2006 (£5K) original Rate 6.9%.
Took the interest rate hits as did everyone else and even used the facility to withdraw some more funds a few times (Doh!).
My balance before complaining at the end of November was approx £ 4K.
Got the letter as a gesture of goodwill refunding just under £ 500.
I wasn't happy with this so asked for a detailed calculation which they refused. (Their calculation was based on original rate of 14 % (I queried this as well)
Anyway, I complained to FOS at the end of December and await their reply (not even an acknowledgement yet)
My complaint was centred upon:
-Why can't they supply a detailed calculation
-Why as a Santander current account holder was I not considered for the transfer of the loan to Santander's preferential rate as a loan from Cahoot is the same as a loan from Santander (If i default it's Santander's hit!)
-I also queried the current interest rate of 16.61 % as I believe they recently lowered this so as to reduce the interest rebates to complainants.
One further thing, and this is just my personal thought, my rebate was, as mentioned, just shy of £ 500.00. This is about the same as they would have to pay the FOS for each investigation. Is there anyone else out there who have had an offer of approx £ 500 with no calculations offered? I may be wide of the mark here but nothing this mob do would surprise me.
Please also can anyone who has also referred this to the FOS post any progress.
Thanks

SMARTY31

Hi guys, just new to the forum but have been following with great interest. Thank you to all of you for posting and making us all aware of our rights and what we may be entitled to.

I took out a Cahoot Flexi Loan in January 2005 borrowing approximately 4500 over the years until (dipping in and out only slightly). My statement says that since Aug 2008 i have been paying 20% interest when back in 2005 it was 6.7% max. I have been paying the loan off at £104 per month. A staggering £70 of that £104 is added bcak on as interest !!!! meaning it is going to take me approx 129 months to pay this loan off !! having piad it for 7 years already. I also believe that my interest is much higher than 20%. I have emailed the CEO etc and got auto reply , to allow 21 working days response. Heard nothing as of yet. Intial e mail sent 13th Jan 2012.

My question is based on the info provided does anyone have a rough idea what sort of refund i may be entitled to ?

Good luck to you all and thanks again. Waiting in anticipation !!!:)

Cell

It actually says 21 WORKING days (at least mine does). Clumsily written, but essentially I read that as a calendar month.

There seems to be great variability, as you say, but I suspect that some cases are more complicated than others. Mine goes back nearly a decade and I have no idea how much to expect. My heart hopes for a lot, my head expects to be disappointed.

I'm just going to have to be patient:)

ally38

I emailed the CEO on the 5th Jan and received a reply back saying that they were looking into it .I thought I would send another email today chasing up the complaint and asking for an update

I have received a reply as follows

Thank you for your email dated 25 January 2012. I can confirm we have eight weeks to investigate and respond to your complaint. Once we have completed our investigation we will write to you with our findings.
Kind Regards
Michelle Cook

I was hoping for a shorter turn around than this after looking other peoples time lines.
I was hoping for 21 days , mine isn't very complicated haven't used it since 2007 and only made 2 withdrawals.

Cell

If the acknowledging e-mail says 21 working days then 21 working days is what I'll hold them to. If they then try and change the rules and say 8 weeks (by whose authority, by the way!!?) I'll make another complaint:rotfl:

ally38

Unfortunately my 1st email didn't specify a time

Thank you for your recent communication addressed to Ana Bot!n, Chief Executive Officer, Santander UK. Your complaint has been passed to our Executive Complaints Team who will carry out a full investigation and respond to you directly.

High quality customer service is of great importance to us at Santander and we will do everything we can to resolve your complaint in a timely and satisfactory manner.

I am confident we can resolve this for you quickly and, in doing so, go some way towards restoring your faith in Santander.

Michelle Cook from our Executive Complaints Team will contact you shortly to discuss your concerns in more detail. Alternatively, you can contact her direct on 01908 718522.

You may also be entitled to refer your complaint to the Financial Ombudsman Service if you do not feel we have resolved your complaint to your satisfaction. More information about this will be provided with our resolution letter.

ally38

Percys32 wrote: »

ARRRGGHH Ally38 looks like im in the same boat as you.

It does doesn't it , lets hope we can a reply sooner rather than later, if you get a different response let me know .

Cell

Dear X
Thank you for your recent communication addressed to Ana Bot!n, Chief Executive Officer, Santander UK. Your complaint has been passed to our Executive Complaints Team who will carry out a full investigation and respond to you directly.

Please allow 21 working days for our response.

High quality customer service is of great importance to us at Santander and we will do everything we can to resolve your complaint in a timely and satisfactory manner. I am confident we can resolve this for you quickly and, in doing so, go some way towards restoring your faith in Santander.

You may also be entitled to refer your complaint to the Financial Ombudsman Service if you do not feel we have resolved your complaint to your satisfaction. More information about this will be provided with our resolution letter.

Thank you & kind regards

Denise

Executive Complaints Team

Santander UK plc, 201 Grafton Gate East, Milton Keynes, MK9 1AN

Telephone: 01908 719345

E-mail: Complaints.ChairmanCB@santander.co.uk

ally38

Cell wrote: »

Dear X
Thank you for your recent communication addressed to Ana Bot!n, Chief Executive Officer, Santander UK. Your complaint has been passed to our Executive Complaints Team who will carry out a full investigation and respond to you directly.

Please allow 21 working days for our response.

High quality customer service is of great importance to us at Santander and we will do everything we can to resolve your complaint in a timely and satisfactory manner. I am confident we can resolve this for you quickly and, in doing so, go some way towards restoring your faith in Santander.

You may also be entitled to refer your complaint to the Financial Ombudsman Service if you do not feel we have resolved your complaint to your satisfaction. More information about this will be provided with our resolution letter.

Thank you & kind regards

Denise

Executive Complaints Team

Santander UK plc, 201 Grafton Gate East, Milton Keynes, MK9 1AN

Telephone: 01908 719345

E-mail: Complaints.ChairmanCB@santander.co.uk

Wonder why you have had a different response than I have regarding time ??:mad:

Hurtle

First post on here... Hi guys!

I found this thread totally by accident today whilst googling for Cahoots address to find out about payment protection claims.

Needless to say I have just sent an email protesting my outrage at their extortionate interest rates!

Fingers crossed.