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

Cell

ally38 wrote: »

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

I sent mine on 12th January. That's later than yours.

I think that as this thread has gained momentum they will have been receiving more and more complaints, and probably only have the same number of staff, hence the increased response times.

Perhaps I'll be fobbed off when I issue a reminder?

It's really useful to keep receiving information from people in terms of the time it's taking to resolve the claims, and also what type of 'compensation' is being awarded for amount X over period Y.

thunkpad

Percys32 wrote: »

How long did it take for them to make your offer.
We complained on the 06th Jan to CEO had response fron Exce team on 09th and not heard anything since! I know they said 21 days but lots of post look like it was resolved sooner...roll on Monday!

My timeline goes like this:

3/12/11 send email to customer complaints
7/12/11 receive automated response
29/12/11 Santander replies by post with £3400 offer
24/1/12 I actually receive offer because it was posted through my neighbour's letter box by mistake!!!

I posted my reply yesterday (thankfully within the eight weeks time limit!). Hopefully the loan should be credited in a few days.

Cell

Thank you for that.

Would you mind giving some details about the length of time you've had the loan and the average balance? I appreciate it's personal, but it would help people if you could give some rough idea of the figures.

ally38

thunkpad wrote: »

My timeline goes like this:

3/12/11 send email to customer complaints
7/12/11 receive automated response
29/12/11 Santander replies by post with £3400 offer
24/1/12 I actually receive offer because it was posted through my neighbour's letter box by mistake!!!

I posted my reply yesterday (thankfully within the eight weeks time limit!). Hopefully the loan should be credited in a few days.

Thanks , for posting this , hopefully we will hear something soon !
Good job your neighbour eventually gave you the letter !!

thunkpad

Cell wrote: »

Thank you for that.

Would you mind giving some details about the length of time you've had the loan and the average balance? I appreciate it's personal, but it would help people if you could give some rough idea of the figures.

I've had the loan since 2004. Average balance was probably about 6 or 7 thousand but it varied a lot as I dipped in and paid back several times.

Cell

Thanks thunkpad.

I've just taken a look at Noddle and my balance (as far back as it goes, to 2006) was £9000 and gradually reduced to £6900 before I paid it off in one go about four months ago.

And I had the loan for quite a while before that as well (2002).

Who knows?:D

happy_bunny_2

lunch12345 wrote: »

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

Me and OH had to go to FOS, as they refused our complaint full stop.

Regarding your loan, your statement should have the current APR on it, what do the recent ones say? Original rate should be on your original agreement. I thought they weren't giving out loans at 6.9% in 2006, but I may well be wrong.

They tend to guard calculations, as they claim they are business sensitive, sigh.

Complaining to the FOS, they may withdraw the offer they made, but i think there are enough refunds in place not to.

I would ring to make sure they received your complaint, as I have used them a few times and the confirmation normally turns up within 14 days.

Sometimes, I think companies do things on principle, rather than the logic of what it might cost them.

Good luck and keep us posted.

Larr

Hi,

First post! I too had a Cahoot Flexi Loan that changed to Santander.

How do i go about trying to reclaim unfair interest charges? What do i need to include in my letter of complaint? I have the loan account number and bank details, however I dont have a copy of the credit agreement or statements, what is the quickest way of getting these as I assume I will need the info before I apply

Thanks very much,

lilly2011

Update from me

Refund credited to the loan and I paid the remaining balance off yesterday so no more Cahoot

Good luck to all of those still in the process of complaining. This was life changing for me as I had been repaying this loan since 2001

lilly2011

Larr wrote: »

Hi,

First post! I too had a Cahoot Flexi Loan that changed to Santander.

How do i go about trying to reclaim unfair interest charges? What do i need to include in my letter of complaint? I have the loan account number and bank details, however I dont have a copy of the credit agreement or statements, what is the quickest way of getting these as I assume I will need the info before I apply

Thanks very much,

I rang them on the 01908 number posted on here previously. Apologies I don't have it to hand at the moment but its option 1 then option 4 for the complaints department. I complained about the rate hikes and asked for the interest to be reviewed since the first rise. I also asked for all charges to be reviewed. You only need your sort code and account number but be prepared to answer security questions i.e when was the loan taken out, what was the original loan amount and what were/are your monthly payments.

It took around a month in total.

Good luck