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

Sharonrob

Fab thanks so much.

S

Diamond_Gaz

Wow, just discovered this thread and forum - took a £5k Flexi loan out in 2003, kept paying bits of it off but kept dipping back in until the withdrawal facitily was removed a couple of years ago. Current balance about £3.3k, just sent the email off to the ceo email address, now to wait and see what happens!

Renton29

Hello all,
Can someone advise if it is still ok for me to claim back my interest on my cahoot flexible loan account if one of the reasons why my rate went from 6.9% when i took it out to 29.9% within a year, is because I missed payment deadlines....I was struggling for money and the repayments were high, and most of what I was paying back was interest....do I still have a case?
I am worried as I emailed CEO address on Monday, but I have not had a reply?
Thank You
Mike

debtox

Percys32 wrote: »

It could be that Michelle Cook the person dealing with the claims has been off work since the 14th Feb but is back in today. I only know as we rang to chase up our claim which was disputed on the 6th Jan.

Hold tight im sure you'll get the response by Monday.

She told my OH on the phone this morning that she was waiting for the cheques to come back and we should have them soon and that it would clear our outstanding amount and a small payment back to!!

Not building my hopes up till i have the letters and cheque in my hand..but fingers crossed!!!:eek:

Keep us posted please. I'm 8th Jan and have heard nothing.

Renton29

Hello,

I received a call today from Santander advising they have received my email, and wanted to discuss what I was asking, as I mentioned I was falling into financial hardship.

She was quite good at putting me on the spot, asking what hardship I was going through, I advised that I have had to burrow even more money to pay for petrol to get to work otherwise I would lose my job.

She advised that it has been passed to an account manager and I will get a response in 7-10 working days.

Does this mean they are just going to fob me off, or offer me not much in return?

I have £2440 left on my flexi loan, and the rate is 29.9% apr, when I started it was 6.9%.

I have been paying this for around 5 years, what sum can I expect in return?

I was paying over £100 in repayments up until 2 years ago, when I got them to reduce the monthly payment as I could not afford it, they reduced it to around £70 a month instead.

I assume I just calculate the difference which is roughly 22%, and then work out what 22% of my original loan amount of £3000 (i think, might have been 4k but cant find the paper work)...say its £600 a year in interest.....do i claim roughly £600 x 5 (years)?

Regards

patfla

To all I can see keep pressing the issue with santander.
Our initial complaint started in 2010 with fob offs etc.
Now our balance less the interest charged hs reduced from £3500 to £321
Thanks to all

Denza

It sounds like they have taken your complaint/query to mean that you wish to renegotiate terms due to your current financial situation as opposed to a generic complaint regarding the handling of the account, i.e. the excessive and unwarranted APR increases applied historically.

I would strongly recommend re-engaging them on this point not least as they appear to have a dedicated team of people dealing with the generic complaint and your issue may be misdirected elsewhere.

I have not seen anyone else on this thread report your experience regarding the Q&A session around your current finances.



Good luck.

Cell

Just an update.

I called them today and asked whether the complaint was anywhere near being resolved.

I was advised, as many have said, that they have eight weeks to respond. That of course goes against the 21 working days that was mentioned in my acknowledgement e-mail and the letter which a number of people got dated 31st January which contained no time scale whatsoever.

When I asked whether my complaint was anywhere near resolution I was simply told 'no'.

By my reckoning I should have a response by 8th March, 8 weeks after my original e-mail.

A waiting game, I fear.

Hope that helps:)

Alex444

Denza wrote: »

"We will apply the original 6.69% from the date the loan was opened until the date of our calculation on 25th July 2011"

Got to question that surely as the calc was only performed on receipt of your complaint. Maybe just a typo but still one to be clarified.

newbie1001 makes an interesting point that I have read before, i.e. outstanding balances are not being rebased at the calc rate. This must be worth pushing back on as it implies that you are better off holding your complaint off until the last payment is made (probably 2020 in my case!).

Looking on back on some posts from this thread I've read that Santander proactively rebased some customers APRs down as far as zero, though of course every case will be different.

Interesting to know if anyone has queried this on receipt of a partial payment.

Surely Santander have to reallign the loan to the original rate on those customers that have outstanding balances, because if they dont the refund received will only be a drop in the ocean, compared to what they repay.

I think Santander need to be more transparent in the way they are calculating the refund.

Percys32

Received our response from Santander today. As others have stated they cant find anything that would suggest they made an error but as a gesture of goodwill they will recalculate the loan. Loan recalculated from 1st April 2004 (they state this is the date of the first rate rise) to date of calculation which is 13 January 2012 (our complaint was sent on 6th Jan).

This clears our balance outstanding and they have also sent a chq for just over £50.

I cannot thank the op enough and also happy bunny and anybody else who has contributed to this thread.

Hang on in there anybody who is still waiting to hear...i am certain it will be positive news.