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

gbatey

farmer1971 wrote: »

Congratulations to everyone that has received a refund of interest from Santander in respect to their Cahoot flexi loan.

I used the template that was kindly posted at the beginning of this thread and emailed it to the CEO at Santander on January 25th.

I have a Santander (formally Cahoot Flexi Loan) that was taken out in 2004 for £6000. Like others in my position I did dip into it from time to time and the interest has grown at a gradual rate although I have never defaulted on the loan. The last increase in interest was in 2008 and has remained at 16.5% since. I have around £2500 outstanding on the loan.

I received a phone call today from Santander stating they considered the interest rate rises were fair and they had notified me before the hikes. They also state the interest rate hikes were in accordance with the terms and conditions with the loan and they do not uphold my complaint.

Has anyone else had a similar knock back? They will be sending out their full 'investigation' report in the post. I will keep this thread updated.

Anyone got any ideas on how to proceed with the complaint? Thanks in advance.

I too have had the knockback today as well!

Cell

Percys32 wrote: »

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.

Just quoting this as a recent example.

Frustrating. I can't see anything which differentiates between this case and farmer's case.

gbatey's post makes me think that they're trying to draw a line under it all...

gbatey

Cell wrote: »

Just quoting this as a recent example.

Frustrating. I can't see anything which differentiates between this case and farmer's case.

gbatey's post makes me think that they're trying to draw a line under it all...

That's what I was thinking too, Cell....

Cell

There are inconsistencies everywhere though.

Why would Santander ring people to tell them that they're NOT getting paid? Normally an organisation would shy away from actually speaking with anyone when complaint had keen rejected. Far easier by letter?

And why are people being called by them for complaints raised well after others who have heard nothing? Mine was 12th or 13th January while Farmer's was nearly two weeks later.

The issues must be virtually identical.

Cell

I've just noticed that MSE have today written an article which links to this thread. I'm hoping beyond hope that this isn't a case of Santander now getting stage-fright.

It could be the case that the article and investigation has perversely been unhelpful because the stakes may now be higher for Santander.

http://www.moneysavingexpert.com/news/loans/2012/02/santander-offers-massive-refunds-on-cahoot-loans-after-rate-hike

steve8592

could someone please pm me a copy of the letter sent to complain

newcook

Apologies if this has been asked before but do I need to send a DPA request as I don’t have the paperwork anymore.

Many thanks

ManagingDebt

Hi, could someone PM me the copy of the letter to complain please?

Thanks

Mal

SHic

Hi - I had a flexi loan in this period which took me about 5 years to pay off - I did borrow extra over the time and they definitely increased the rate I think from 12% to about 18% or possibly more. I threw away my paperwork after I had paid it off so do you have any advice on where to get this info retrospectively? Also I would be really grateful if anyone who had successful claims could email me their letter that I could use as a template as I have no idea where to start with a complaint! Thanks so much - I could really do with a refund!!

ManagingDebt

I had a Cahoot flexi loan which i converted in to a cahoot loan for £9,000 in Feb 2006 which i am 1 year from paying off. I suspect my flexi loan was active for 2-3 years following me leaving university.

I have just spoken to Santander who said i should try a claim but did not have any rate or other details on their system for the cahoot flexi-loan. Has anyone got expereince of claiming without any rate % details and only a rough timeline?

Also - can someone PM me the complaint letter template please?

Thanks

Mal