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

pheonixrising21

Hi all,

I also have a cahoot flexible loan, taken over by Santander. I think the initial rate was really low, something like 6.7% back in 2003, but since Santander it has been increased to 16.61%, so I think that I may also have a claim here as well.

Would someone be kind enough to PM me the letter they used?

Big thanks to the OP for bringing this to light and well done to all those who have had refunds!

barloo69

I like many others also were subject to a CAHOOT flexi loan rate hike and would very much appreciate a copy of the letter used to get an idea of what to say.

Would some kind soul please PM this letter.

Many thanks.

Cell

I can imagine the big wigs at Santander striking a red pen through all the claims as we speak.

What was an issue that was contained now appears to have gone 'global'.

The template was posted a couple of pages back by welshcake

http://forums.moneysavingexpert.com/showpost.php?p=51012991&postcount=571

grafter7

Hi All

I have been reading through the thread this morning in great detail, and thanks to all those who have clearly put in a lot of hard work to help the honest person.

I took a cahoot flexible loan out in 2003 for around £5K. It was finally paid off April 2011, after struggling for 8 years to clear the debt.

I was in a right mess for years, partly my fault, but the increases to around 18% really made things tough for me. I sold all I had and walked to work in the end to clear the debt, and felt such an enormous weight come off my shoulders when I cleared by debt with Santander

I took the loan and the amount owing went up and down for years, but it was always over the original amount.

I felt robbed by Cahoot, Santander.

Do I have a chance to claim some of this money back still or have they found a way to avoid any compensation now?

I would really appreciate any advice anyone can offer me. This has caused so much stress and worry over the years....

_nicola_

I've had a Cahoot Flexiloan since October 2003 (taken at around 6.9%) and remember being astounded to learn that the interest rate had been increased to 16.61% in August 2008

I found out about the increase by accident when trying to obtain a loan statement .... there wasn't a letter or email informing me of the change and giving a reason why.

I'm rather ashamed to admit I just accepted it at the time and have no paperwork on the original loan at all.

Will it matter that I'm, more than a little, vague on detail?

Happy_bunny ... could I trouble you for a copy of your claim letter?

Many thanks all who've contributed to the thread.

Nicola

ManagingDebt

I was told to find information relating to my flexi loan to write to

Santander UK (Archives Department)
PO BOX 1111
Bradford
BD1 9NQ

As i was told that all Cahoot related materials were archived when Santander took them over in 2009. There apears to be no record of my cahoot flex-loan borrowings on their current systems which i converted to a fixed rate loan in February 2006.

I am going to email the CEO as mentioned on this thred and write a letter to the Archives department to get my details for me records.

I hope this helps. cheers

Mal

Cell

_nicola_ wrote: »

Happy_bunny ... could I trouble you for a copy of your claim letter?


Nicola

Please see post 606, two above yours.

EDIT: now not 606. Are people deleting stuf?

kimbles67

This thread has been most enlightening,
Hopefully I am not too late as some of the replys seem to imply that Santander are 'drying up' with the pay-outs.
I sent my email of complaint today (22nd Feb) to CEO and hopefully i will be able to report back some good news in the very near future.
Just one query.
My loan was taken out as a joint loan. If they do pay up will the cheque be in both names?
As we no longer have a joint account I would have trouble cashing it. Or will they just address the cheque to the primary name on account. i.e. mine?
Good luck with your claims everyone.

kenny_straw

It would be very interesting to know if anyone has had any success stories in the last few days, as it seems we have only started to see the first knockbacks.....it would certainly give the rest of us hope that are still waiting!

gingertips

I just want to add that I was refused at the end of 2010, so it isnt just recent requests for review that are getting rejected. The whole thing sounds inconsistent, depending on who you deal with at Santander...

Is there any way that all the MSEs who have been screwed by Santander could join together under 1 banner & collectively challenge this?

Come on MARTIN LEWIS - please please please help us!!! :money: