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

shewitson

Hi

I've emailed the CEO email address, thank you so much for the template this a truly valuable forum.

I took a loan out in 2005 and throughout the term of the loan 5 years I started off at a rate of 6.7% which also shot to a rate of 17.9%. I only have emails from that start to 2008 presumably i did a bit of a tidy up on my emails somewhere along the line. Nevertheless provides me with some ammunition to complain.

I'll keep you posted with any outcome I receive.

Interesting to see i'm not the only one.

Shona

MartCJ

Thanks to all on the thread, a great resource. I had a Cahoot Flexi Loan between July 2002 and August 2006 so not sure whether the rate hikes were affecting the account during this time.

Don't have my account details any more as all shredded and composted but found an old experian report that at least had account opening/settled dates and sent addresses and date of birth in the email.

As others have said it's worth a shot and I'll report back whatever the outcome.

vini007

Hi, I had a cahoot loan which I took out in 2006, I only have the emails they sent at that time directing me through the process and advising what documents will soon be arriving in the post. I don't have any of the original documentation anymore as I consolidated this loan with other debts into one managable 0% credit card following cahoots' email advising of the rate hike. I have the rate-hike email. I am almost certain that I did not pay anything at the newer rate because they scared me off and I found credit elsewhere.
My question is this - even though I am almost certain I did not pay anything at the higher rate - because their inappropriate actions forced me to look elsewhere - do I have a claim?

fairydust30

I opened a cahoot account in March 2002 for 3-4k (cant remember exact) I dont have any paperwork on what the apr was or any statements as I think it was more of an online thing but I know it was low. Its at Santander now as I still have a balance of £2800 as I dipped in and out until Santander transfer and the statements show 20% apr. Does it matter that I dont know the exact apr when I took it out? Since this thread is viral - may be better to PM me the answer - Ill have to figure out how to get to messages though |

My current APR is 20% but when opening it was less than 10% im sure so its more than doubled!

fairydust30

Ive just emailed [EMAIL="ceo@santander.co.uk"]ceo@santander.co.uk[/EMAIL] (hoping this is the right email address???) and this was what I put:


Hello,
Account:XXXXXXXX
I am writing to raise a formal complaint about the way my Flexible Loan Account has been handled. Since opening it with Cahoot in 2002 with a low APR the account has been unfairly subject to a substantial interest rate rise with no explanation and after a large proportion of the balance had been accrued. The APR now stands at 20%! I believe more than doubling the APR once the account had been used and an outstanding balance accrued was highly unfair. [FONT=Arial, Helvetica, sans-serif]I believe that you have used these rises to maximise profit at my expense as you would have suspected that I would be unlikely to have access to sufficient funds to clear my account and therefore avoid the interest rate rises.

[/FONT]I therefore request that you reduce the interest rate on this account to the level it was at the time the balance was accrued AND also refund the unfair interest (the difference between the rate at the time the balance was accrued and the higher rate charged via the increases since then) charged to present.

I look forward to receiving your response

I used a bit of the template from happybunny on here and a bit of my own. If Ive not sent it to the right place please advise?
Thanks - I will keep this updated on any responses (fingers crossed) things are really tight and anything would help at the moment!

kenny_straw

Hi Fairydust...thats pretty much what I sent to the same address, I dont think it matters if you dont know the APR's of your loan or when you used the flexi facility. A/c no should be enough. Im still waitig on an outcome also - best of luck!

beardybum

I was going to email them with my account number as I have cahoot flei loan dating back to 2003, but I reckon I'll send a CCA request first, in case they knock it back and I have to go to the FSO.

Cheers to all contributors for some great work!

lynseydee

What if I don't have any paperwork? I'm pretty sure we had a flexi loan with Cahoot during this period, but if I remember rightly I accessed the account on-line.

aliogilvie

I have been involved in PPI complaints with Cahoot/Santander on two products I had with them and have recently settled the same. On receiving the statements with the offer of settlement I can see that on the Flexi loan I took out in 2006 it started on a rate of 9.1% but has consistently run at around 20% since 2008 - I have therefore used the email template (thanks Happy bunny) and sent an email today.

I already have an ongoing complaint with FOS due to the lack of response from Cahoot/Santander in relation to my PPI issue and requests for information which they ignored. I have highlighted this in my email to them, so fingers crossed this will spur them into action!

Ali_UK

Well, nothing ventured and all that, have just emailed the complaints form off. I had my flexi loan from 2003 and still have it now (albeit a lot smaller than it was!).

Thanks again the Happy Bunny for sending over the wording (which, people, you can find in you look for his post a page or so back...page 32 and currently post #628 on this discussion thread!)