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

Cell

21st February - I wonder whether farmer has got his/her response letter yet? It's nearly a week now.

The thing is that this complaint was made two weeks after kel's and mine.

I'd love to read something into that but it probably wouldn't be a good idea...

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.

Todge_2

Just to make sure they got my letter I have now sent it to the complaints e-mail address and filled in the complaints form, so with the CEO emails address that is 3 ways I have now contacted them, I will wait a few days now to see if I get a letter in the post

Cell

Thanks for the update.

Just a quick question - did they ring you off their own back, or was it as a result of you calling them?

emmapurple

If we get the knock back call is it better to keep quiet if they ask about the fos then just wondering cause my interest rate didnt go past 17% so got a feeling i will be getting that call, however i fully intend to take it further. Just wondering which way is best cheers

fairydust30

does anyone have the link to the complaints form or the complaints address as I sent mine to ceo email on 23rd and nothing yet - and Im with AOL - emails easily go walkies so wanted to follow todge's lead and send complaint via other means just in case. I dont want my email sitting in their spam folder.... Im not hoping for anything (well, alright maybe secretly crossing my fingers) as luck/ good fortune just does not happen to me! I got my loan in 2002 and still have it - currently at 20% was less than ten.

Denza

farmer1971 wrote: »

I feel they may be reviewing the whole thing at the moment and will wait until the end of the week before I chase up the official complaint rejection letter. Will I be taking this complaint to the FOS? Definitely!!! It's going to cost them at least £500 whatever happens.

Keep the pressure up Cell! Good luck

Santander will only be liable for the extra £500 should the FOS rule against them as I understand it.

Unfortunately they have set no legal precedent for payments what with their 'gestures of goodwill' however as per this thread many have already succeeded in taking their claim via the FOS so I would be cautiously optimistic about a favourable resolution under comparable circumstances.

Will take a few months though!

Good luck to all claimants!

fairydust30

I got my acknowledgement letter today through the post (complained 23rd feb) its dated 24th). They may not have set a precedent and they may have been goodwill gestures but they dont get to treat me any different to those whom have received offers! So, no not backing down if I get rejected - rate increases have been the bane of my life hence I STILL have the loan ten years on....

lilly2011

Would it be an idea to have a list of those that have had refunds and the amount?

Glad i put my complaint in when i did. Fingers crossed for those still waiting to hear. The refund i received was life changing after 11 years of repaying this loan so i really hope it all works out for the rest of you

Cell

Flexi-Loan only,

JoMatt165

Glad I just found this. Have all my paperwork (which makes a change as normally cannot find it) WOuld someone kindly be able to PM me a template of the email they have sent, and also the best address to send it to.

Thanks

Jo