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

Cell

Denza wrote: »

Hi Renton29,

though the safe money would not be on a full settlement!

Whatever a 'full settlement' is based on....;)

Ali_UK

I applied for a loan with Abbey (at the time) when the final hike went on my account (albeit only to 16.9%) but was refused credit. I mentioned this to them in my letter, I was unable to get credit anywhere else, even with Abbey so I was stuck with their 'acceptable' rate rises.

I think it's important to personalise your complaint letters as much as possible if you want them to not just bundle you in as "another one of those" letters...

Renton29

They knocked me back on the email, advising they are not changing their original desicion, so I advised I would send all copies to FOS, they now left me a message on my phone to call them back.
I'm not sure I want to talk to them over the phone, they are clever at what they do, I dont want to buckle, .... I have called them back, and got vm....grrr, Nervous!

oracleman

Hello Renton29


It is very strange that some people have been knocked back, some have had their loan recalculated from when Santander took over (Feb 2010 ?)

I received my letter early Jan .
As a gesture of goodwill they would recalculate my loan from the FIRST rate change back in 2005 !

However they got the calculation wrong and only refunded around £300 whereas I calc it the be closer to £1200. So I have complained to FOS.

One important point made elsewhere is that the FOS will not do the calculation for you. They ask Santander what it should be !! and guess what they say yes we are right.

You need to submit your calcs to the FOS, For this you really need all the statements that list for each month the balance, interest rate and the amount charged.

As a rough guide the following gives the interest for a month

(Rate/100) x (no days/356) x balance

So for September with 30 days in the month and a balance of £5000 at a rate of 6.69%

(6.69/100) x (30/365) x £5000 = £27.48 interest

So next calc with the Santander ripoff rate say 19.5%

(19.5/100) x (30/365) x £5000 = £80.13 interest


Work out the difference for each this month £80.13 - £27.48 = £52.65

Do this for each and every month, add up the total difference and submit all the calcs to the FOS
Write out a statement, for each month list the balance, interest, your calc new interest etc

It’s a slog to work out, but at least you will know your figures will be roughly correct. There will be sight difference as Santy work out their interest on a daily basis, where the above works it out monthy.
At lease you will know if you are within the same ball park give or take £50 or so.

I hope this helps

Renton29

Thats a great help thank you, however I am still chasing Santander to give me all the details, as I do not have many statements left, as most of the loan was done online.....

When I call them back again in a second I will ask if they can provide me with a breakdown...is that acceptable, or do I need to get thos from elsewhere?

oracleman

As a last resort you can submit an SAR request at a cost of £10 and request copies of all statements. But when you ring up ask for a break down, by month of the figures.

oracleman

Sorry one further point. Santy wouldn't give any indication of their figures. I emailed and pointed out in simple terms that their cals were wrong - and showed them my cals and they refused to budge. I think they "hope" most people will simply accept a lower figure and take it no further. well not me. The !!!!!!s even charged me interest on the loan when it was in credit !!

Renton29

Just spoke to Santander ref my gesture of goodwill, and how they calculated it, and they cant provide info on how these calculations were made, so I have requested a SAR, they will send me a letter in a weeks time, as I also requested they list some more information for me, loan amount, what the apr was to start with, and what it is now. They didn't have this information on their system and had to request it from Cahoot today, so it will take over a week to get this information to me, which confuses me even more, as if they don't have this info to hand, then how did they calculate the interest repayment in the first place?

They advised they will not be changing their decision on my original offer! They made that very clear!

FOS it is then for me I think!

This will drag on, but I will pursue until the end!

oracleman

The issue I have with Santander is that they have to refer back to Cahoot for everything. Cahoot still appears to be a seperate division now under the Santander name only. The complaints departments have to keep going back to them for figures and calculations so they are really unable to properly investiage the complaints made. The down side is the FOS takes weeks and weeks. I submitted my complaint to FOS 9 Jan. Just been told that I should have to wait upto 12 weeks !!
Well Santy I have all the time in the world..

Denza

In a pre-emptive strike I have just sent off my SAR to Santander first class recorded.