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

MHO_2

Well even though disheartened by recent posts, I've emailed the CEO with my claim on Monday. I've had my loan since 2002, and still have a balance of £8k, my rate was upped to 20% in 2008, and definitely no offer of a different product.

Received my acknowledgement email the following day, and then received email from chairmans address yesterday saying they were investigating it, giving themselves the usual 8 weeks.

So fingers crossed, we never know!

Cell

kenny_straw wrote: »

My 8 week deadline is today as well....I called them yesterday and they tried to tell me they had 8 weeks from 12th Feb when I last called them instead of from the original complaint. To be honest the woman I was talking to didnt seem to know what she was talking about .....all I could get was er...theres no update..

Predictably there was no letter when I got home.

No phone call and no response to e-mails.

If I was being optimistic I'd suggest that if they were simply going to turn every claim down on a blanket basis they could have done so by now, and simply dealt with the people who persisted afterwards. The lack of response could therefore be seen as a good sign.

Equally, knowing Santander they've run out of stamps and had their phones cut off due to non-payment:D

Denza

Cell wrote: »

If I was being optimistic I'd suggest that if they were simply going to turn every claim down on a blanket basis they could have done so by now, and simply dealt with the people who persisted afterwards. The lack of response could therefore be seen as a good sign.

Equally, knowing Santander they've run out of stamps and had their phones cut off due to non-payment:D

I've been running a few scenarios through my head also in the absence of any updates from our flexible friends.

The bottom line for me is that claimants that have previously gone through the FOS before this thread even came to life have been successful. Therefore is some form or other I would expect all subsequent claimants to be successful, though to what extent would depend on their individual circumstances of course.

Hence Santander can expect to field numerous FOS cases which will require administrative overheads, some form of settlement and then £500 on top of that.

For open accounts maybe, just maybe, they would be better to offer a write off of existing debts. I'd be surprised if they could not fudge this into their accounting and offset it against other revenue.

For closed accounts it's not so simple of course as a calculation will need to be performed regardless.

Then again maybe they have determined that if they make no offers or lowball offers to enough claimants only a certain percentage will take this forward to the FOS and it will prove more cost effective in the long run.

Maybe they have employed a red hot legal team to explore how they can deny all claims legally in FOS defendable terms and they are awaiting their decision.

Who knows!

I'd be surprised if anyone on this thread does not proceed to the FOS though.

PS - Anyone know where I can get a copy of the template letter?

XXSCOTSLASSXX

seems santander really arent flavour of the month with the FSA either....

http://www.fsa.gov.uk/library/communication/pr/2012/017.shtml

Cell

Funnily enough the flow of information from Santander dried up around the time of that fine.

Pure coincidence, I'm sure, but there does seem to be a lot of 'leakage' at the moment.

oracleman

I have already made a complaint to the FSA about Santanter "Flexible" loan and given them a link to this site. Santander justifed the hight rate due to the flexible nature of the product, yet when the on-line facility, ability to draw down extra funds and the loan changed to fixed-rate strange how the interest rate was not lowered !! Santender have ripped thousands off with the product and their rate-jacking.

They don't respond to emails. Their complaint handling rubbish.
Telling everyone they will have to wait 8 weeks is a joke.

From their website..

Our promise
"We promise to do everything we possibly can to resolve your complaint as soon as we receive it whether it's face to face with one of our branch staff, over the phone or in writing."


So long as I live I will NEVER use another Santander product.

allyb79

I had a flexible loan with Cahoot and I came across this thread when searching how to claim back PPI.

The account is now closed and sadly I don't have any paperwork...will I be able to request this information from Santander? Are they likely to tell me if my loan rate was hiked??

:think:

Denza

No word from Santander on receipt of my SAR, not that I expected anything in this regard to be honest.

I merely mention it here to inform you that they cashed the accompanying £10 cheque immediately upon receipt, and I do mean immediately.

Looks like some aspects of the business are remain functionally efficient even if the complaints handling unit has ground to a halt!

oracleman

Yep they cashed my cheque straight away - still took them over the 40 days to produce :

a) copy of the orginal agreement
b) a computer printout of payments and interest

and thats all, no statements

Cell

Nothing in today's post.