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

Hurtle

I sent my email to the CEO on 25/01012.
Acknowledgment letter from Santander 01/02/12
Nothing since!
If the 8 weeks goes from the date of the acknowledgment letter, then they have until 28/03/12 to reply.

However it seems their behaviour towards this issue has changed dramatically recently, so I'm not holding my breath.

FOS here we come.

Cell

An update which I think affects all of us, not just me.

I spoke with a lady who, I feel, was hung out to dry by the decision makers somewhat. She wasn't handling the complaint but had spoken to those that are.

The update is that there is no update. The case is being worked on (amongst others, she said) and although the eight weeks has passed there is absolutely no timescale whatsoever for resolution letters to be sent. I asked specifically whether it would be days, weeks, or months and she was unable to give any information at all.

She acknowledged that the eight week period had expired, but essentially, given the limited remit she had clearly been given by the decision makers, they don't care about that. They will take as long as it takes, and sod their own internal rules.

This may persuade some of us who are hanging on to go to the FOS immediately, given that there is no guarantee of a successful outcome and no timescale for an outcome whatsoever, even if the complaints are upheld.

I'd rather not waste time, and the FOS resources, until I have a firm response, but I can't see any urgency, nor concern, on Santander's part, and there is only so long that someone's going to be allowed to fob me off.

Denza

I cannot see any point in waiting for Santander to deem current cases worthy of an official response, not least as recent official responses have been dismissive.

On the day eight weeks elapse I shall formalise my FOS complaint; I have already drafted the details and readied the documentation.

This will be further padded out with the account details I am expecting next month as a result of my SAR which will include exact figures from all previous statements that I can feed into my own calculations.

I'll be glad to hand it off to the FOS to be honest because I am bored of (my own) speculation!

Good luck to all.

Cell

I tend to agree, although it would be nice to know whether the complaint has been upheld or not, and to receive an explanation in the event it is rejected.

If it is rejected I can fairly safely predict the basis upon which such a decision would be made, simply by reading this thread, but I'd rather have it in black and white.

My suspicion is that they are taking legal advice on the whole issue, and as we know whenever solicitors become involved time is no object, especially as they are no doubt being paid by the hour!

denhoren

Denza wrote: »

I cannot see any point in waiting for Santander to deem current cases worthy of a an official response, not least as recent official responses have been dismissive.

On the day eight weeks elapse I shall formalise my FOS complaint; I have already drafted the details and readied the documentation.

This will be further padded out with the account details I am expecting next month as a result of my SAR which will include exact figures from all previous statements that I can feed into my own calculations.

I'll be glad to hand it off to the FOS to be honest because I am bored of (my own) speculation!

Good luck to all.

Hi , did you use a template for your letter to FOS.
Could you Pm me a copy please ?

Thank you

Denza

denhoren wrote: »

Hi , did you use a template for your letter to FOS.
Could you Pm me a copy please ?
Thank you

No and hence no, sorry.

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

pheonixrising21

Hi all,

I have another question regarding these flexible loans. I've had a look at my credit report and on there it shows the credit limit and the outstanding balance. My balance is around £2800, but the limit is £4040. I believe the credit limit would have been the balance when Santander took over.

Now, as Santander very kindly removed the flexible element of the loan which allowed drawdowns, surely the credit limit should fall in line with the oustanding balance. Otherwise, other potential lenders may think I have access to this additional sum of money?

I've added this to the complaint that I sent to Santander, and have received a call today from someone looking into this particular element - he said someone else was dealing with the interest rate. He said he would get back to me tomorrow (hopefully) with an answer.

I was just wondering if any of you guys who still have an active one of these have the same issue?

MHO_2

Yes same issue here

Cell

pheonixrising21 wrote: »

Hi all,

I have another question regarding these flexible loans. I've had a look at my credit report and on there it shows the credit limit and the outstanding balance. My balance is around £2800, but the limit is £4040. I believe the credit limit would have been the balance when Santander took over.

Now, as Santander very kindly removed the flexible element of the loan which allowed drawdowns, surely the credit limit should fall in line with the oustanding balance. Otherwise, other potential lenders may think I have access to this additional sum of money?



I was just wondering if any of you guys who still have an active one of these have the same issue?

It certainly showed my credit limit as unchanged throughout the repayment process. That said I'm not sure what's different between that and a credit card account where you have rejected the interest rate rise and 'closed' the account. Your credit limit on those cases is retained until it's paid off and the account closed.

Turning it on its head if they did reduce the credit limit every month then that would be reported to the CRAs and even worse might make you look as if you're constantly within a few quid of your limit, thus increasing your debt to available credit ratio.

I think that there are two sides to that particular scenario.

Cell

I have now contacted the FOS and a complaint is now lodged.

Ring them on 0800 023 4567 and they will take some basic details and then send out a form partially completed.

Couldn't be simpler, and a refreshing change to Santander's ostrich impression.