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

InsertWittyName

I got the exact same letter today teddyclown.

My interest rate was initially 12.28%, loan taken out in December 2003, now stands at 21.08%.

teddyclown

I believe the loan was taken out in 2001, but don't have my records to hand (at work at the moment), but will check when I get home.

happy_bunny_2

They seem to be using the same calculation for everyone, your figure sounds similar to other ones I know about.

Well done

teddyclown wrote: »

Brilliant! just had a letter from Executive Complaints Team, they have decided to recalculate the interest on my loan, resulting in a rebate of £4224.07!
Interesting they say 'We are unable to find anything that would suggest Santander has made an error, as a gesture of goodwill we are prepared to re-calculate the loan'. Why would a bank give me £4224.07 if they hadn't made a mistake?
Has anybody rejected the first offer from them, as I don't think I have the bottle to!

harry6854

If people get refunds post on here - I think we need to spread to the word to customers who haven't yet found out about these refunds.

Also don't be afraid to question the refund amounts, some people are having different rates quoted and different dates for the re-calculation

teddyclown

Yes, I definitely think we need to spread the word. What if I hadn't logged on and seen this thread? I must admit I hadn't logged on for a couple of months until three weeks ago - and it was pure fluke that I chanced upon this thread. It's made £1,000's of difference to me.

BobLoblaw_2

Hello all, this is my first post. I just called Santander to check on the balance of my cahoot flexible loan, which I took out in 2004/2005 for a period of 5 years. The amount borrowed was £2500, and I was told that I still owed just under £1800! This is despite never missing a payment, and not having withdrawn any funds from the account for at least 5 years. Somewhat dumbfounded, a quick search directed me to this thread.

I was aware that Santander had bought the loan, but the last I heard from them, I was told that my interest rate was not going to change. Unfortunately, the original loan agreement is missing from my files (I have moved house several times since taking the loan out) but I think news has spread round Santander staff as I was treated with great politeness by the lady I spoke to, who arranged to send me out a change of detail form in order that my statements can be re-sent.

Could anyone advise whether or not there is a time limit for submitting complaints regarding this issue? I was going to wait until I had copies of my statements etc, but if that will take me over any time limit then I'll get the ball rolling now.

Many, many thanks to the hard work and diligence of OP Harry6854 and everyone else who has posted so far.

EKAndrew

i dont know where to start............i only found this in error. I normally only read the debt free wannabe section
i took out a 10,000 loan in 2001.......still paying, and my interest rate was jacked big time. My statements say my APR is 20%, but when i called them, they told me it was 21.94%

i would very much appreciate if someone could PM some details as to what is required to make a complaint - does it need to be done in writing? or can you call them?

the reason i ask is that I previously spoke to them and said that what they were doing to me was daylight robbery, and the guy just said that there was nothing that he could do

BobLoblaw_2

Also, if anybody could post or pm copies of correspondence they've used I would be extremely grateful.

MUM40

my email has now gone to santander, fingers crossed for some good luck.

28th November - received email from santander confirming receipt of my complaint.

Kira000

BobLoblaw wrote: »

Also, if anybody could post or pm copies of correspondence they've used I would be extremely grateful.

Will pm you with what i sent. Will need tweaking for your case. Send to the CEO email which is at the start of the thread.