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

stevie_boy_86

Hi

I wonder if you can help me. I have tried to look through the entire of this thread but can't seem to find an answer to my situation.

My mother had a Cahoot Flexi Loan and due to the rate hikes - took out a loan from another provider to pay it off.

All the information she has is a letter stating the account has now been settled and is closed.

Now after reading this information I do feel that we have a complaint and I have offered to help her. My mother has written a letter of authority for me to deal with it - however I am stuck what to do now.

Should I put in a complaint and generalise it about the rate hikes - or should I do a SAR to Santander/Cahoot for all the loan information, statements etc.

We have no information apart from the close letter / and the fact we were aware of numerous hikes.

Thanks

Steve

persianface

Still waiting on an outcome despite the fact that it has been well over 8 weeks.

Interestingly though, I never got my statement this month?

pmj9bro

Would be grateful for any assitance or advice;

• Took out a flexi loan account with Cahoot in 2001, closed the account in September 2011.
• Average balance was about 8000k.
• I think i signed up for the account over the internet.
• Cant find my statements, I'm sure there was a rate hike of some kind.
• i can locate the account number

Does anyone have any idea if I have a case to take forward??


thanks

pheonixrising21

persianface wrote: »

Still waiting on an outcome despite the fact that it has been well over 8 weeks.

Interestingly though, I never got my statement this month?

Only this month? I've not had a statement since July last year! Still waiting on this month's, they have promised me I will get one this this time. Its one of the many complaints I currently have with Santander. I moved in with my fiancee in around April last year, but after July no longer had access to my flat as I started to rent it out. I called Santander to change my address, they said I can't do that over the phone, they will send me a form. Took my new address to send the form to (why they didn't just change it there and then I have no idea!), then promptly sent the form to my old address (tenants returned all mail). I called again, same thing happeded. They fianlly managed to get a form to me. I returned it immediately, only for them to take a further 6 weeks to actually get round to changing the address. That takes us to mid November when they finally get the address right. Still no statements being sent. they have investigated and apparently, when i first asked to change my address they put an admin block on the account so no communications went out, but forgot to lift it when they finally chnaged my address. Useless!!

Anyway, thats way off at a tangent, but another example of how useless Santander are. Oh, and they have also put a late payment marker on my credit file for this loan account, despite me making all payments on time.

Holidayqueen_2

Hi, I was hoping someone could help me, I keep getting all these calls about PPI claims and didn't think I needed it, but I suddenly remember I had a flexible loan with Cahoot for a few years around 2006. I have no idea what I was paying interest wise so I'm not sure where to go from here. Could someone please advise me. Thank you.

happy_bunny_2

stevie_boy_86 wrote: »

Hi

I wonder if you can help me. I have tried to look through the entire of this thread but can't seem to find an answer to my situation.

My mother had a Cahoot Flexi Loan and due to the rate hikes - took out a loan from another provider to pay it off.

All the information she has is a letter stating the account has now been settled and is closed.

Now after reading this information I do feel that we have a complaint and I have offered to help her. My mother has written a letter of authority for me to deal with it - however I am stuck what to do now.

Should I put in a complaint and generalise it about the rate hikes - or should I do a SAR to Santander/Cahoot for all the loan information, statements etc.

We have no information apart from the close letter / and the fact we were aware of numerous hikes.

Thanks

Steve

That's enough to work with. Send them something like this, changing as you see fit:

"I wish to register a formal complaint regarding the way the interest rate applied to my account has been increased without explanation after a large proportion of the balance has been accrued. I believe that giving me a high credit limit then increasing the interest rate when I use it to be unfair.
I believe that you have used these rises to maximise profit at my expense as you would have suspected that I would be unlikely to have access to sufficient funds to clear my account and therefore avoid the interest rate rises.
!
I therefore request that you reduce my interest rate to the level of that when the balance was accrued, and refund the unfair interest (difference between rate at balance accrued and rate charged via increases since then.) charged to date.
!
I look forward to your written response in due course."

happy_bunny_2

Holidayqueen wrote: »

Hi, I was hoping someone could help me, I keep getting all these calls about PPI claims and didn't think I needed it, but I suddenly remember I had a flexible loan with Cahoot for a few years around 2006. I have no idea what I was paying interest wise so I'm not sure where to go from here. Could someone please advise me. Thank you.

Depends if you had rate hikes.

You could send Santander a subject access request to get the details or just email a general complaint

happy_bunny_2

pmj9bro wrote: »

Would be grateful for any assitance or advice;

• Took out a flexi loan account with Cahoot in 2001, closed the account in September 2011.
• Average balance was about 8000k.
• I think i signed up for the account over the internet.
• Cant find my statements, I'm sure there was a rate hike of some kind.
• i can locate the account number

Does anyone have any idea if I have a case to take forward??


thanks

Taken out in 2001 there is no doubt the rates would have been hiked. Email a complaint or write and send signed for. See a few posts up for a letter to use.

lilly2011

happy_bunny wrote: »

Taken out in 2001 there is no doubt the rates would have been hiked. Email a complaint or write and send signed for. See a few posts up for a letter to use.

Have a look over my post history.

Very similar situation to mine and i had just under £6k refunded in January.

katskits

I called Santander today to pay of the loan as was fed up with the huge amounts on interest. I was going to do a 'credit card shuffle' but was unable to pay off the loan with my card as that wasn't allowed on Cahoot loans.... I was told I could open a new loan with them to pay it off, or I could send them a cheque for 5.5k to pay it off. Um... no I don't think so....

Then I discovered this thread. Feels like I have been paying it off for YEARS and the balance has hardly gone down at all!