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

Nessielass

Hi,
I have just stubbled upon this whilst trying to find out how to get my Loan Balance as haven't had a statement in months.
I have sent of an email so fingers crossed for a good result as I seem to have being paying this off forever!

Denza

katskits wrote: »

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!

Serendipity.

I too found this thread by accident haven been knocked back trying to switch my Flexible friend into a fixed rate Santander loan.

They felt that I did not represent a good risk at 7% APR on a new loan unfortunately... on the plus side at the current 21.9% I clearly remain a great risk and a worthy borrower!

I trust you will now be formalising a complaint to Santander and then settling down for eight weeks of inactivity before engaging the FOS.

Good luck to you.

Logman63

They're talking out of their :eek:rse!

I did exactly that in 2010 and I have to say...it was the best thing I could've done as it allowed me to manage my fianances in a much more controlled manner!

You can make a one-off monthly payment of whatever the o/s amount is on your flexi-loan (i.e. what you normally pay per month plus the rest) and that will be that!

Do not let them bully you like this...and good luck!:beer:

MUM40

MUM40 wrote: »

received my letter today regarding incorrect calculation,already had 4.2K from them, enclosed is cheque for 229.00 which includes 50 pound goodwill gesture,think its another standard letter.

by the way, no cheque !!!!!!!
phoned them when I home from work, and low and behold there are a number of letters gone without cheques enclosed.

Has anybody received a cheque? or are they stalling again?

I await my cheque.

Received my additional cheque yesterday, anybody else received their's

giggsisbest

Hi,
I've only recently heard that its possible to make a claim against Cahoot. Whats the best way of going about it? I recently called Cahoot and was told that they didn't have PPI on their Flexi loans and that the hike in their interest rates was also not claimable due to it being a flexi loan. Not sure that I have any paper work but I do remember the rate going up by a huge amount. Any ideas on pursuing this?

Cell

Ten weeks on, no resolution letter.

I really don't want to go down the FOS route because it will delay matters even further.

I guess I'll give them a ring tomorrow and report back. I'm sure that there will be nothing much to report though.

kelr101

Cell wrote: »

Ten weeks on, no resolution letter.

I really don't want to go down the FOS route because it will delay matters even further.

I guess I'll give them a ring tomorrow and report back. I'm sure that there will be nothing much to report though.

Same here...no resolution.

I chased on email as was told they are still looking into it.

Thank you for your email.
Regrettably we have not yet concluded our investigations and are therefore not in a position to provide you with our final response.
As soon as we've completed our investigations, we will be in touch. In the meantime, you can refer to the Financial Ombudsman Service if you do not wish to wait any longer.

Denza

I guess the question is; will FOS engagement prejudice Santander's processing of your original claim?

All I could think of is that on receipt of the FOS query they might suspend your personal claim. Then again maybe FOS originated queries are being prioritised at the expense of individual?

To be honest the process/communication efforts at 'Tander Towers to date do not exactly inspire confidence that they are in control of any aspect of the ongoing claims whatsoever.

I don't really know what to make of the re-calculation and rebalancing of historic claims though in the scheme of things it must bode well for claimants, certainly it bodes better than the flurry of knockbacks recently.

My eight weeks elapsed last week and in the expected event that I have received nothing tangible from them I'm going to the FOS without question once my SAR details are returned in mid April.

oscar52

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?

Nor me. I had just assumed it was a little late.

NB733

Hi, I don't have time to read all 47 pages on this subject but originally i had a flexible loan with Cahoot on which the interest got periodically hiked but as it offered me flexibility i gritted my teeth and didn't complain. Subsequently it was transferred to Santander and i found i was paying a non-flexible loan at a massive interest rate. I have kept meaning to do something about it but wasn't sure what i could do.
1. Can I claim back the rate which was hiked by cahoot several times? It was variable after all.
2. Can I claim back from the time it went to Santander, because the interest was unfair and I wasn't offered a better interest rate?
3. Is there a phone number to call or email address i could use to send my complaint to?

Thanks in advance