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

kelr101

I chased again (by email) today and this time received a response in 4 minutes! (Albeit automated response it seems):

Hello,

Thank you for your email


We are currently investigating your complaint, and aim to have our response issued within the next 7-10 days.

Thank you and Kind Regards

so for me...it's been 11 weeks since my first complaint was acknowledged

debtox

kelr101 wrote: »

I chased again (by email) today and this time received a response in 4 minutes! (Albeit automated response it seems):

Hello,

Thank you for your email


We are currently investigating your complaint, and aim to have our response issued within the next 7-10 days.

Thank you and Kind Regards

so for me...it's been 11 weeks since my first complaint was acknowledged

I'm 12 weeks without any response except a system generated auto acknowledgment when I completed the online complaints form. No other replies including two follow up emails. Nearly finished my FOS complaint form. Poor show!

trsisko

Looks like we had a knock back above. It's a shame as I feel they will no knock back everyone with a standard response which they are now drafting...

Cell

Peanuckle wrote: »

I complained via emailed back at the end of January and received a letter from Santander today turning down my complaint.

Their stance is that the loan rates were in line with other flexible loans on the market at the time, only problem being that once they took over it was no longer a flexible loan :mad:

I've spoken to the ombudsman and their forms are on the way to register the complaint with them. No word on my husband's complaint which was sent the same day, his email was worded slightly differently and I'm half expecting him to not be knocked back like me :rotfl:

It's expecting too much for Santander to be dealing with these things in a logical manner, I suspect, but you would have thought that they would have sent me a knock-back letter before you, given that I complained two weeks beforehand.

Pffft. Can't even get rejections right:D

Denza

Peanuckle wrote: »

I complained via emailed back at the end of January and received a letter from Santander today turning down my complaint.

Their stance is that the loan rates were in line with other flexible loans on the market at the time, only problem being that once they took over it was no longer a flexible loan :mad:

Possibly and indeed likely the first of many blanket knockbacks reported.

At the end of the day though I am unaware of any FOS claim in which they have judged on the side of Santander in these cases.

Diamond_Gaz

[FONT=&quot]Hello everyone, update time:[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Sent my complaint off to both the CEO and general complaints email address on 16th Feb, and within 2 days received a letter stating that they would investigate my complaint (no timescale was given). Since then, I have heard nothing, and haven’t chased them as I was interested to see if they would respond within 8 weeks. Got a rejection letter from them today:mad:, so next step will be a complaint to the FOS, as I can’t see how they refund / compensate some people, and reject others. The letter states:[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Dear Mr xxxx[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Thank you for your e-mail dated [/FONT][FONT=&quot]15 [/FONT][FONT=&quot]February 2012 addressed to Ms Ana Botin. Your concerns have been passed to me to review.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]You have complained about the rate rises you experienced on your Cahoot flexi loan, and in your view these rate rises were unfair. I have looked into your complaint in order to ensure that we acted in the right way in respect of your loan with us.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I will set out briefly below why we believe the rate rises were fair and that we acted reasonably at all times. If, after reviewing these reasons, you disagree with me, you can refer your complaint to the Financial Ombudsman Service. I have enclosed a leaflet that explains how you do this. If you wish to complain you should contact FOS within six months of the date of this letter.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]The Cahoot loan you chose was a flexi-loan. It had a variable rate of interest. It offered you the flexibility to draw down more funds without the need for a further credit search. It also gave you the opportunity to repay the full balance at any time, without penalty.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]We carry out regular reviews of all our products to ensure that the interest rates charged on our products are appropriate. This is important to ensure we run our business prudently. Regrettably, at the time we felt it necessary to increase the interest rates on the Cahoot flexi-loan to ensure the product, with the flexibility it offered to customers, could continue to be offered.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]While we appreciate your concern that these rate rises were significant, the interest rate ultimately charged on your Cahoot loan was in line with other flexible variable rate loans that were available in the market at that time.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I am satisfied that these interest rate rises were made in accordance with the Clause 13 of the terms and conditions of your agreement with Cahoot, a copy of which is included. In reviewing your complaint, I can see that you were given advance notice of these rate rises, both via your web based Cahoot secure messaging facility and in writing via email to your nominated account. I believe we communicated appropriately and entirely in line with the attached terms and conditions of the loan.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]At the same time that we did this, we also advised that it may be possible for you to move on to another product with Santander (Abbey at the time) which may have offered better rates and this could have been done without penalty. Some people did choose to accept this offer, perhaps because they were willing to lose the flexibility provided by the Cahoot flexi-loan for a lower interest rate.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]With this in mind, we believe that in respect of your loan with us that these rate rises were fair and that we acted reasonably at all times. I am therefore unable to uphold[/FONT]
[FONT=&quot]your complaint.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Yours sincerely[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]XYZXYZ XYZX[/FONT]
[FONT=&quot]Manager[/FONT]
[FONT=&quot]Enc. Financial Ombudsman Service Booklet[/FONT]
[FONT=&quot]Terms and Conditions[/FONT][FONT=&quot][/FONT]

lilly2011

I really don't understand how they can offer the goodwill payment to some and not others.

I'm glad mine is resolved but i really feel for those still waiting to hear or have been knocked back.

kelr101

I received the exact same knock back letter as Diamond Gaz today....

FOS here we go!

Willow1234

I too just got my knock back letter this morning..... same reason "Clause 13", so should I go to the FOS???

Ang123

Hi everyone

I also got a knock back letter in this mornings post . I first emailed 27th January. Very disappointed.

Should I ask for a ?SAR before going to FOS so I can do rough calculations and does anyone know how long it takes to get the info sent out?

Thanks