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

Ang123

Just off the phone to the FOS. They are sending forms out and said to just sent them back ASAP and there is a queue. Any other information obtained can then be forwarded to them.

myball123

I received my rejection letter, exactly the same as above, in the post this morning as well.

Funnily enough I emailed a chaser last night and had the standard email response about 7-10 days back this morning. They obviously haven't updated their records (or bothered checking) to say that they sent me a rejection in the post.

FOS here I come !!!!

As others have said there is no consistency in what Santander are doing.

I guess they are now rejecting peoples complaints with the expectation that not everybody will go to the FOS.

DontAskDontGet_2

I'm going to assume that Santander are going to knock back everyone at this stage, so I started digging around for particulars for an intended FOS action. Here's what I've dug up so far.. It's probably the same for a lot of others with this odious loan.

Here is the wording from the T&C which are currently still on the cahoot website (forum rules wont let me post the link but a search in google should find it for you)

Under the section on Flexible Loans it states quite clearly under section 4 of the Cahoot Flexible Loan Section:

Interest

4.1 We will charge you interest at the interest rate on any outstanding amount until it is paid off in full.

4.2 Interest is calculated on a daily basis. Interest will be debited to the cahoot flexible loan monthly.

4.3 We may vary the rate of interest that applies to your loan for any of the reasons stated in general condition 15.2. When we do so we will give you notice in writing of the variation. If the variation results in an increase of the rate of interest then we will give you 30 days’ prior notice in writing of the change.

The first increase was notified to me (by email) on Tue 15/08/2006 that the interest rate would rise from 5.9% to 9.1% on the 30/08/2006. By my reckoning this is 15 days notice.

The second increase was notified on 5/12/2006 21:20. Interest raised to 9.6% on the6/12/2006. That’s less than 3 hours notice!

The third increase was notified in the same email as the second stating the interest would beraised on the 19/12/2006 to 14.9%. 15 days notice again.

So in summary, it seems to me they have broken their T&C relating to interest rate increases 3 times in less than 4 months and increasedthe interest rate from 5.9% to 14.9%

This seems extremely unfair to me.:mad:

lfese1

Same letter received will get onto the fos ASAP. Does anyone know if it is critical to request a sar in advance. I don't have any information in relation to dates, interest rates etc... And don't want to hinder my chances if these are required.

Thanks

Cell

No letter for me today.

Complaint sent 12 January.

Sorry for those who have been knocked back.

Everything is working out as predicted. Shock and awe after no doubt expensive legal advice.

How they're paying some and not others is beyond me.

kenny_straw

Received my letter toady:(
Beginning to wish Id never set eyes on this thread to be honest - to have high hopes of finally getting rid of this stinking loan only to have them dashed. How they can refund some people (and fair play to those that have had refunds) and deny others with identical circumstances is beyond me. I will go to the FOS, but the long delay makes me think they were checking they had all their bases covered before these blanket knockbacks. Not feeling very positive about a good resolution to this, small crumb will be they are charged £500. Maybe they will get another whopper fine with a bit of luck for the shambolic way they have handled both the loans and the claims.

emmapurple

not recieved my rejection letter yet but fully expecting one now. Filled in FOS form this afternoon ready and waiting to send when i get my letter. cant see it going any other way now I and think your all right they have checked it all to make sure they are covered. i asked them to send me my statements for the entire cahoot loan, which they did without charging me, although i had already sent off a SAR request, and when it came back this week they have put a line through from march 2010 stating that this was when they took over. Yet the first increases started long before that, just wondering if anyone else has had that and if they are denying responsiability for any increases before that. Its all just such a strange reaction all round especially the part where they have added extra payments to past claiments without any prompting from those people and yet they are now just turning down all claims, just seems to make no sense. Seems like the letters are gonna arrive in bulk now though!

happy_bunny_2

lfese1 wrote: »

Same letter received will get onto the fos ASAP. Does anyone know if it is critical to request a sar in advance. I don't have any information in relation to dates, interest rates etc... And don't want to hinder my chances if these are required.

Thanks

Don't waste time with a SAR, it can take 40 days if they bother to send it at all.

I complained to FOS without detailed into other than rate was hiked from around 7% to 23% or so.

The FOS can get the into they need from Santander.

Good luck

jules1973

Hi, can anyone tell me if the Cahoot final rejection letter has the account number on. I still have not SAR'd for my PPI claim, and I wanted to save £10

cokey123

Hi, we have been following this thread since we complained on 4th February and both my husband and I got rejection letters yesterday.

We have now completed the FOS forms which we will send off tomorrow.

I must say, the fact they are sending out a very impersonal rejection letter, with glaring errors (referring to the product as flexible when it no longer is) is a bit shoddy to say the least.

I could say so much more but no doubt the legal team at Santander have their beady eye on this forum at all times!