Sanatnder Flexi Loan Settlement Figure?

iiyama_2

HI,

I have a Santander Flexi Loan (was Cahoot).

ive asked them for a settlement figure which they gave me as the entire loan amount. They state that as the loan is more like a credit card you have to pay the full amount.

Since the loan was taken over by them in 2008 have paid around £3500 and my final settlement figure is £2570, the original Cahoot loan was for £3000!!

So, are these type of loans more like a credit card and there are no early settlement options?

Thanks in advance

Jason

happy_bunny_2

Yes, basically like a credit card.

The interest rate is pretty high after they rate jacked most folks. Mine is about 23%. When taken out most were less than 10%.

So, based on that, if you pay the minimum every month then a lot of that is interest and the balance doesn't reduce much.

HB

fozmcfc

There is a large thread regarding Santander and Cahoot loans.

I would recommend, posting your query in the below thread.

https://forums.moneysavingexpert.com/discussion/3578349

iiyama_2

Thanks for reply's.

I will look into those threads but the flexi loan is unique in this respect, a google searched only brought up my post here!

happy_bunny_2

The thread is worth a read although compensation payments have dried up...