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

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  • clsmed
    clsmed Posts: 1 Newbie
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    arbroath_lass wrote: »
    My loan was paid off earlier this year. I'm having a bit of trouble believing this, lol. I didn't even give them the account details. Although I did tell them I HAD a current account with them.

    My loan was paid off and my flexi account closed by Cahoot well over a year ago as the product was being withdrawn. Like you I still have a Cahoot current account & also a Cahoot credit card.
    Can you tell me what you put in your complaint e-mail, was it specific with dates and interest rates or just general? The reason being is I no longer have any paperwork relating to the flexi loan as it was closed so got rid of it when I moved house earlier this year. I can probably find the loan account number though.

    Thanks
  • dellstone
    dellstone Posts: 1 Newbie
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    Hi happy bunny i have sent you a PM would be great to get a copy of your letter. I have been trying to do this since July and been passed from pillar to post !!cheers
  • arbroath_lass
    arbroath_lass Posts: 1,607 Forumite
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    clsmed wrote: »
    My loan was paid off and my flexi account closed by Cahoot well over a year ago as the product was being withdrawn. Like you I still have a Cahoot current account & also a Cahoot credit card.
    Can you tell me what you put in your complaint e-mail, was it specific with dates and interest rates or just general? The reason being is I no longer have any paperwork relating to the flexi loan as it was closed so got rid of it when I moved house earlier this year. I can probably find the loan account number though.

    Thanks

    Very general all I wrote was -

    Account : XXX

    I write to raise a formal complaint on the above account. The account was taken out on XX/XX/XXXX with the company Cahoot. I understand Cahoot was taken over in the 2009/2010 period by Santander who had bought the parent company Abbey.

    The account was excellent until October 2006 when the company imposed massive interest rate hikes. These interest rate rises continued until the account was settled in XXX XXXX.

    I wish to complain that these rate rises were unfair and the rate rises and final rate were unreasonable.

    This was based on advice from Harry6854 (the OP).
  • patfla
    patfla Posts: 17 Forumite
    First Post First Anniversary Combo Breaker
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    We tendered our complaint in 2010 and in august 2011 they decided to reduce our account to 0% interest on balance owing based on our complaint.
    Having spoke to the complaints team today it seems we are at complaint level 2 and they are addressing the interest rate from the start of the account in 2003 7% to the horendous 21.9% and have been advised that we may receive a refund of the difference between the initial interst rate and the high rate troughout the period of the account.The reason for this is an "operational procedure change".
    We are optimistic that there may be closure and will keep all informed
  • arbroath_lass
    arbroath_lass Posts: 1,607 Forumite
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    arbroath_lass wrote: »
    I've just checked my current account and £3k has been deposited today as an "account adjustment"! My current account is with Santander. I haven't been sent any details or signed anything. Is this not a bit weird?

    Rather relieved to receive a letter from Santander detailing the payment. Nothing to sign, though :D
  • Kira000
    Kira000 Posts: 1,983 Forumite
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    Being just about off on mat leave, I'm sooooo hoping that my complaint letter has a similar outcome! My account is closed though and i dont have any other borrowings with Santander (despite their weekly letters urging me to take out a "special rate" loan with them. So not sure how they would refund me if they decide to do so?
    Married 13/03/10 #1 DD born 13/01/12!!

    ;)Newborn Thread Founder ;)
  • arbroath_lass
    arbroath_lass Posts: 1,607 Forumite
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    Kira000 wrote: »
    So not sure how they would refund me if they decide to do so?

    I was offered a cheque.
  • Kira000
    Kira000 Posts: 1,983 Forumite
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    arbroath_lass wrote: »
    I was offered a cheque.

    Cheque sounds good.... now have to hope they offer me something! :D
    Married 13/03/10 #1 DD born 13/01/12!!

    ;)Newborn Thread Founder ;)
  • Im78
    Im78 Posts: 4 Newbie
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    I got a letter today confirming they will credit my loan with a high amount taking into account the changes in interest rates in the next 14 days. This is in addition to the ppi refund they have given me. Means loan will be settled in the new few months. Happy days.

    Only took two weeks from sending the initial email as well can't argue with their response times
  • Kira000
    Kira000 Posts: 1,983 Forumite
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    Just wondering- i opened my loan in about 2001- i think the interest rate then was about 7.9%. I have seen reference to 2006 as the cut off. Does anyone know if they will take into account the period upto 2006, or ignore it as being too long ago?
    Married 13/03/10 #1 DD born 13/01/12!!

    ;)Newborn Thread Founder ;)
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