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

pheonixrising21 · 2 April 2012 at 10:36AM

How can they reject on the basis that the loan was flexible? Wasn't that they first thing they did when they took over - remove the flexible draw down facility? They also took away the online banking facility, which although has nothing to do with the rates, its still a benefit which they removed.

Not had my rejection letter yet, but i am expecting it soon - if they can send it to the correct address!

oracleman · 2 April 2012 at 2:06PM

I suspect that Santy are working on the basis that not everyone will apply to the FOS and are trying it on with a blanket knock-back.

trsisko · 2 April 2012 at 4:28PM

Yes, Though I expect to receive a knock back in relation to this. I am a 100% sure that i was never offered the opportunity to close the account at the lower rate. This is what concerns me; as if i had been i would have accepted that!

Buffy1 · 2 April 2012 at 8:11PM

Hi everyone.

I'm new to the site so apologies if I am asking questions that have already been answered somewhere in all the related posts. I have just read the information regarding the potential claims against the hiked interest rates from a Cahoot Flexi loan and am interested in pursuing this - although it's not looking good for many people recently, I figure unless you shout out, nothing will change.

However, my question is this. How do I obtain the information to identify the increased charges in order to persue my claim? When my account was still with Cahoot, everything was done online and I never received anything in hard copy (until santander took over) so I have nothing to show the increased rates. How did everyone else get over this?

Thanks in advance

ideal321 · 2 April 2012 at 11:58PM

This is great news! Would anyone be able to copy and paste a complaint letter they used? Much appreciated :money:

JoMatt165 · 3 April 2012 at 11:00AM

Just received rejection letters (x3!- 2 addressed to my husband alone and one addressed to us both - it was a joint account).

All saying that they believe the rises were fair, we were given notice, and that we were offered the opportunity to see if it was possible to move to another santander product.

Is the next move onto the FSA? If so I saw that a form was mentioned in an early post to enable you to do this, can anyone tell me where I get this form please?

Thanks

Jo

DontAskDontGet_2 · 3 April 2012 at 11:01AM

Update

Received standard knockback letter this morning. Wording was exactly the same as previous posts. Helpfully they included a FOS booklet which I immediately used to phone the FOS and raise my complaint.

The guy at the FOS was extremely helpful and raised the complaint to Santander while I was on the phone. I asked whether I had a case regarding interest rate hikes due to Cahoot not giving the correct notification period of 30 days (in line with their T&C), and he said there certainly was a case.

Santander now have 8 weeks to come back to me and resolve the issue or I will press on for a judgement by the FOS.

happy_bunny_2 · 3 April 2012 at 11:03AM

JoMatt165 wrote: »

Just received rejection letters (x3!- 2 addressed to my husband alone and one addressed to us both - it was a joint account).

All saying that they believe the rises were fair, we were given notice, and that we were offered the opportunity to see if it was possible to move to another santander product.

Is the next move onto the FSA? If so I saw that a form was mentioned in an early post to enable you to do this, can anyone tell me where I get this form please?

Thanks

Jo

Here you go:
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

MUM40 · 3 April 2012 at 12:56PM

hello everyone, I am one of the lucky ones who has received a rebate and received an additional cheque last week.

Just received a statement for my cahoot flexi-loan yesterday, first one in about a year. Anybody else received statements?

Also noticed that they have the website on www.cahoot.com. Just looked at that site, and there is a 24 page T&C's avaiable to look at, not sure if this will help anyone.

good luck to you all trying to get a refund from Cahoot, and keep us posted.

debtox · 3 April 2012 at 1:23PM

I have finally found my original credit agreement but I think it is just at application stage as it just says APR is 11.3% based on an assumed credit limit of £100. It doesn't state my credit limit which was actually £9k so I expect the APR might have been lower.

Has anyone else got any paperwork that confirms their credit limit and actual APR?

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

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