25 Feb 2015

A question about : Santander are now refunding interest payments on Cahoot flexible loan's

This is the discussion thread for the following MSE News Story:

Read the full story:
Santander offers massive refunds on Cahoot loans after rate hike

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Back to original post, and a big thank you to Harry for this (as we've said in the story above).

Santander are now refuding past interest paid on Cahoot flexible loans!!

Myself and a number of others have secured thousands of pounds in refunds - I had my interest recalculated from 2006 to present day at 6% and was given a Ј8000 refund!! This is not a joke - it would appear someone has had success with a Financial Ombudsman claim and now there are paying out.

I have been contacted by other's who state that this also works for closed account's.

The best way to complain is by contacting the CEO office at the email the ceo's office
(ceo@santander.co.uk)

Spread the word!!! Any issues private message me

Best answers:

  • I have just PM ed you thanks
  • How is this possible? Surely the interest rate u agreed on was signed for? I got a 5k loan
    At 8.9% then 2 years later added another 1k on and the interest was then 26.9% is this similar to your situation?
  • Thanks for the reply.
    My paperwork clearly states the higher interest rate I just don't know what they give me such a low rate on 5k then such a rate on 26.9. That's seems unfair but I agreed it so I'll just have to put it down to experience. 6k all together and I'm paying back almost 10k. For the 5k I was paying Ј6200 all in. I've been so silly :S
  • I don't know why Santander are refunding - I asked them and they would not tell me. I think its because someone had a successful FOS claim but what the reasons were I don't know and can only speculate but there must be something because they did;nt even try and put up a fight. But in the end who cares why, I got Ј8k back and I know lots of others who have had similar.
  • Well done. Wish I could get something similar?!
  • Just to note - this applies to Cahoot product only. And then only to the Flexible loan product.
  • Nice one for the tip off! have just sent a complaint email to the CEO office - will see what happens. My loan has only been Ј1000 which is still in repayment, but I still reckon I could be due a refund of Ј100s
  • Hi,
    First post! I too had a Cahoot Flexi Loan that changed to Santander.
    How do i go about trying to reclaim unfair interest charges? What do i need to include in my letter of complaint?
    Thanks,
  • Both my wife and I have had these, can you PM me some details of what you did please?
    Thanks
  • That's very interesting, Harry6854. I have one of these Cahoot flexible loans which was switched to Santander. Originally at 8%, now 20%. I have emailed as suggested and will see what happens. For some odd reason they have stopped sending me statements - the last one I have on file is March this year - then nothing. Have rung them several times and each 'bod' promises me a statement will be put in the post - but still nothing to date.
    Thanks again....
  • You can also email to the complaints address on here:
    http://www.santander.co.uk/csgs/Sate...COM_TemplateA2
    You will get a reply from here.
  • Thanks for the link happy_bunny. I'll give it a few days and see if I get any response. If not, I'll forward my email to their complaints department. Harry6854, how long did the process take you - did they respond fairly quickly?
  • Hi all
    Thanks for the tip about this.
    I emailed using the CEO email address on Monday no reply as yet.
    My cahoot flexible loan opened in 2003.
    What specific reasons are people putting for submitting these complaints/claims ?
    TIA
  • As I mentioned in a post above, based on the following. PM me if you want a copy of my complaint letter:
    "jacking up the interest by that much on a existing loan is pretty unfair (hence the refunds on complaint). Bit harder when you also spend at the higher rate.
    I had around 12k that got rate rises from 9 to 23%, I spent a little on it but most was already there when they rate jacked me.
    I said it was unfair to lend me 12k at 9% then just keep saying 'we've put up your rate' with no reason given'.
    In the terms and conditions it said the interest rate was variable, but the handling of the account still has to be fair."
    Quote:
  • I sent an email and got an email response within a couple of days. Within a week I'd a phone call from someone called Richard, saying, as a gesture of goodwill, they would refund the difference between the original interest rate and any increases.
    I was advised it would take about a week to do the calculations and, sure enough, I got another call about a week later with a figure. I was told the amount was over what Richard could authorise and he would pass it to his supervisor for authorisation and they would be in touch again next week.
    I must admit it seems to easy. I can't help but think it is too good to be true. Has anyone other than the OP received any money?
  • I emailed on 8th November (Tuesday of this week) and nothing as yet. I'll give it a week, and then copy my email to their complaints section - link kindly supplied by happy_bunny. It would be great to get something back. I am really struggling with finances at the moment. I am self employed and have a shop - and business is just dire at the moment.
  • I got Ј5k+ back but had to go via the FOS.
    My wife just got a letter as well from the FOS, as for some reason Santander just rejected her complaint (probably as she's married to me ) and will be getting back quite a bit of cash, amount TBD but will pay off most of the outstanding balance.
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