Just had my statement . At the end of a loan, so had £53.25 balance. This was cleared after 14 days by the next direct debit. Santander charged me £0.95 interest. Whilst I know it’s not a lot I calculate this as an interest rate of 45% !! Santander say no its actually 17.94% But still higher than the 16.61% stated on my last statement. Must be illegal charging a rate higher than specified and I have not received any notification of a higher rate. How do they justify a 45% rate anyway !! Can they really do this ?

My last Flexible loan statement 20th Dec 2011, shows a balance of around £40. I have been making monthy payments of £60 with the next payment being today. So I ring up Santander for confirmation that they will only be taking the £40 balance, otherwise I would end up in credit to £20 !! Nope they say balance of £40 in Dec INCLUDES the £60 monthy payment that they are taking today and there will be a further payment of the final £40 in Feb 2012 !! I think this is theft. If the balance is £40 on 20th Dec then that is all I owe them. Any one else had similar experience.

I have attached my credit agreement for my Cahoot loan, is this enforceable ? It referes to the Cahoot T&Cs and General T&Cs. I thought all T&Cs has to be on the same page as the signature, not on seperate documents ? It does not specify the loan amount or the credit limit.. Thanks if any CCA experts could check it out as I don't think it shows enough detail cca_2.bmp cca_1.bmp cca_3.bmp

I took out a Cahoot around 5 years ago. On checking the documentaion I only have a covering letter and a document called "Terms and conditions - cahoot flexible loan" The credit agreement makes reference to a "General Terms and conditions" presumably these were on their website as I don't have a copy. It also states "By signing this agreement you confirm you have read and accepted the cahoot general terms and conditions and the cahoot flexible loan terms which are enclosed" On this basis I have no info on how they can change the interest rates, as I don't have a copy of the T&Cs that say given 30 days we can increase your rate to whatever we like... From google I found that the Consumer Credit Act 1974 - Part VIII says.. "Certain other formalities must be observed; under Section 105, a security is not considered properly executed unless a document is signed on or on behalf of the debtor. This document must conform to certain regulations; the terms must be legible when it is presented to be signed, it must give all the terms and conditions other than implied terms, a copy must also be presented and if the security is provided before the regulated agreement is made, a copy of the security agreement must be given to the debtor within seven days of the regulated agreement being made.[45] If the formalities are not complied with the security agreement becomes unenforceable without a court order.[46] The Act does not provide for any civil or criminal sanctions for creditors who enforce the agreement without a court order, however, but it may lead to the revocation or suspension of the creditor's license.[47]" I read this that they should have sent me a copy of the FULL T&C's with the document to sign. Would welcome comments. I want to take the line that any increase in interest rates in null and void as I never received full t&Cs. But how do I word this ? Thanks

Does anyone know the basis for this decision - is it something new ?. I notice some old posts 2008 that said much the same, but perhas I have it wrong ? I am interested I have a flexible loan that went up from 5.9% to around 16% !!

I took out a Cahoot flexible loan. I calculated the monthy payments using the calculator on their site with the aim of paying this off in 5.5 years @ £70 per month, now 6.5 years later I am still paying. Two reasons. Rate hike from 6.9% to 16% - can they do this ? never got any emails . Also the monthy payments started out at £70 by direct debit, they have gradually reduced these each month £68.30, £66.98 Yep each month they have gone down a bit. Now I cant remember ticking any box to make a minimum payment (why would I anyway even if it existed) I don't understand why they have decreased the payments ! So they have forced the loan to be extended by them changing my payments and increasing the rate. What do I do now ?