Cahoot Flexi Loan

[holley]

I have a flexi loan with Cahoot which has been transferred to Santander without any notification can they do this also the interest rates are very high. Do I contact Cahoot or Santander regarding interest rates transaction details etc.

[patfla]

I suggest:

Customer Service Team

Cahoot FlexiLoan

Santander

+ address

Good luck

[holley]

Thank you

[ITDonk]

Sorry to bump another old thread but did anyone get anywhere with getting the APR reduced. I'm another one who is in the boat of the APR being increased a lot and have some arrears but also no chance of getting alternative finance to pay this off in a lump.

 

Cahoot were a nightmare to deal with when I wasin the middle of my financial problems would do nothing to help at all.

[patfla]

sorry but they have been less than communicative with me.

they did state that it would not raise the apr any more,big deal.

I am awar that a person was successful by using a national

newspaper financial guru jessica gorst williams however have been unable to get any info

on the ins and outs of it.

[shaneo1]

I too have the living hell of the old Cahoot Flexi loan, now under the Santander roof. I did the sensible thing of going to Debt-Line..... to help me with the outrageous interest rates @ 23.5%. Stopped my DD to santander and was hit with a default notice threat, without even contacting me first. Then I started the letter war between Debit-Line and Santander, Debt-Line was told that they are no longer able to contact Santander via phone, they had to fax if they wanted anything, so I was in talks with the collections department at Santander, they said they due to the nature of the loan their hands were tied, they could not reduce the rate of the interest, or stop it even if I was on a DMP, they advise I stopped making payments for 7 months after which time it would move to a DCA, but interest would still be applied for the duration of the loans life. So they said it was best if I reinstated my loan repayments with them and then after a few months apply for a fixed Santander loan at a reduced interest rate...... of course my credit file has been hit bad since moving to Debt-line having now 3 missed payments on file, so I am in no good position to do that, besides Santander said I would need to increase the amount of the loan by a minimum of another £1000 to be successfully.

 

I send a letter to Santander asking for my original CCA and statements as advised by debt-line they never replied in the 28 days and just continued to send my monthly statements and another letter of you have been naughty we are now reporting you to your credit agency and placing a default on your account. I have written a plain english letter to the FOS now and have informed Santander of this, and their reply was they doubt the FOS will do anything about my issues with them. I am waiting to find out still, 2 months have now past.

 

To summarise Santander are as uncooperative and they were when the loan was with cahoot.

[king123]

Before going to the Ombudsman I'd had my interest reduced to zero (as is the case with all my accounts). This was because the CAB encouraged me to let all accounts default and then they handled it. Do NOT allow a default to happen if your credit record is clean but if it's not you may have to do it that way.

 

In my case the debt is still with Santander too despite defaulting over 2 years ago and last making a payment over 1 year ago. They haven't sent me any demands in all that time which is highly bizarre!

[shaneo1]

I spoke with their collections department and they said that they are unable to change the interest to zero even if a default is applied to the account, and I would be liable to pay the interest as well after they have their money back via DCA.

 

Don't want to default really, need to get my credit rating back up to scratch as I would like to get a mortgage as some stage in my life

 

I have already sent a letter to the FOS, in plain english about a month ago, just waiting to hear from them, and yesterday I have written a SAR requesting all the information santander hold on me, cos I have a feeling that they no longer have all the information eg CCA, if they don't then I would be in a better position to tell them with no signed CCA how can the loan be valid as I never agreed or signed an agreement for santander to monitor my loan.

[king123]

I hear ya mate. Would like to get a mortgage some time too :/

 

It's a right old grind isn't it but it seems you're on the right track. Good luck with it.

[shaneo1]

thanks for the info though bud

[ajs444]

I stop paying this account when it was transferred to Santander, have not paid for nearly a year, just kept getting reminders from their computer and statements that made no sense.

Anyway, started getting phonecalls from their callcentre, 4/5 a day.

Had enough, sent them a SAR, silence, no correspondence from them, absolutely nowt.

Going to start pursuing them now.

[shaneo1]

I had a leaflet a few months back which had in it terms and conditions referencing that either party can end the agreement. So I wrote them a letter saying I would like to end the agreement and the monies I have already paid to be a satisfactory amount to close the account. The reply was that I have done to many draw downs on the account and the amount outstanding is still to be paid, I am however concerned that in the letter they referred to it as an approximate amount and not the actual amount. Should I question the letter, though I doubt I will get anywhere as I have had no reply for when I sent a SAR letter.

 

I have contacted the FOS, but have had no reply from them either, how long does it normally take for them to reply?? should I call them?

[jellybabe]

hi, i know it's a long shot and an old thread,

but could i please get some advice of you regarding wording the complaint re interest hikes. I have yesterday been served with a default letter, dated 15/06 (only received it yesterday) and obviously only have a week left to pay it now???

No certain date on it to pay, just says within 14 days of serving.

 

Those interest hikes on that dreaded cahoot loan have led to my downfall, and i would like help with this please....

 

thanks,

Jellybabe

[shaneo1]

Well there is nothing we can do about the interest hikes according to 'Meg' today from the Cahoot (Santander) customer services department, and she also told me that we cant even change the underwriters mind on reducing the interest rates, what they say is final she says... I ask if I could speak with the CRO but she then went on to say that they couldn't doing about it either. I think Meg is a new employee there, she knows nothing about how banking works. Useless.

 

Anyway Jellybean, I would advise you to contact them and say you have just received the letter (thats it you are bothered about your credit rating) and say in the time the letter has been issued I do not have the means to make a full payment at this time but I can give you a token payment and negotiate a repayment plan that way a default can not be server, but your credit report will say arranged AR, instead each month until the payments have been brought back in line.

 

Good Luck.

[jellybabe]

Thanks for the reply shaneo1,

 

I'm not particularly worried about my credit rating as it's down in the dumps now anyway. But i have the feeling that the DN they served me with might be faulty?

 

I wonder if anyone could have a quick look please? I uploaded it here:

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?152406-jellybabe-vs-Cahoot-Flexi-Loan&p=3461553&viewfull=1#post3461553

 

Thank you.x

[ajs444]

Well got back copy of CCA this morning, original agreement 2004.

 

No mention of Loan Amount nor Limit.

 

No mention of APR

 

Statement from Santander shows rate of 20% APR which has been since 2008???

 

Any ideas on dealing with this lot?

[shaneo1]

This is it 1 year on and the same reply letter as I got in Jan 2011. After the complaints have been different. I still have no SAR or CCA from them. its off to the FOS. I have requested that half my loan be written off and I pay half. but if they can not produce the information I have requested from them CCA and T&C they be in breech of contract and refund me back the monies from when Santander took over the loan. As its now a fixed loan at 21.5% where I signed for a variable flexi loan at 8.5%. Hook, Line and Sinker.

 

Wish me luck.

[patfla]

This is it 1 year on and the same reply letter as I got in Jan 2011. After the complaints have been different. I still have no SAR or CCA from them. its off to the FOS. I have requested that half my loan be written off and I pay half. but if they can not produce the information I have requested from them CCA and T&C they be in breech of contract and refund me back the monies from when Santander took over the loan. As its now a fixed loan at 21.5% where I signed for a variable flexi loan at 8.5%. Hook, Line and Sinker.

 

Wish me luck.

yes,it seems they are beginning to break under the weight.we kept complaining in writing and even used recorded delivery.our account was 21.9 now its zero percent as santander say "based on your complaint"they now state company policy is reducing account to original rate from start of account

and refunding increases of interest so keep at em

[shaneo1]

Ok the link in the post below is to my last letter from the complaints department and in here they mention that they advise from their terms and conditions not mine that the loan account that I had agreed was fixed throughout the full term of the loan. Funny I signed something to say its variable from 8.5% so for the past 10 years it should have been fixed they are saying then....???? and it was also accepted they their interest rate was agreed throughout the length of the loan. ME AGREE TO 21.3% am I stupid.... where is form I signed for that??? and they go on to say that Santander has not acted in error. Can I lol here.

 

Who thinks that this loan can be written on based in the false evidence in this letter please advise.

 

PATFLA - can you please send me a sample of the letter you sent them and got back in return to get your loan interest stopped and refunded the interest charges. How did you do this FOS or santander complaints. Thanks in advance.

 

Many thanks

Edited November 29, 2011 by shaneo1

[jellybabe]

I would be very interested in an example of this letter aswell please....i'm in the same boat...interest hiked up that much that i can't afford to pay it no more, and they are now chasing me

 

Also, they have just sent me a letter that they now terminated the account and will chase the outstanding amount, even though i have offered them payment which are approx. 3/4's of the full monthly payment. I have paid this on time every months since offering , and still they have defaulted and terminated?

Edited November 29, 2011 by jellybabe

[shaneo1]

http://ubuntuone.com/0YaBG78MMPCCY6Wf4bOU5P

 

My last letter. Please feel free to pic holes in letter, they call resolution and understanding.

I have just sent a short message to the ceo at santander.co.uk asking for resolution and how can some people get refund and not others, If this is true I would be getting more back than the amount I owe for sure.

 

This is what I have written to the CEO:

Dear Sir/Madam,

 

I write to raise a formal complaint on the above account. The account was taken out on 24 July 2002 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 have continued up to 23% from 8.5%

 

I wish to complain that these rate rises were unfair and the rate rises and current rate is unreasonable, furthermore in a recent letter from your complaints department it states that terms and conditions that I signed was for the loan interest rate to be fixed for the the duration of the loan until paid. Please see the attached. I only ever signed one set of T&C which stated that the interest rate was 8.5% and variable, no where did it state that it was fixed. I have never received the T&C your staff speak of nor have I signed to agree to this.

 

I am currently in touch with other customers with these products who have had success with interest rate refunds/reductions (through fos involvement) and await to hear your comments.

 

I would prefer to settling this matter with you rather than through the FOS. I look forward to hearing from you very soon.

 

Yours Faithfully

Edited November 29, 2011 by shaneo1

[jellybabe]

you couldn't give me an example of it, could you please? I'm not too good with starting letters like that.

Just need something to start me off so i can write my own letter....

 

jellybabe

[shaneo1]

its above in red jellybabe

[mills1]

I am still paying £1 per month to santander as I had previously before it was taken over.

When Santander initially took over I had a letter from a place in sheffield requesting that I contact them to arrange repayment.

I sent them a reply stating that I consider the account in dispute, due to the hike in interest rates.

I heard nothing back.

Interestingly, the statements I receive quote the interest rate at 0 %

The £1 monthly payments are being credited to the account, but I have heard no more.

[shaneo1]

Been told today by Santander that they are unable to send me my original signed CCA as it was signed over 6 years ago and would be no longer be stored on file.

 

Interesting, the FOS would love to here about that.