Initial Stages of Querying Cahoot Flexi Loan

[Forest Dave]

Hi all

I have dipped in and out of this site for a while and am aware that this subject has been covered before. However, I need to untangle all of the info I have read as I am now at the stage where I feel I need to contact Cahoot/Santander about my flexi loan which I have had since 2001.

 

As we all know, the interest charges are ridiculously high and I am a fool for not getting on with this earlier but I feel

that I really should not be paying so much interest!!!

 

I really just need to know what the appropriate stages of dealing with this issue ought to be:

 

Should I write, in the first instance to Santander (at the Bradford address) as the address for Cahoot in Coventry seems to be useless, as per other threads. In this letter, I was going to explain that I feel the interest charges are unreasonable and that I would like to revert to the original interest rate and to have the excess interest credited back to my account.

Or, should I first write and ask for the CCA (enclosing the £1.00 postal order) and go from there?

Apologies for going back over old ground for some of you (hopefully!) reading this thread but I am not 100% 'up to speed' with the protocols and terms used in these circumstances.

Hoping that someone can point me in the right direction!?

[rebel11]

Hi Forest

 

Welcome to CAG

 

I would go for reducing the interest first, then failing that ask for your Agreement. Interest rates should be at an all time low.

 

Heres some useful guidance.

 

http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases

[Forest Dave]

thanks for the quick reply:-)

I'll go for the interest reduction firts and see what happens and will update when they reply (assuming they will)

[patfla]

As I am pursuing this issue with Cahoot can someone advise what CCA is an abbreviation for?

I am really miffed with them as they are slow in responding to any correspondence.

[patfla]

Sorry another question.I am continuing to pay my repayments per month however the amount of the debt is

not reducing by much as the interest charge is so high.Do I still continue to pay the minimum amount each month.

[Forest Dave]

CCA is an abbreviation of Consumer Credit Agreement.

 

Patfla - if you can, keep paying the amount each monh if you can. I am, so as not to jeopardise my credit rating or to incur any extra charges. how far along with your complaint are you?

[Forest Dave]

Just to keep this updated: My letter was signed for just a day or two afte rposting but no reply in the post yet. Anyone have any thoughts on how long I should let then have to respond?

[HTFV]

Hi dave i also have the same problem as you , and spoke to santander customer services on the phone who turned me down flat about reducing the interest rates saying that it was all part of the terms and conditions and said they had done nothing wrong(i asked if he had a copy of the terms anad conditions of the flexible loan and he said no but as he had worked in banking all his life he knew what he was talking about and terms and conditions between banks were relatively the same) .They did say that the rate is no longer variable and is now fixed at 21.9 PCT for the term of the loan, which is the highest rate it has ever been.The customer services representative said they would send me a letter telling me of their decision and that they would also send a leaflet saying who to complain to next.when I received this there was a number for santander complaints which I rang and although the person I spoke to agreed with me that the rates were disgustingly high and unjust as I had already been turned down by customer services he couldn't help me and I would have to write to the banking ombudsman about this .there has been a case when a newspaper got involved and cahoot

paid back the difference between the original interest rate and the new one , I believe my 1st interest rate was below 6 percent so amount could be pretty substantial but believe this is few and far between.I will be looking out for your case and see how you get on as have not wrote to the banking ombudsmen yet as have heard they are a waste of time and it could take over6 months just for a reply.

[Forest Dave]

Thanks for taking an interest:-)

I can imagine just how unhelpful they were on the 'phone from reading a few other threads on this site

 

Sadly, there has not been much progress to report since I last posted. I sent a second letter and this time I sent it direct to Santander, marked for the attention of the complaints team. I checked royal mail track & trace service last week and 2 weeks form posting my letter was still in the delivery process I was going to chase this via RM but given the Xmas period was looming and then my wife and son both becoming ill with flu it all has taken a back seat.

 

I shall be chasing it up in January though.

 

I too have heard that the Ombudsman is pretty much a waste of space too. However, I guess it is all part of the 'game' and I shall repost here when/if Santander deign to reply to my letter...if it ever arrives in the post!!!

[patfla]

I have been turned down flat with Santander accepting no responibility whatsoever.

There has indeed been a success via a reporter with a national newspaper.

I pose the question if everybody has the same interest rate applied across the board

then there may be grounds for discrimination.(i.e. if a person has the same blanket rate

and is succesful in reducing etc why is that not applied across the board).

F.S.A.IS MY NEXT STEP

[Forest Dave]

I received a letter dated 24 Dec 2010 but received afair few days later which has thanked me for contacting Santander with my concerns.

 

they will be writing to me once they have investigated my case and will advise me of the outcome. Also they've given me al eaflet on how to complain and how to contact the Ombudsman if I so wish.

 

I am expecting a refusal but will further update once they have written to me.....

[Forest Dave]

Refused!

 

Got a polite but waffle filled letter back that basically advised me that the APr was detailed as variable on the T&Cs that Cahoot sent me and that this was prior to the loan being transferred to Santander.

 

The statement that I requested will only go back to March 2010 because this is when Santander took ownership of the loan and this is still ye to tbe received by me....

 

I am going ot have to do some more digging on the previous cases that have been succesful and see how I can proceed from here. Any thoughts will be appreciated!

[patfla]

CCA is an abbreviation of Consumer Credit Agreement.

 

Patfla - if you can, keep paying the amount each monh if you can. I am, so as not to jeopardise my credit rating or to incur any extra charges. how far along with your complaint are you?

 

For the last 3 months my interest rate has been reduced to zero per cent.They stated when I phoned them that they hasd looked at my payments and decided to reduce it from the high rate o zero.

I have now cotacted them in writing twice to ask them

a.Are they accepting responsibility and accepting that what they were doing was wrong

b.From what date does the 0% come into effect

Tehy have not answered yet,needless to say....will keep you updated.

[mills1]

For the last 3 months my interest rate has been reduced to zero per cent.They stated when I phoned them that they hasd looked at my payments and decided to reduce it from the high rate o zero.

I have now cotacted them in writing twice to ask them

a.Are they accepting responsibility and accepting that what they were doing was wrong

b.From what date does the 0% come into effect

Tehy have not answered yet,needless to say....will keep you updated.

 

 

Patfla, interesting post, I have not contacted them yet, but ive noticed over the past months statements that interest rate is 0 %