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Santander are now refunding interest payments on Cahoot flexible loan

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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 £8000 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 at santander.co.uk)


Spread the word!!!


You need to compose an email on the lines of this;



Account; xxxxxxxxx

I write to raise a formal complaint on the above account. The account was taken out in XXXX 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 .


I wish to complain that these rate rises were unfair and the rate rises and current rate is unreasonable.


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.


The address is ceo @ santander . co .uk (without the spaces)


This only relates to CAHOOT FLEXIBLE LOANS

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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% !!

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It seems as either everyone is ignoring request for info on this or its is a [problem].

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I have a feeling it relates back to the T&C with relation to interest. I have 2 sets of T&C the older one mentions nothing about how they inform you of interest changes, the newer ones say in writing. Obviously by increasing the interest from 6% to 20% is quiet a change, maybe the FOS deemed the way in which they increased the interest to be unfair which lets be honest it was a loan (even a flexi one) should never attract credit card rates. I believe Cahoot were just trying to get people off the product for some reason.


At the end of the day tripling your loan interest rate is not been competitive its robbery. In recent years credit card companies have been forced to allow customers to freeze their interest rate in return their credit card can no longer be used. Cahoot never gave this option they increased rated ridiculously with no freeze option. This may be the reason they should have given the option to freeze interest they never did. This could be why some people are able to claim the interest back.



As stated in their latest T&C


4. Interest

4.1 We will charge you interest at the interest rate on any outstanding amount until it is paid off in full.

4.2 Interest is calculated on a daily basis. Interest will be debited to the cahoot flexible loan monthly.

4.3 We may vary the rate of interest that applies to your loan for any of the reasons stated in general condition 15.2. When

we do so we will give you notice in writing of the variation. If the variation results in an increase of the rate of interest then

we will give you 30 days’ prior notice in writing of the change.


The above condition 4.3 does not exist in the earlier T&C. I believe that they can add T&C but only if they told you its a bit messy to be honest.


If you had a history of making payment on time and they jacked the rates I believe the FOS would find this to be unfair the odd % maybe but 3 times the initial rate, I would hope not.


This relates to credit cards but Flexi loans are similar







Edited by pumpytums

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I had a Cahoot flexible loan back in 2003 and settled it up in 2009. I cannot find out my loan reference number or credit agreement from that time, so would I still be able to make a claim or have I lost out?


Many thanks



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I have been reading lots about this on the web forums...is there a new forum to discuss the flexi loan claims?


I had a flexi loan from 2003, with varying amounts of between £3000 - £11000 over an 8 year period. Interest rate went from 5.9% to 18% if i recall correctly..


I finally got it paid off after selling every thingi had.


It was a huge relief.....debt made me ill for years....i am so relieved i am now debt free almost....Health returned.


I am new to this, so any pointers in how I can claim some money back would be great.


Thanks all

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I had a Cahoot loan too from 2003 until a couple of years ago. I remember the massive hike in interest (how could anyone forget), but just thought as it was a flexiloan then I had agreed to it. Hoping I still have my statements from when I claimed back my PPI 3 years ago!

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Re: Overcharged Interest on Flexible Account:


I emailed the Santander CEO on February 23rd, which although after a reminder, receipt was acknowledged and they asked fir my details, nothing more has been done.


I sent a polite reminder about two weeks ago and they said they are still investigating.


Whilst I am prepared to wait, it could be they are just stalling and therefore,


I would like to remind them if any statutory duty to respond in a specified time.


Is there a limit please and if so, should I wait or report the matter the the Financial Ombudsman ?

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