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OTR (the green one) just seen a thread regards Cahoot loans and the retrospectively refuding people interest due to a recently lost FOS case regards the rate jacking
Anyone know if its correct?
Anyone know if its correct?
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Last edited by oscar; 6 December 2011, 16:16.I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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Re: Cahoot flexi loans.
But flexible loans are almost always UE mate due to them being a hybrid revolving fixed term/sum line of credit. It was a loan but kinda like a credit card cum overdraft account that came with debit cards at one point. So when they try and comply with prescribed terms - their agreements kinda fail thus you rarely see any court action from them (hope not to temp fate).
Their terms were also sketchy to say the least plus on some loans there was an arrangement fee (think s.18 CCA)!
It's a weird one; best left well alone unless you're paying it back!I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!
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Re: Cahoot flexi loans.
Originally posted by Never-In-Doubt View Post
only cos I bank with them (and at least I bullied them into 0% interest (and its not registered as such on file)
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Re: Cahoot flexi loans.
WOOHOO!!!
Looks like the posts / rumours were true. Just had letter this morning offering just shy of £3K.Last edited by oscar; 6 December 2011, 16:17.I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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Re: Cahoot flexi loans.
This thread was originally elsewhere, but now that I have personally had confirmation of the information, have moved it here.Originally posted by oscar View Post
While not a help to those going down the UE route, it could be a great help to those on a DMP, or if you are just looking to reduce your debt.Last edited by oscar; 6 December 2011, 16:38.I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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Re: Cahoot flexi loans.
Originally posted by oscar View Post
When your celebration hangover has worn off can you tell me exactly why they feel they should give you £3k because I didn't see the original thread elsewhere? If it's anything to do with ratejacking I'll be most interested 
The principle could maybe help anyone needing to counterclaim if a UE debt goes pearshaped and lands up in court.
I have a HSBC Flexiloan which the DCA is trying to say is an overdraft so exempt from s.78 CCA stuff which I think is nonsense. I can prove it because I've got the original signed CCA agreement but the bank say they have no paperwork. Obviously I'm not going to show them mine am I
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Re: Cahoot flexi loans.
Well done matey - I suspect they'll pay it direct to you as well - nice one
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Re: Cahoot flexi loans.
It is indeed to do with rate jacking. Of course, taking my letter into account, and all other information, there is nothing to suggest Santander have made an error ....... BUT as a gesture of goodwill blah blah blah. If you want a copy of my letter, feel free to PM me.Originally posted by PlanB View Post When your celebration hangover has worn off can you tell me exactly why they feel they should give you £3k because I didn't see the original thread elsewhere? If it's anything to do with ratejacking I'll be most interestedI'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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Re: Cahoot flexi loans.
+Originally posted by Never-In-Doubt View PostWell done matey - I suspect they'll pay it direct to you as well - nice one
Letetr says will be coming off balance. But will gladly accept a cheque!I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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Re: Cahoot flexi loans.
did that offer include 8% stat interest ? probably not as it was a GOG. Are there any figures detailing how they came to that offer?Last edited by pompeyfaith; 6 December 2011, 23:08.Comment
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Re: Cahoot flexi loans.
8% I dont know. Letter said (no calcs included) that they had recalculated the loan back to the original interest rate when the first rise went on in 2002.Originally posted by pompeyfaith View Post
They go on to say that the remainder of the balance will be subject the the current T&Cs (so assume interest rate as well) and could be subject to further rises.
Some did post OTR at MSE that Santander had advised them that the refund wouldnt actually come of the balance, but would be held in a suspense account until the loan balance matched and the two cancelled each other out. I would have thought this would have fallen foul of TCF though to be honest.I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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Re: Cahoot flexi loans.
Hang on, are you in arrears and if so how much mate? Have they defaulted you yet?Originally posted by oscar View Post
Point is they can *only* take an amount equal to the arrears so say your payment was £100 per month and you're a year behind without defaulting (it does happen) then you'd only have to bring it out of default by paying in £1200 - the rest would then be paid to you....
Obviously once they've defaulted you then the whole balance becomes due so they will use it to reduce that balance, if one is outstanding mate...I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!
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Re: Cahoot flexi loans.
No, they cannot do this mate - as it is your money, it needs to be repaid into the account otherwise you're in effect being charged more interest for the higher balance - it should be a retrospective reversal so that you're back to the place you would have been had they not sold the product, they therefore MUST reduce the balance / your liability. If they stick it in a suspense account then charge them 8% statutory interest on it and also demand the balance on your loan is recalculated taking into account the actual loss in blance thus the overall interest repayable - you'll find they'll sooner repay it than piss about doing thatOriginally posted by oscar View Post
I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!
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Re: Cahoot flexi loans.
Nope no arrears - fully up to date - although they have been charging me 0% for last few months (after REJECTING a similar request)
Think I can see where you are going
but quite happy for it to come off balance, and remember, some of my banking is with Santander
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Re: Cahoot flexi loans.
That was my view - in effect it makes the "GOG" worthless if it were to happenOriginally posted by Never-In-Doubt View PostI'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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