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Cahoot flexi-loan rip-off

5
Found 21st Dec 2012
Did anyone here make the mistake of taking one of these at an initial APR of 5-8% and now being charged 20% and more? Did you complain to the FOS about the interest rate hikes or the fact that a new CCA wasn't issued upon the change in T&Cs? If so, what was their verdict?

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Go to MSE theres a big thread on it. I got over £3K back with the advice. All it took was a complaint to the execs office
Edited by: "newbie1001" 21st Dec 2012

Original Poster

Yeah, I'm on that thread. Yet to hear back from the FOS but it isn't looking too hopeful going by recent adjudications. When did you submit your 'claim' and get the payout?

Whammerhead

Yeah, I'm on that thread. Yet to hear back from the FOS but it isn't … Yeah, I'm on that thread. Yet to hear back from the FOS but it isn't looking too hopeful going by recent adjudications. When did you submit your 'claim' and get the payout?



Did mine back end of last year, got confirmation from execs office 09/01/12 and the next thing i got was a letter stating they were knocking 3.4K off my debt in February. I got in quite early even then it seemed that the process was slowing down. What usually happens in cases like this some get too greedy push it too far lose and ruin it for everyone else, A bit like the banking fees.

Edited by: "newbie1001" 21st Dec 2012

We're also in the process of contacting the FOS but Santander are not co-operating at all, they don't acknowledge our correspondence. I am not hopeful, but still feel that we have been ripped off.

Original Poster

newbie1001

Did mine back end of last year, got confirmation from execs office … Did mine back end of last year, got confirmation from execs office 09/01/12 and the next thing i got was a letter stating they were knocking 3.4K off my debt in February. I got in quite early even then it seemed that the process was slowing down. What usually happens in cases like this some get too greedy push it too far lose and ruin it for everyone else, A bit like the banking fees.



According to FOS, Santander had supplied them with inadequate info at that stage hence the ruling in your favour. However, since then Santander has provided 'justification' for the increases. Their T&Cs (2006) are a joke though - they can increase interest rates "for any other valid reason" (WTF??). Valid in their eyes maybe but totally unfair to the customer. Then they withdraw the online service and the flexibility (drawdown) facility and essentially change the product without a new CCA being signed / agreed but still charge you the same inflated APR for the 'benefits' of the flexi-loan. Also rang them to check what my APR to discover that's it's 1.9% above what is printed on the statement. oO
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