Between 2006 and 2008, the banking giant Santander conducted a credit check on its customers, and significantly increased the loan Cahoot loans repayment rates of those customers with poor scores. Although the terms of these loans allowed the bank to increase the rates, the top management later acknowledged that some of the raises were too high. As a result, the company has agreed to review the loans whose rates were raised to stratospheric levels, and has, in fact, made refunds to some of the customers who have made complaints. This means that, if you had taken a loan from Cahoot between 2006 and 2008, and specifically, a Cahoot Flexi Loan, you can get a refund for the amount that you overpaid for your loan.
The Cahoot loans refunds apply to both those who have cleared their debts and those who have an outstanding amount, which they are still clearing. If you are still repaying your loan, it is advisable to wait until you have cleared the debt. Once you are over with your repayments, you can make your claim. This way, you will make more money. On the other hand, if you have already completed repaying your loan, you should immediately make a complaint. Once you make a complaint, the bank will review your rates, and refund you accordingly if your repayment rate had been hiked unfairly. Picture this; some of the borrowers who had taken the Cahoot Flexi Loan have been paid claims of up to £8,000. So, you now know what you could be loosing on.
If you are wondering how to claim money if you were a Cahoot customer, the application process is not hard. First, you need to determine whether your loan repayment rate was one of those that were raised. You see; the bank did not inform the affected borrowers that their rates had been increased. Most people just continued to repay their loans thinking it was their normal debt. However, they ended up repaying huge amounts of money over what they would normally have paid had their rates not been raised. To find out whether your repayment rate was raised, check the loan agreement that you signed with the bank. If you do not have it, write to the bank, and request for the agreement. After receiving the original agreement, check what you were supposed to pay, and what you ended up repaying. You can calculate this using the original loan repayment rate. If you realize that you paid more than what you were originally supposed to pay, then, you need to make a formal complaint.
Making a claim for your Cahoot Flexi Loan overpayment amount is not hard. All you have to do is to write to the bank with the details of your account. Once you lodge your formal complaint with the bank, the bank will review the merits of your case. If the bank finds that your loan repayment rate was hiked unfairly, they will refund you the excess amount that is above what you would have paid if the rate had not been increased. If the bank doesn’t respond to your claim within two months, or if they flatly reject it, you can lodge a complaint with the Financial Ombudsman Services. The Ombudsman will determine if the bank was fair in rejecting your claim. If it wasn’t, it will be required to refund you the amount, which you over-repaid.