Cahoot flexiloan ( now Santander)

[Flyboy]

Hi all,
first post so hoping someone will be able to help.

Long story but I took out a cahoot flexiloan in May 2003. £9000 limit. Variable interest rate. And the 'flexibility' to draw down funds as and when required up to 9k.
when Santander took over the loan the took away the flexible feature so no more money could be borrowed at any time. Ie it became a normal variable rate loan.
The interest rate rose in the period from 5.9% to 16.9%

And then last year, Santander FIXED the APR at 16.9% with no notification ( I only know because I was complaining about unfair interest hikes.

have been to ombudsman, they HAVE NOT dealt with it on an individual basis!! Now gone from adjudicator to ombudsman, still awaiting but they are backing Santander to date.

question really is can a bank FIX a variable rate loan when IT deems necessary. I can't see this option available in any of the T&C'S

anyone know who I could discuss this with in further detail?

many thanks

tim

[FlamingParrot]

Re: Cahoot flexiloan ( now Santander)

This issue was discussed quite extensively on another site last year, I hope it's OK to post a couple of links because it's quite a long thread and news article:

http://www.moneysavingexpert.com/new...fter-rate-hike
http://forums.moneysavingexpert.com/....php?t=3578349

Hope it helps!

[Flyboy]

Re: Cahoot flexiloan ( now Santander)

This issue was discussed quite extensively on another site last year, I hope it's OK to post a couple of links because it's quite a long thread and news article:

http://www.moneysavingexpert.com/new...fter-rate-hike
http://forums.moneysavingexpert.com/....php?t=3578349

Hope it helps!

Yes I have been quite active on that forum but no one can answer whether they can fix a variable rate loan. So I thought I'd ask here