Santander marketing letter

[david2811]

So I receive a letter stating I can have a loan between Ł7500 and Ł20000 from Santander. I read the letter and apply,as my current provider is charging 12.9%. I go through a lengthy application process over the phone with "Chloe", who continually quotes the 3.9% APR representative. As soon as I agree to the credit check, the answer comes back although they can immediately agree the loan, but the interest rate is now 11.9% rather than the 3.9% quoted. My first point is this. Once you agree to the credit reference check, there is no turning back. I turned their offer of a loan down because in less that a minute, the rate had gone from 3.9% to 11.9%. My 2nd point is I have now have a credit application on my records that I feel was obtained by dubious means. This will now affect any applications I make in the near future, as it now looks likes I'm desperate for money. My application was made to pay off another debt, rather than add to it. I feel like Chloe, Sue and Santander have violated me and my credit rating using dubious means. I have written to the Umbudsman and will await their reply. If anyone reads this message my message is clear. DO NOT BELIEVE ANY LETTER WRITTEN BY SANTANDER. DO NOT APPLY FOR THEIR LOW RATES LOANS AS THE INTEREST QUOTED IS NOTHING MORE THAN A GIMMICK. I feel totally cheated, violated, lied to. No wonder no one trust a bank. The upside is that this is probably the last time I EVER apply for credit. In future, I will save my CASH rather than give money / interest / fees to the the banks. BE WARNED!!!!!

[Mr $quandaŁot]

Re: Santander marketing letter

I truly wonder how many customers actually get the rates the advertise 'subject to status'. I'm paying more than 11.9% on my $atan'$ loan but thankfully it will be repaid in January.

1 = I'm 2 = leaving 3 = Santander!

Write to Ms Botin like I did:tinysmile_twink_t2:

[FlamingParrot]

Re: Santander marketing letter

I reckon we have grounds for a formal complaint against Satan's Den for misrepresenting their credit products. As usual, the process is to start by complaining to the bank itself. I have the details of a Senior Executive Resolutions Manager I once corresponded with at Satan's over a SAR but it's been a few years so he may no longer be around. If the bank's response is not satisfactory, you can then take it to the FOS.

Mr $quandaŁot may be able to share some experiences regarding complaints against this [dis]honourable in$titution.

[nemesis45]

Re: Santander marketing letter

Deceptive advertising of " financial" products should be reported to the FCA for information.
However id the statement " subject to status" is used little I think can be done about it.

nem

[jon1965]

Re: Santander marketing letter

I believe that they are required to show that 51% of the applicants actually get the advertised rate. I would imagine that only the FCA or FOS would be able to get this info

[FlamingParrot]

Re: Santander marketing letter

Subject to status refers to being approved or not depending on a number of factors, credit records being one of them but also how much you earn, employment status, how long have you lived in this country, whether you are a homeowner, etc.