tempted by Natwest's first offer (all charges, no interest)

gordon_retundo

Hi,
after much to-ing and fro-ing, months of letters, complaints and hardship forms, I have finally received an offer from Natwest for repayment of charges.

They're offering to repay all my charges (100%) but no interest at all......this is slightly disappointing as the continuous cycle of charges and interest constantly pushed me beyond my overdraft limit, resulting in almost 30%APR interest being added on every month.

I calculated interest at the specific rate I was charged in each month, rather than the statuatory 8% recommended on this site - because I felt it accurately reflected the charges imposed against me. The interest makes up 25% of my total claim.

This is the first firm offer I have had (since the recent acknowledgment of my hardship status) so I am unsure whether I should push for more and risk losing the lot or settle for 75% of my claim? They did say that they will increase the repayment if the court ruling would have entitled me to more, although I have the feeling that the interest would probably be offset by the small charge allowed for each breach (ie if they are allowed to charge upto £5 for each time the overdraft is exceeded, this would probably equal the interest award and I'd be in the same position as I am with the current offer)

please share your thoughts and past experiences! many thanks!

Widelats

Personally i would say no as there is a possibility of restitution on the out come of the court case, which could be quite a nice amount of cash. You will get them back 100% anyway when the case is over plus interest.

natweststaffmember

Widelats wrote: »

Personally i would say no as there is a possibility of restitution on the out come of the court case, which could be quite a nice amount of cash. You will get them back 100% anyway when the case is over plus interest.

Widelats, mate, what are you saying?? Come on read the FSA Waiver on my signature all the way through. You are telling the OP to reject his offer because interest was not given which there is NO provision under interim payments on hardship for interest. Interim payouts are on the basis of financial hardship so if we are simply saying do not accept becuase it was not the totality of the whole claim we are shafting the people we are trying to help since a rejection on that basis alone will mean the OP gets nothing to alleviate hardship until the bank charges case is resolved. The FOS will support the banks' decision.

Have you read the OFT transcripts of the House of Lords? If you are registered on Legal beagles then read the last day pages 96 and 97. It may not come down to restitutionary damages because if the OFT win then that may form part of the basis on the secondary issues yet to be decided.

Widelats

natweststaffmember wrote: »

Widelats, mate, what are you saying?? Come on read the FSA Waiver on my signature all the way through. You are telling the OP to reject his offer because interest was not given which there is NO provision under interim payments on hardship for interest. Interim payouts are on the basis of financial hardship so if we are simply saying do not accept becuase it was not the totality of the whole claim we are shafting the people we are trying to help since a rejection on that basis alone will mean the OP gets nothing to alleviate hardship until the bank charges case is resolved. The FOS will support the banks' decision.

Have you read the OFT transcripts of the House of Lords? If you are registered on Legal beagles then read the last day pages 96 and 97. It may not come down to restitutionary damages because if the OFT win then that may form part of the basis on the secondary issues yet to be decided.

Well in that case ... take their hand off - accept the cash!!!

natweststaffmember

Widelats wrote: »

Well in that case ... take their hand off - accept the cash!!!

Cos the interest will be paid on the completion of the OFT test case

gordon_retundo

thanks guys, I will contact them now to accept....just wanted some reassurance that i wasn't being jipped again by the bank, cos they do have a tendency for doing that (when they aren't busy screwing up the world economy!)

natweststaffmember

gordon_retundo wrote: »

thanks guys, I will contact them now to accept....just wanted some reassurance that i wasn't being jipped again by the bank, cos they do have a tendency for doing that (when they aren't busy screwing up the world economy!)

To be totally honest with you they have offered 100% of the charges and I know what I would do