Not such a success after all! What next?

MissCW

Well, i got my offer letter from Natwest this morning.. offering me a sum which would still mean I owe them £1,000 of my own money! (it is on a closed account they that defaulted).

I am fuming .. how insulting!

My charges were over £4,000 and they offered £2,759. They say to clear the balance owed to them would be £3759.00.

I am going to reject the offer but I am a little gutted to be honest. I have calculated the interest this morning, it comes to about £900. I didnt include it at the time because i wanted a speedy settlement, I am too late to include it now?

Whats the best way to proceed here? Thanks everyone.

natweststaffmember

MissCW wrote: »

Well, i got my offer letter from Natwest this morning.. offering me a sum which would still mean I owe them £1,000 of my own money! (it is on a closed account they that defaulted).

I am fuming .. how insulting!

My charges were over £4,000 and they offered £2,759. They say to clear the balance owed to them would be £3759.00.

I am going to reject the offer but I am a little gutted to be honest. I have calculated the interest this morning, it comes to about £900. I didnt include it at the time because i wanted a speedy settlement, I am too late to include it now?

Whats the best way to proceed here? Thanks everyone.

Why are you rejecting it?
Would that amount be paid to you or onto the account and is the total amount owing reduced/wiped out or not?

MissCW

No the offer is £2,759.00 and they say I owe the bank £3,759.00. Which they would credit to my account and leave me still owing them £1,000.

The total of my charges was £4,098.09. If they had paid in full it would have wiped the debt and given me a few hundred extra.

natweststaffmember

MissCW wrote: »

No the offer is £2,759.00 and they say I owe the bank £3,759.00. Which they would credit to my account and leave me still owing them £1,000.

The total of my charges was £4,098.09. If they had paid in full it would have wiped the debt and given me a few hundred extra.

Do you already have a payment plan in place with them?

MissCW

No, they sent it to a debt collection agency. I havent made any payments because at the time I couldnt afford it and then I said it was disputed because of the bank charges.

I don't dispute I owe them the money, but I thought they might have made an offer that at least cancelled it out.

Especially as what they owe me in charges was more than what I owed them.

natweststaffmember

MissCW wrote: »

No, they sent it to a debt collection agency. I havent made any payments because at the time I couldnt afford it and then I said it was disputed because of the bank charges.

I don't dispute I owe them the money, but I thought they might have made an offer that at least cancelled it out.

Especially as what they owe me in charges was more than what I owed them.

Don't reject the offer but accept it and tell them that you will be willing to pay £1.00 a month until the conclusion of the OFT test case issues. Furthermore, tell the debt collection agency that the debt is still in dispute due to the OFT test case so you will never agree any payment plans with you.
Remember, you are in a strong position still even if they refund that amount to the account and the amount is not a full and final settlement

MissCW

Shall I do this as a letter? they have sent me a form they want me to fill in which implies its a full and final payment.

Thanks again for all your help Natweststaffmember!

natweststaffmember

MissCW wrote: »

Shall I do this as a letter? they have sent me a form they want me to fill in which implies its a full and final payment.

Thanks again for all your help Natweststaffmember!

I would write a letter to NatWest and state that you accept the amount as an interim payment but reserve the right to pursue the rest on the conclusion of the OFT test case. As a gesture of goodwill on your part you will pay £1.00 a month until the conclusion of the test case issues where repayment arrangement will be made. I would put on the letter, repayment of the amount, will be taken as agreement of this interim payment plan.

krisskross

MissCW wrote: »

Well, i got my offer letter from Natwest this morning.. offering me a sum which would still mean I owe them £1,000 of my own money! (it is on a closed account they that defaulted).

I am fuming .. how insulting!

My charges were over £4,000 and they offered £2,759. They say to clear the balance owed to them would be £3759.00.

I am going to reject the offer but I am a little gutted to be honest. I have calculated the interest this morning, it comes to about £900. I didnt include it at the time because i wanted a speedy settlement, I am too late to include it now?

Whats the best way to proceed here? Thanks everyone.

You'll think it a resoundingly successful result if the banks win the court case on bank charges.

natweststaffmember

krisskross wrote: »

You'll think it a resoundingly successful result if the banks win the court case on bank charges.

Especiailly if the House of Lords overturn one of their own case First National and the decisions of 4 lower court judges. Furthermore, the OFT can decide that the charges are unfair without the OFT test case so winning by the banks may not necessarily be the end of the matter

krisskross

natweststaffmember wrote: »

Especiailly if the House of Lords overturn one of their own case First National and the decisions of 4 lower court judges. Furthermore, the OFT can decide that the charges are unfair without the OFT test case so winning by the banks may not necessarily be the end of the matter

Indeed, but in the case of the OP I am a great believer in The bird in the hand etc.

I do believe people will get a proportion of their bank charges refunded eventually. Just not so sure it will be every penny plus 8% interest.