Compensation offer from Building Society

Rocka

Hi all - just back to ask if anyone out there has received compensation from their Building Society when the building society has screwed up big time!

Their last offer was £200 which I rejected.

They have just written to me to say that they have passed everything to their legal department, however, in the meantime could I give them an idea of the amount of compensation I would accept.

I have absolutely no idea what a reasonable amount would be - does anyone know if there are standard amounts given in the event of different disputes and if not make a suggestion as to what I should be asking for? Also, should I increase the amount in case they try to negotiate me down?

It's all so confusing. I've never been in this position before and am totally unsure how to proceed. As alway, I would be very grateful for your advice.

Many thanks!

Rocka

on my query? I feel I need to let them know asap but don't want to do so without more info.

Please help.

Rick62

Start by working out how much you have actually lost financially, interest, extra bank charges etc etc. Then work out how much time you have spent on it and multiply by, say £100/hour then add on a lump sum for all the stress, at least £1,000. Then give them the figure, maybe break down the costs, don't break down the figure for your time (say you don't know, your adviser worked it out for you). For the lump sum I would think of how much you would like and double it, then they can negotiate you down and you will be happy.

For a building society anything under £10,000 or certainly £5,000 is small change. So if you initally ask for £1,000 you might get that, but if you initally ask for, say, £5,000 you might get say £3,000. So think of the highest number you can justify then double it. You can't go too high initially, but if you go too low you can't increase it later.

It sounds like they recognise that they have messed up big time, and so they would not be keen to go to the Financial Ombudsman.

Rocka

Thanks Rick - I'll get working on the figures - I'll let you know how I get on!

Rocka

Hi Rick - I did as you suggested and sent a letter off with a breakdown of the figures and requested that they respond to me within 14 days. Needless to say I haven't heard anything back from them.

Can you tell me how to progress this please. Should I write them another letter asking them to respond to my previous one and saying that if they don't by a certain date I'm going to get in touch with the Ombudsman. I'm not sure if its the Ombudsman I'm suppose to go to first or to a solicitor.

I'm determined to see this through so any advice, as usual, very much appreciated!

Thanks!

Rocka

Hi - I'm presuming Rick's on holiday cause he hasn't replied so could I ask if anyone else out there can give me advice on how to proceed. I just need to know if I should go to the ombudsman first or a solicitor. I don't want the staff at the building society to think I don't know what I'm talking about so I really would be grateful if someone could tell me.
Thanks!

regularsaver1

When did you write? did you send letter recorded delivery?

have they not acknowledged your letter at all?

Rocka

I wrote to them 2 weeks ago, recorded delivery, giving them 2 weeks to reply. They have not acknowledged receipt of my letter - but they never do and I've written many (last 3 by recorded delivery) all of them I have had to chase.

regularsaver1

Where are you sending letter to? is it the same address that they have responded from before

have royal mail said who signed for it?

Rocka

I haven't checked this time that they received the letter from Royal Mail as when I have contacted them in the past when they haven't responded to my letters they have always acknowledged that they have received my letters and apologise and make excuses for why they didn't get back to me. I'm sure they got this letter and I know if I ring the person who has been dealing with my complaints she'll fob me off with an excuse such as it's with their legal department, etc.

I feel I have to up the anti as in my last letter to them I asked for a response within 14 days and they haven't so I'm now feeling their taking me for a mug and I'm really fed up as it's been going on for so long - up until now although I've been persistant I haven't threatened anything and that's why I'm needing advice on how I go about being a bit more assertive. Should I threaten with legal action, maybe get a solicitor to write to them (which I really don't want to do as I can't afford it) or should I say that I'm making an official complaint to the Ombudsman?

As you will probably gather I'm a bit naive when it comes to this kind of thing!
Thanks.