NatWest (merged)

Edinburghlass_2

andy5n wrote: »

This last year i fell ill and couldn't work and like everyone else the accumulated bank charges snowballed to £1429.00, i wrote to my bank and insisted they pay the money owed with interest calculated at the current county court standard rate some £190.00. Since the first letter the charges have grown to £1523.00 from others i have found and charges applied since the first letter. The bank offered me the £1429 asking me to sign a statement to wave my rights to reclaim any further charges. As you will have guessed i have declined and and demanded that they repay the revised amount plus the interest but this time i gave them an option to meet me half way on the interest which i think is fair after all they charged me interest on the overdraft their charges created. Three weeks have passed as of last week when i filled in the Money Claim on line proceedings. I expect they will say they are going to submit a defence granting them a further 28 days. I think it will be very unlikely that they will indeed submit a defence as they will have to disclose how these charges and procedures are made up. If they do it will be a first and i will make sure every TV and Radio station are there to here the outcome.

Be strong and brave and get your money back it is yours after all and screw them for the interest too if they have caused you to go into the red with their charges.......

If anyone wants any spreadsheets on how to calculate compound interest for the county court let me know

Andy

I'm slightly confused as to what Andy is saying in this post as it would appear he has refused an offer from the bank of his full claim and is insisting the bank pay the Statutory interest that is imposed by the courts. However as he goes on to mention compound interest, please read this post regarding Interest and what you can claim.

http://forums.moneysavingexpert.com/showpost.html?p=4285857&postcount=10

The Interest Calculator for working out the Statutory interest can be found in Martin's article, linked in my signature.

frugalpam

Edinburghlass wrote: »

I'm slightly confused as to what Andy is saying in this post as it would appear he has refused an offer from the bank of his full claim and is insisting the bank pay the Statutory interest that is imposed by the courts. However as he goes on to mention compound interest, please read this post regarding Interest and what you can claim.

http://forums.moneysavingexpert.com/showpost.html?p=4285857&postcount=10

The Interest Calculator for working out the Statutory interest can be found in Martin's article, linked in my signature.

In my claim letter to Natwest, I have claimed both a refund of the charges and the interest that the courts would award if it reached the court stage. If they offer me a full refund of the charges, then it seems I'm better off just accepting those, and forgetting about the interest, going by Martins article. If, however, they only offer me a partial refund of the charges, I'll take it to the court stage. I hope that's the correct way to go about it.

Pam

Edinburghlass_2

ukpam2000 wrote: »

In my claim letter to Natwest, I have claimed both a refund of the charges and the interest that the courts would award if it reached the court stage. If they offer me a full refund of the charges, then it seems I'm better off just accepting those, and forgetting about the interest, going by Martins article. If, however, they only offer me a partial refund of the charges, I'll take it to the court stage. I hope that's the correct way to go about it.

Pam

Exactly right, if they offer you a full refund of your charges you must accept this as the statutory interest is something that is added by the court.

Statutory interest

This is the 8% interest people are claiming on top of their bank charges. It is not anything to do with reclaiming your charges, or the banks. It is allowed for claims in the county court. This is allowed under s69 County Courts Act.

frugalpam

Edinburghlass wrote: »

Exactly right, if they offer you a full refund of your charges you must accept this as the statutory interest is something that is added by the court.

Statutory interest

This is the 8% interest people are claiming on top of their bank charges. It is not anything to do with reclaiming your charges, or the banks. It is allowed for claims in the county court. This is allowed under s69 County Courts Act.

Many thanks for your advice!

Pam

andy5n

Edinburghlass wrote: »

I'm slightly confused as to what Andy is saying in this post as it would appear he has refused an offer from the bank of his full claim and is insisting the bank pay the Statutory interest that is imposed by the courts. However as he goes on to mention compound interest, please read this post regarding Interest and what you can claim.

http://forums.moneysavingexpert.com/showpost.html?p=4285857&postcount=10

The Interest Calculator for working out the Statutory interest can be found in Martin's article, linked in my signature.

Sorry to clear up any confusion i meant to put statutory interest not compound at the county court standard rate as listed on Money Claim Online. I'm also aware that the interest is applied by the court i used it as a bargaining chip with the bank however they failed to reply with any answer to my offer. I gave them a further week hoping they would either say yes or no but they did not. I used all the letters on this website so i'm assuming that i have done everything correctly.

bloomfieldbird

deedee2665 wrote: »

Hiya finally after spending a long time on the phone and threatening to contact the banking ombudsman WE GOT OUR MONEY :T . Our branch kept us waiting another half an hour after first telling us we would have to wait 10 more days for them to even start to think about sending us a check , my husband was fuming . I have me/cfs and it has taken its toll on me today . At least we have our cash and we owe the fatwest nothing at all now , but they are going to close our account now . We might still contact the banking ombudsman about that but with mt health we need to wiegh up if it will be worth it .
thankyou everyone for all the support

deedee

Well its about time they paid up an all!! Am really pleased you finally got what is yours, but as for the closing of your account.....thats disgraceful.
Just remember that your health comes first,and weigh up if its all really worth it.At the end of the day you BEAT them,got your money back,so dont give them the satisfaction.....tell them YOU are closing the account:rotfl:

Greggie

Hiya,

Yippee..........we have been credited with our charges !!!!!!!!!

Greggies: 2127.00 Fatwest: NIL!!!!!!!11


What a result.....

Thanks to Martin and all the team and everyone on this forum...

I'm having a great day....you too.....xxxxxxx:beer: :beer:

pink_star

Hiya...Natwest have until Monday to respond within the 14 day deadline to my charges letter.

Is there a number I can call to chase them or would you advise I leave it and just proceed to the next stage if no reply? I don't even know if they received it as track & trace says the information is unavailable!!?

Many thanks

Jenko2006

Where is REX MUNDI gone he's the best for advice :T

gemnco

Hi everyone, I still haven't received my cheque, is anyone else in the same situation as it has been 4 weeks now? Thankyou

gemnco wrote: »

Hi everyone

At the begining of February I received an offer from Natwest for the full amount claimed on an account I had closed 3 years ago. I sent back the letter to accept their offer which they received on 13th Feb. I still haven't received a cheque from Natwest, I have called them at Borehamwood 4 times now and they keep saying they will send it the next day, but it never arrives. Does anyone know how long it normally takes for them to send a cheque?

Thanks