Any experience of NatWest - needed

danielfulshaw

Hi All

Will try to keep this simple. I am asking on behalf of a family member who is making the claim.

He has asked for charges plus interest. Charges = £ 4,100 (approx). Interest of £ 700-800 approx.

He has now been offered the £ 4,100. So - is it worth pursuing the interest charges? If so, how best to proceed? Write another letter? If so, what should be in it? I have seen some people offered the full amount from NatWest and others not. Also - will the mooted test case have an effect - I know it is likely they will win, but you never know? Apologies if this is all old hat to everyone but there is just so much info out there, some of it conflicting so just aiming for some clarity.

Kurt_Hamster

danielfulshaw wrote: »

Hi All

Will try to keep this simple. I am asking on behalf of a family member who is making the claim.

He has asked for charges plus interest. Charges = £ 4,100 (approx). Interest of £ 700-800 approx.

He has now been offered the £ 4,100. So - is it worth pursuing the interest charges? If so, how best to proceed? Write another letter? If so, what should be in it? I have seen some people offered the full amount from NatWest and others not. Also - will the mooted test case have an effect - I know it is likely they will win, but you never know? Apologies if this is all old hat to everyone but there is just so much info out there, some of it conflicting so just aiming for some clarity.

If the NatWest have made the offer prior to any court claim then he isn't legally entitled to interest. The statutory interest is only claimable once court proceedings have started.

If the offer came after you commenced proceedings, again you can only legitimately claim it if either there is a default judgement, or the judge specifically authorises it.

Additionally if you wish to go a complicated route then it is acceptable to attempt to claim contractual interest, but that road is fraught with a myriad of legal complications and is more likely to fail than succeed. Having said that, contractual interest can be asked for at any point regardless of commencing legal proceedings.

Personally, if that offer has come before you claimed in court then I'd accept it. I rather doubt the judge would look on the claim with enthusiasm.

danielfulshaw

Thanks. The offer was made prior to any legal proceedings - it was an offer made in response to a first letter sent to NatWest. I realise that legal proceedings can be fraught by their very nature, however, judging by the majority of posts, is it likely Natwest would raise their offer with the threat of legal proceedings? It seems they are keen to settle before any judgement is reached - or is that different for a small claims case such as this? BTW - are you a lawyer? Just interested to know as I note you are in Manchester where by family member is located.

Edinburghlass_2

No its not likely they will make a higher offer as they have offered the full amount of the claim so you would be refusing what you are claiming for.

Kurt_Hamster

danielfulshaw wrote: »

Thanks. The offer was made prior to any legal proceedings - it was an offer made in response to a first letter sent to NatWest. I realise that legal proceedings can be fraught by their very nature, however, judging by the majority of posts, is it likely Natwest would raise their offer with the threat of legal proceedings?

Why would they raise their offer? They know you can't legally claim interest until you take it to court. They also know that it wouldn't go down well with the judge. After all they've already offered to pay back your losses. If you refused their offer and took it to court then that could be perceived more along the lines of trying to profit rather than just recouping losses. Which in itself could actually get you less rather than more.

If I were you I'd accept the offer.

It seems they are keen to settle before any judgement is reached - or is that different for a small claims case such as this?

The banks aren't particularly keen to settle full stop, but there doesn't seem to be any sense or pattern to the cases they do settle.

BTW - are you a lawyer? Just interested to know as I note you are in Manchester where by family member is located.

I'm not a lawyer, but I do work in a Solicitor's office.