Interest on Client monies held

jollyfarmer

Hi can anyone help recieved an email from a company we deal with saying they have nearly £2000 of ours they have just found in their clients account.It has been there since 2013 I was unaware of this ,they have asked if its ok to take their %for the work done relating to this  sum.I would assume rather than owing them we should be paid some interest .Has anyone an answer please 

Cornucopia

Thread moved to Budgeting and Bank Accounts.

jonesMUFCforever

jollyfarmer said:

Hi can anyone help recieved an email from a company we deal with saying they have nearly £2000 of ours they have just found in their clients account.It has been there since 2013 I was unaware of this ,they have asked if its ok to take their %for the work done relating to this  sum.I would assume rather than owing them we should be paid some interest .Has anyone an answer please 

Not enough information here. What work did they do - have they invoiced you? etc etc

Thrugelmir

Client accounts earn no interest. 

jollyfarmer

Invoice sent with email along with letter explaining that they found the money in the client account fee of 12,% was for a farm related issue.Basicslly theve just done an audit and found this dad was so charge back then he has since died  

Ballard

jollyfarmer said:

Invoice sent with email along with letter explaining that they found the money in the client account fee of 12,% was for a farm related issue.Basicslly theve just done an audit and found this dad was so charge back then he has since died  

I would expect firms to have an external audit at least once per year and they should be reconciling their client money at least weekly, if not daily. Furthermore, if they find money that shouldn’t be there they should not charge the rightful owner to return it. If anything they should be paying compensation. 

This looks very much like a scam to me so don’t pay the invoice and don’t expect any cash out of this. Telephone the company and speak to someone that you know there to see if they’re aware as it could well be that their emails have been hacked. 

jollyfarmer

It's not a scam have regular dealings with them 

Fighter1986

I'd write to them thanking them for locating the funds owed after seven years, and ask them to read this:

https://www.gov.uk/late-commercial-payments-interest-debt-recovery/charging-interest-commercial-debt

I'd then explain to them that you'll accept the money bank and the statutory 8% annual interest on top as defined by government regulations, for failing to return the funds sooner. 

Ballard

jollyfarmer said:

It's not a scam have regular dealings with them 

You may have regular dealings with them but is this a genuine email? A common and expensive scam is to fake an email address or hack into their system. Is it from computer.co.uk or cornputer.co.uk for example (note COMPUTER AND CORNPUTER). 

It seems fishy to me and I would strongly suggest not contacting them by email but to call them on a number that you’re used to using and speak to someone you know there.

If they owe you money they should definitely not be charging you to return it. 

jonesMUFCforever

Fighter1986 said:

I'd write to them thanking them for locating the funds owed after seven years, and ask them to read this:

https://www.gov.uk/late-commercial-payments-interest-debt-recovery/charging-interest-commercial-debt

I'd then explain to them that you'll accept the money bank and the statutory 8% annual interest on top as defined by government regulations, for failing to return the funds sooner. 

Can they also claim 8% interest on an unpaid bill?