Solicitor held my money for 20 years should I get interest on top of the capital amount

delilahdelilah

Thankyou all for your advice and time taken to respond.  I will make a draft response and post here for any comments before I send to the solicitors as suggested
many thanks again 

delilahdelilah

I am drafting an email to the solicitors.   

Any help any suggestions on restructuring or additions would be most appreciated 

Regarding the repayment of my withheld funds from 20 years ago and our recent correspondence, I believe that the interest calculated for that period is insufficient considering the potential growth I could have achieved myself.

I am also curious as to how this situation went unnoticed for two decades, as it seems quite unusual.

Additionally, I am requesting compensation for the mishandling of my funds.

Thank you.

MeteredOut

What action have you taken in the past month? Have you raised a formal complaint with them, with the threat to escalating it to their legal body if they don't provide what you regards as a proper resolution?

You need to be more specific in your ask. What interest rates are you suggesting they use? What compensation do you want?

It's now over 2 months since you first posted. I suspect the solicitor don't see any urgency from your side and feel comfortable fobbing you off.

saajan_12

delilahdelilah said:

I am drafting an email to the solicitors.   

Any help any suggestions on restructuring or additions would be most appreciated 

Regarding the repayment of my withheld funds from 20 years ago and our recent correspondence, I believe that the interest calculated for that period is insufficient considering the potential growth I could have achieved myself.

I am also curious as to how this situation went unnoticed for two decades, as it seems quite unusual.

Additionally, I am requesting compensation for the mishandling of my funds.

Thank you.

I wouldn't talk about potential growth, which is subjective, not necessarily forseeable and overall more contentious. Eg on hindsight its easy to say you'd have invested in some zero-to-hero instrument that would have gained 1000%. or havign that money would have solved all of lifes problems. Instead, its fairly standard eg in court judgements or HMRC debts to set a rate based on some index eg BoE, regardless of the actual grown / interest either party gained or lost. 

So in your email, I'd focus on a more appropriate interest rate ("interest" not "growth") rather than their pitiful numbers even below BoE rate. eg near 0% in the first 4 years pre-crash or near 1% in the last few years, when both times, when BoE was over 4.5% is ridiculous.

Something like the below (note if the interest is revised, then I wouldn't expect much by way of compo, but i've included in the draft below since you had it)


Dear X, 

Thanks for providing the breakdown. However the interest rates appear to be well below the prevailing rates at the time, even below the Bank of England published rates. As such, the interest paid (or offered) does not compensate the loss suffered by myself over the 20 years. 

I ask you to please revise these to something more representative of the market rates, and advise a more approriate interest due, in addition to compensation for the mishandling of my funds. 

I am also curious as to how this situation went unnoticed for two decades, as it seems quite unusual. Please provide further details. 

Regards 
X

delilahdelilah

Thankyou Sajaan for your response and draft to send to solicitor… it’s a great draft and I will send this to the solicitor …. I think this is an opener for discussion with them 
thank you I will send and post their reply 
many thanks for your effort to help 

delilahdelilah

MeteredOut said:

What action have you taken in the past month? Have you raised a formal complaint with them, with the threat to escalating it to their legal body if they don't provide what you regards as a proper resolution?

You need to be more specific in your ask. What interest rates are you suggesting they use? What compensation do you want?

It's now over 2 months since you first posted. I suspect the solicitor don't see any urgency from your side and feel comfortable fobbing you off.

Thankyou MeteredOut I really appreciate your reply … I’ve sent an email and will post their response …. 

Regards B

delilahdelilah

My reply from solicitors 

 

Thanks for your email and I understand your concerns, I will have to pass this over to Mr Xxxxxxx  to have a look at. I know he is busy at the moment, so bare with me and hopefully we can come to some resolution in this

matter.

 

Kind Regards

delilahdelilah

My letter to solicitors …. Their reply in another post 

Dear Jo

Thanks for providing the breakdown. However the interest rates appear to be well below the prevailing rates at the time, even below the Bank of England published rates. As such, the interest paid (or offered) does not compensate the loss suffered by myself over the 20 years. 

I ask you to please revise these to something more representative of the market rates, and advise a more approriate interest due, in addition to compensation for the mishandling of my funds. 

I am also curious as to how this situation went unnoticed for two decades, as it seems quite unusual. Please provide further details

Regards

user1977

delilahdelilah said:

My reply from solicitors 

Thanks for your email and I understand your concerns, I will have to pass this over to Mr Xxxxxxx  to have a look at. I know he is busy at the moment, so bare with me and hopefully we can come to some resolution in this

matter.

Kind Regards

Disappointed they don't know the difference between bare and bear!

RHemmings

delilahdelilah said:

My reply from solicitors 

 

Thanks for your email and I understand your concerns, I will have to pass this over to Mr Xxxxxxx  to have a look at. I know he is busy at the moment, so bare with me and hopefully we can come to some resolution in this

matter.

 

Kind Regards

DId they really say 'bare with me'? Everyone will make language errors but that's a bit of a glaring one and I wonder about their staff. 

If I was fussy, I might wonder if the first sentence is a comma splice. And, shouldn't it be a 'resolution for this'?