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

Sea_Shell

I'd be tempted to drop this push for an investigation.

If you've already received the lump sum, arguing about the interest and the how and why of it all might just raise the issue as to whether you were actually entitled to the refund in the first place !!!

Especially as they dragging their feet.

Maybe some stones should be left unturned.

Maybe 🤔 

user1977

silvercar said:

user1977 said:

delilahdelilah said:

user1977 said:

delilahdelilah said:

user1977 said:

delilahdelilah said:

silvercar said:

delilahdelilah said:

Hi Silvercar thanks for your reply …. My first thought was surely in a company someone will take over… then I felt like I was being inconsiderate …. But yes someone should step in ? To resolve this 

There will be another partner taking over responsibility for the absent partner's work. Understandably they may be trying to avoid picking up this guy's mess, but they have an obligation to do so.

I hope they try to get something together as this needs resolving…. I have still not had an explanation how this happened… 

As I said way back, how it happened really is not relevant, and I'm not sure why you're still barking up that tree. Undoubtedly it shouldn't have happened, but I don't think investigating the exact variety of c0ck-up behind it really helps you any.

It is something that I want to know whether it is barking up a tree or not…. Yes it is a coxk up that withheld money that should have been paid to me …. But it has been implied by the company that a mistake might have been made in paying me in the first place …. And that they may have made an error in their funds paid to me already - even suggesting they might ask for it back.   Yes it’s been long winded but surely there would be a reason …. I appreciate your reply … but suspect I would not be the only one that might want to know why 

Ok, if you're saying there's actually some doubt about the figure you are owed, that's a different matter. Have you checked the figures for the original transaction yourself? It's possible the firm doesn't have any more idea about it than you, they may simply be aware that there's a balance on the file and the relevant background information has been lost.

Also wonder how it ever raised its head if there is no paperwork. 

Because the money is on their client account, allocated to your file. So they have to presume it's yours, in the absence of any evidence about there being e.g. an undertaking to a third party.

I think the question is why they suddenly found it sitting there, now rather than one year ago, or two years ago or indeed 20 years ago.

Because they hadn't previously checked. Or they had, but hadn't bothered doing anything about it. I doubt there's anything useful they can elaborate on? It doesn't make a difference to what they owe the OP.

saajan_12

Sea_Shell said:

I'd be tempted to drop this push for an investigation.

If you've already received the lump sum, arguing about the interest and the how and why of it all might just raise the issue as to whether you were actually entitled to the refund in the first place !!!

Especially as they dragging their feet.

Maybe some stones should be left unturned.

Maybe 🤔 

I understand leaving the how and why unturned, but 20 years later, the interest can be higher than the original amount, so I would argue about that. If they find issues with whether you were entitled to it, then so be it - how do you know they wouldn't have found that later anyway..

delilahdelilah

saajan_12 said:

Sea_Shell said:

I'd be tempted to drop this push for an investigation.

If you've already received the lump sum, arguing about the interest and the how and why of it all might just raise the issue as to whether you were actually entitled to the refund in the first place !!!

Especially as they dragging their feet.

Maybe some stones should be left unturned.

Maybe 🤔 

I understand leaving the how and why unturned, but 20 years later, the interest can be higher than the original amount, so I would argue about that. If they find issues with whether you were entitled to it, then so be it - how do you know they wouldn't have found that later anyway..

Hi Saajan… 20 years is a long time and thrn they notice it …. And yes another member suggested the interest would be higher ….  maybe considerably more than their payment of £92…. And what I could have done with the 3400 in my hand 20 years ago …. I can think of plenty that would have earned considerably more than 92…… Thankyou for your help 

delilahdelilah

I am back into negotiating again as this had not been resolved

delilahdelilah

I have recently received an offer of compensation for the company holding my funds for 22 years

The offer which I have declined was 2500 as I do not think reflects the missing funds the company held

some suggestions made in the forum suggest more as this not even in line with bank interest rates

and still no explanation as to how this went undetected for so long

I’d appreciate any thoughts

This has been a long time and not settled yet (

user1977

Have they shown their working?

silvercar

At least they have made an offer and so accepted their liability. I would be inclined to do a calculation of your own and submit it back to them.

delilahdelilah

Thanks for your message and good advice Silvercar

I have had a few suggestions but don’t know how reasonable they are. This is one -I think this is not including the inconvenience and error

Estimated value after 22 years

At 3% annual compound growth

• Approximate value today: £6,438
• Growth above the original amount: £3,071

At 5% annual compound growth

• Approximate value today: £9,876
• Growth above the original amount: £6,509

At 7% annual compound growth

• Approximate value today: £14,933
• Growth above the original amount: £11,566

Again thanks for your advice

Section62

https://forums.moneysavingexpert.com/discussion/comment/81997903#Comment_81997903

Interest rates have been much lower than 3% for a big chunk of the last 22 years. You could possibly make an argument for base rate plus maybe 0.5% or 1%, but for March 2009 through to March 2022 you would be looking at a rate no more than the 1% to 2% range, even with the 'plus' bit added on.

https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp

With the historical base rate figures, plus your chosen %age addition, you could use a spreadsheet to accurately calculate the interest, or alternatively calculate the average base rate over the exact time frame.

One of the tricks with negotiating a settlement is to pick a figure the other side is willing to accept… you might not be squeezing every last penny out of them, but you need to give them a reason to accept a deal rather than trying their luck in the courts. A firm of solicitors will have a better handle on their luck potential than you will, unless you pay for professional advice. If you go to court you will need to justify the figure you are claiming.