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

GDB2222

https://forums.moneysavingexpert.com/discussion/comment/81998991#Comment_81998991

The current offer is significantly higher than your 3% compound figure.

delilahdelilah

https://forums.moneysavingexpert.com/discussion/comment/81999020#Comment_81999020

hello Section62

Thank you for your comments.

Just to clarify, any delay since 2024 was not caused by my own circumstances. I chose to approach the matter patiently and respectfully because of a personal consideration relating to the firm.

The original issue remains that my funds were retained for over 22 years and have still not been repaid.

I appreciate the helpful guidance regarding both the interest calculation and the likely level of compensation for inconvenience

https://forums.moneysavingexpert.com/discussion/comment/81999020#Comment_81999020

delilahdelilah

https://forums.moneysavingexpert.com/discussion/comment/81999040#Comment_81999040

Thank you, GDB2222. To clarify, the original sum of £3,367.40 has already been repaid to me.

The firm’s current offer is an additional £3,500 to resolve the complaint.

I appreciate your point that this is higher than some of the more conservative compound interest calculations, and I am taking all of the helpful comments into account before deciding how to proceed.

BikingBud

You're confusing us again, you say both:

The original issue remains that my funds were retained for over 22 years and have still not been repaid.

and

Thank you, GDB2222. To clarify, the original sum of £3,367.40 has already been repaid to me.

You need to be clear as any attempt to claim any further compensation would need to be clearly explained.

If you have received the outstanding sum: £3367.40 and the compensation figure is £3500 then most would suggest that a total of 200% of the retained sum +£200 is reasonable.

I would be taking it, enjoying it and moving on.

ETA:

Given that you have been dragging this out, yes you said they had an issue but you could have accepted some time ago and generated interest or benefit within your control but how much more do you expect?

Enough for a bottle of wine, a meal out or some other measure that would enhance your pleasure?

Is it worth the grind?

delilahdelilah

https://forums.moneysavingexpert.com/discussion/comment/81999232#Comment_81999232

Thank you for your comments.

Just to clarify, I have already corrected the earlier wording and confirmed that the original sum of £3,367.40 has been repaid to me.

The issue I am now considering is whether the additional £3,500 offered represents a fair amount to reflect the loss of use of the funds over more than 22 years, together with the inconvenience involved.

I appreciate your perspective and the time you have taken to comment

Sea_Shell

My twopenneth…

Accept the offer of £3500 and move on.

Is it the maximum you might be able to squeeze out of them, possibly not. Is the potential difference worth all the hassle, probably not.

Only you know if not pushing for more will be something that will nag at you for ages.

MattMattMattUK

Your only way to get more would be to prove it should have grown quicker, which it has not. Running the numbers on the BoE base rate over that period, calculating interest monthly and compounding, the original £3,367.40 would have grown to £5,391.01 because from 2009 to 2022 interest rates were under 1%, so the current figure you have been offered is considerably over what it would have earned in a savings account. You are already being compensated to the tune of £1,476.39 over and above what you would have earned at BoE base rate (and in many cases it was difficult if not impossible to get savings accounts at base rate, so you would likely have earned less) you now just seem to be getting greedy.

delilahdelilah

https://forums.moneysavingexpert.com/discussion/comment/81999295#Comment_81999295

Thank you, Sea_Shell.

That is a very balanced and helpful perspective. You are quite right that the key question is whether pursuing any additional amount would be worth the time and effort involved.

I will reflect carefully on all the helpful comments before making my decision.

clairec666

£3500 sounds like a good offer, and I would accept it. You could possibly get some more if you kept pushing it, but a) there's no guarantee you'll get it, b) it'll hardly be a life-changing amount of money, and c) it'll take more of your time than it's worth (crunching the figures, then endless emails back and forth with the solicitors).

From the figures others have calculated for you, I think you're being offered a fair price, and if I was in your position I would take it. Their initial offer of less than £100 (presumably based on the low rate of interest your money was actually accruing while held with them) was pathetic and it's right that you pushed for more.

MeteredOut

I'd be taking the £3,500.