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

delilahdelilah

Zoe02 said:

How will they know what interest to pay?

How much are we talking about 

Zoe02 said:

How will they know what interest to pay?

How much are we talking about 

In the comments above suggestions are that they align with the Bank of England base rate …. There are historical figures they can calculate … and that the amounts are calculated in compound interest …. Some very in depth calculation/suggestions as examples above 

delilahdelilah

See comments from MeteredOut …. Many thanks for such a huge effort to show interest examples using historical interest rates ….. 

Grumpy_chap

delilahdelilah said:

Thankyou all for your comments …. It’s a mystery and am still intrigued to see what arrives in the explanation…. I will let you know as I’m updated and again thankyou so much for the thoughtful responses 

As much as I understand your desire for a full "explanation", I think the effort should be focused on achieving a satisfactory resolution with the correct and appropriate interest properly compounded plus, possibly, some "goodwill gesture" for the error.

Any "explanation" will be carefully written, shallow and vague.  In fact, after all this time, the true explanation probably cannot be given, so it will be something along the following lines:

"It appears as though there was an administration error at the outset for which we apologise and the outstanding sum was not identified in the account audit carried out following that financial period close - fortunately we recently changed our Accountant and this audit identified the original discrepancy which we immediately took steps to correct.  The calculation of interest due was by the junior Para-Legal who processed the interest for one year by mistake and without following our internal review process before advising you of the sum due in that regard.  Our training has been reviewed to prevent a repeat of similar.  We truly apologise for the error and any inconvenience caused."

Will that make you feel better?

delilahdelilah

I have not had a response asking for breakdown of interest so have just send another email asking if they have only paid interest for 1 year m

With reference to the funds you returned to me.  Please could you let me know if the interest is correct … should this not be calculated over 20 years  - the small amount would indicate it has been done on 1 year.
 

Do you have a breakdown on the figures please - the original figure as I still have no explanation as to how it was overlooked for 20 years.  

MeteredOut

Phone and ask when you'll get a response to your emails. If they can't answer that, state you'll make a complaint to their professional body if you don't get a responses in eg, 14, calendar days. That gives them plenty of time.

user1977

delilahdelilah said:

I have not had a response asking for breakdown of interest so have just send another email asking if they have only paid interest for 1 year m

With reference to the funds you returned to me.  Please could you let me know if the interest is correct … should this not be calculated over 20 years  - the small amount would indicate it has been done on 1 year.
 

Do you have a breakdown on the figures please - the original figure as I still have no explanation as to how it was overlooked for 20 years.  

As I said earlier, what "breakdown" are you expecting other than in relation to the interest? The original sum would presumably have been the result of the completion statement at the time of the transaction.

delilahdelilah

I have received the following interest breakdown on the figures …. Covering the period 2004 to date 

Dates Yr int rate £ wks int calc

01/07/2004 31/12/2004 2004 0.05% £3,367.40 26 £0.84

01/01/2005 31/12/2005 2005 0.05% £3,368.24 52 £1.68

01/01/2006 31/12/2006 2006 0.05% £3,369.93 52 £1.68

01/01/2007 31/12/2007 2007 0.05% £3,371.61 52 £1.69

01/01/2008 31/12/2008 2008 0.05% £3,373.30 52 £1.69

01/01/2009 31/12/2009 2009 0.05% £3,374.98 52 £1.69

01/01/2010 31/12/2010 2010 0.10% £3,376.67 52 £3.38

01/01/2011 31/12/2011 2011 0.10% £3,380.05 52 £3.38

01/01/2012 31/12/2012 2012 0.10% £3,383.43 52 £3.38

01/01/2013 31/12/2013 2013 0.10% £3,386.81 52 £3.39

01/01/2014 31/12/2014 2014 0.10% £3,390.20 52 £3.39

01/01/2015 31/12/2015 2015 0.10% £3,393.59 52 £3.39

01/01/2016 31/12/2016 2016 0.10% £3,396.98 52 £3.40

01/01/2017 31/12/2017 2017 0.05% £3,400.38 52 £1.70

01/01/2018 31/12/2018 2018 0.20% £3,402.08 52 £6.80

01/01/2019 31/12/2019 2019 0.05% £3,408.88 52 £1.70

01/01/2020 05/06/2020 2020 0.05% £3,410.59 23 £0.75

06/06/2020 31/12/2020 2020 0.01% £3,411.34 29 £0.19

01/01/2021 31/12/2021 2021 0.01% £3,411.53 52 £0.34

01/01/2022 31/05/2022 2022 0.01% £3,411.87 21 £0.14

01/06/2022 09/10/2022 2022 0.10% £3,412.01 19 £1.25

10/10/2022 22/11/2022 2022 0.35% £3,413.26 6 £1.38

23/11/2022 31/12/2022 2022 0.50% £3,414.64 6 £1.97

01/01/2023 08/01/2023 2023 0.50% £3,416.61 1 £0.33

09/01/2023 05/03/2023 2023 0.60% £3,416.93 8 £3.15

06/03/2023 16/04/2023 2023 0.70% £3,420.09 6 £2.76

17/04/2023 10/06/2023 2023 0.75% £3,422.85 8 £3.95

12/06/2023 09/07/2023 2023 0.80% £3,426.80 4 £2.11

10/07/2023 20/08/2023 2023 0.90% £3,428.91 6 £3.56

21/08/2023 25/09/2023 2023 1.10% £3,432.47 5 £3.63

26/09/2023 31/12/2023 2023 1.30% £3,436.10 14 £12.03

01/01/2024 26/04/2024 2024 1.30% £3,448.13 17 £14.65

£95.38

so still arrive at 95.38 which is what they paid to me last week 

Sea_Shell

Those rates don't seem very generous. 😲

I wonder how they arrived at them.  What indices they've used?

BarelySentientAI

Sea_Shell said:

Those rates don't seem very generous. 😲

I wonder how they arrived at them.  What indices they've used?

High street bank instant access saver?  Low even for that I think.

MeteredOut

delilahdelilah said:

I have received the following interest breakdown on the figures …. Covering the period 2004 to date 

Dates Yr int rate £ wks int calc

01/07/2004 31/12/2004 2004 0.05% £3,367.40 26 £0.84

01/01/2005 31/12/2005 2005 0.05% £3,368.24 52 £1.68

01/01/2006 31/12/2006 2006 0.05% £3,369.93 52 £1.68

01/01/2007 31/12/2007 2007 0.05% £3,371.61 52 £1.69

01/01/2008 31/12/2008 2008 0.05% £3,373.30 52 £1.69

01/01/2009 31/12/2009 2009 0.05% £3,374.98 52 £1.69

01/01/2010 31/12/2010 2010 0.10% £3,376.67 52 £3.38

01/01/2011 31/12/2011 2011 0.10% £3,380.05 52 £3.38

01/01/2012 31/12/2012 2012 0.10% £3,383.43 52 £3.38

01/01/2013 31/12/2013 2013 0.10% £3,386.81 52 £3.39

01/01/2014 31/12/2014 2014 0.10% £3,390.20 52 £3.39

01/01/2015 31/12/2015 2015 0.10% £3,393.59 52 £3.39

01/01/2016 31/12/2016 2016 0.10% £3,396.98 52 £3.40

01/01/2017 31/12/2017 2017 0.05% £3,400.38 52 £1.70

01/01/2018 31/12/2018 2018 0.20% £3,402.08 52 £6.80

01/01/2019 31/12/2019 2019 0.05% £3,408.88 52 £1.70

01/01/2020 05/06/2020 2020 0.05% £3,410.59 23 £0.75

06/06/2020 31/12/2020 2020 0.01% £3,411.34 29 £0.19

01/01/2021 31/12/2021 2021 0.01% £3,411.53 52 £0.34

01/01/2022 31/05/2022 2022 0.01% £3,411.87 21 £0.14

01/06/2022 09/10/2022 2022 0.10% £3,412.01 19 £1.25

10/10/2022 22/11/2022 2022 0.35% £3,413.26 6 £1.38

23/11/2022 31/12/2022 2022 0.50% £3,414.64 6 £1.97

01/01/2023 08/01/2023 2023 0.50% £3,416.61 1 £0.33

09/01/2023 05/03/2023 2023 0.60% £3,416.93 8 £3.15

06/03/2023 16/04/2023 2023 0.70% £3,420.09 6 £2.76

17/04/2023 10/06/2023 2023 0.75% £3,422.85 8 £3.95

12/06/2023 09/07/2023 2023 0.80% £3,426.80 4 £2.11

10/07/2023 20/08/2023 2023 0.90% £3,428.91 6 £3.56

21/08/2023 25/09/2023 2023 1.10% £3,432.47 5 £3.63

26/09/2023 31/12/2023 2023 1.30% £3,436.10 14 £12.03

01/01/2024 26/04/2024 2024 1.30% £3,448.13 17 £14.65

£95.38

so still arrive at 95.38 which is what they paid to me last week 

And their response to how they determined which rates to use? I suspect they did not answer that?