Solicitor won't Release my cheque for RTA claim

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jillkc68
jillkc68 Posts: 28 Forumite
in Consumer rights
Hello everyone
I had a RTA in March 2017. Finally the case has been settled and on 13th May 2019 I received a letter from my solicitor telling me I had been awarded £8000. With the letter was a cheque for £500. I was told that the solicitor would contact me when he was in receipt of the rest of the money (£7500). I waited and waited and then i began to worry as there was and still is no sign of my money. I have been ringing the solicitor's office for the past 3 weeks and I keep being told someone will ring me back. They never do. Please someone give me advice on what to do. I desperately need that money!
Many thanks in advance
G
«1345678

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  • kazwookie
    kazwookie Posts: 13,842 Forumite
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    Send them a letter and ask

    Go there make an appointment, and see the solicitor in question.

    Just remember you will not get the full £8k as the fees etc will come off the amount, unless you paid your solicitor a holding fee.
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  • jillkc68
    jillkc68 Posts: 28 Forumite
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    Was thinking of calling to the office today seeing that they never ring me back!
    I think 8000 is the amount I am getting.
    Thats what was quoted in the letter.
    No mention of fees!!! Eeek
    Someone told me that solicitors let their clients' money 'rest' in their account to collect interest. Unsure if this is true but it might explain where mine is lol
    Thank you for your response
    G
  • Mr_Singleton
    Mr_Singleton Posts: 1,891 Forumite
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    I'd mention the SRA in passing.
  • jillkc68
    jillkc68 Posts: 28 Forumite
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    What is SRA?
  • Mr_Singleton
    Mr_Singleton Posts: 1,891 Forumite
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    Solicitors Regulation Authority.
  • steampowered
    steampowered Posts: 6,176 Forumite
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    How many times have you tried calling the solicitor's office? Try calling them again today.

    They should have kept you updated, but as they haven't done that you'll just have to keep calling them.

    Also send an email to the person handling your case seeking an update.
  • steampowered
    steampowered Posts: 6,176 Forumite
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    jillkc68 wrote: »
    Someone told me that solicitors let their clients' money 'rest' in their account to collect interest. Unsure if this is true but it might explain where mine is lol
    This is untrue. Many solicitor client accounts do not accrue interest, if there is interest it will be extremely low. The interest in a solicitor's client account on £8k will be a couple of quid at most - not worth their time collecting it.
  • DoaM
    DoaM Posts: 11,863 Forumite
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    jillkc68 wrote: »
    Someone told me that solicitors let their clients' money 'rest' in their account to collect interest. Unsure if this is true but it might explain where mine is lol

    Interest earned on £8k won't be a significant amount. Let's do some sums:

    Interest = 5% per year (being very generous)
    Deposit = £8k
    Duration = 3 months

    Annual interest = 5% of £8k = 0.05 x 8000 = £400
    Duration = 3 / 12 months = 0.25
    Actual interest = 0.25 x £400 = £100

    So if they held your money for 3 months they'd make £100 if the interest rate was 5%. Actual interest rate is likely much much lower, so they'll make at best £35. It really wouldn't be worth the hassle and potential costs of an SRA investigation for that amount.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    jillkc68 wrote: »
    No mention of fees!!! Eeek
    Well, obviously they're charging someone for their work, and if you're their client then normally that would be you. What were you told at the outset? Was the agreed settlement £8000 plus their costs?

    The most probable reason for them not sending you money is because they haven't received it yet. I wouldn't expect the insurers to be busting a gut to get the money paid out. Your solicitor ought to be keeping you up to date of course, but they may view that as being low priority if there's no news to give you.
    Someone told me that solicitors let their clients' money 'rest' in their account to collect interest. Unsure if this is true but it might explain where mine is lol
    "Someone" is an idiot. If there's any interest it will be a tiny fraction of a percent. Nobody's getting rich on your £7500.
  • ToxicWomble
    ToxicWomble Posts: 882 Forumite
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    It could be that the award was £8000, their fees were £7500 thus the £500 you received
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