Ive had an offer, not sure if I should accept

[thetwins2]

Hi everyone I need your thoughts

OK on 23rd Jan I got my list from woolwich of my bank charges, they cover unpaid direct debits, returned cheques, un authorised over draft, unpaid standing order, and a DC. This totals £3,197.00.
I got into a bit of a pickle with the old current account 2001-2003 when I had the twins and thier dad decided he didnt want to be a dad!!!

Anyways I replied to Woolwich/Barclays & told them to cough up, and I got the usual letters saying how they would resolve this by 20th April.

Well true to thier word, I got a letter today which is offering me £2398.00

They went on about when I opened my account I agreed to thier charges, and got a booklets stating thier charges, and was fully aware of thier charges (which I was, but now know it only costs about £4 max and not the £35 they charge me).

Thier exact wording is "despite my comments above in relation to your veiws, on this occation, and without any admission of liability, I am willing to offer you the sum of £2398.00 towards the total ammount you are seeking. This is with the cost and inconveniance inherent in a further dispute in mind, and is intended as a gesture of good will. in full and final settlement of your complaint".

Now at 1st I thought WoW as a single working mother (not skint but live hand to mouth), that would pay for a few DIY things around the house (finish the kitchen off and re-turf the garden LOL) !!!
But then thats £799 less that they owe me, and also I beleive you can add 8% interest to your claim, so thats a possible £1054.00 less.

I really dont know what to do.....

Advise from you in the know, and whom have fighted and reclaimed, or been offered and negotiated - appreciated. I thought maybe I should tell them we should meet half way?? thus adding another £500 odd to my return payment??

[martin2006]

Its really your choice as to whether your happy to accept the offer or wait for the full amount.
If you havent yet issued a claim then you wont get the interest at 8% but what you can ask for is interest at the same rate as your UNauthorised overdraft.

Basically what the banks are doing now is to try and minimise the costs as much as they can and are reducing the amounts claimed to the difference between what it costs them and what they have charged.
If you accept then you are saying that you agree to them charging this lesser amount.

I would continue but then its not my money its yours.

Do what you think is right for you. If you want it all back then hold out you will get it.

[thetwins2]

Thanks.... I know I must sond thick BUT what s the average un authorised over draft interest amount...... is it about 5????

[martin2006]

Usually around 25-35% depending on your bank. Check it out on your banks website.

[thetwins2]

MMM so really I should have asked them back for more than the ammount and 8% interest, but 25% interest?? MMMMM so they are offering me about £1300 less then??
Shall have to re think, but negotiation is probualy the easiest option - anyone negotiated sucessfully?

[shelter pie]

The Twins - its up to you - only you know how much you need the cash. over £2K is not to be sniffed at - but them again neither is an extra £1300!!!

All I can say is from experience you will get all of your money back!!! Youve been without the cash for this amount of time, realy is a couple more weeks gona make that much difference to you!!!!

Trust me once the cash has been spent and is gone I think you would have wished you'd hung on a bit longer!!!

Good luck with whatever you decide, either way your onto a winner!!!

[thetwins2]

OK update

Sent a letter back to the lady who made the offer of £2385, saying I couldnt accept anything less than £3196 which is owed. I mentioned that I could claim interest off them, but said I was willing to accept £3196 as long as its paid into my account friday.
I also re typed the acceptance letter she sent me, but put the ammount as £3196 and signed it. I posted it to her, and emailed it to her, and she has confirmed receipt of my email.

NOW what do I do if it isnt paid in on friday???

[silentnight]

I have a feeling that she may well withdraw the offer at the moment as seems to be the trend throughout these threads at the moment, have you said you would be seeking legal action, (ie the Letter Before Action), as I feel perhaps giving 3 days notice may not be enough time for them, but who knows. You seem to be having more luck with the Woolwich than I am, did you send it to the Clacton address. Would you mind letting me have the same email address as apart from a Special Delivery Letter I sent yesterday, which has now been received it appears they have chosen not to sign my previous recorded delivery letter (LBA).

My advice in your situation would be that if you do not hear anything in your favour by Friday, then I would send the LBA off on Monday. You may still negotiate after this process but at least they wont mess you around and keep you hanging on. I have read over and over on this forum that you need to stick to your guns and your deadlines. At least things are moving forward for you though. Well done and good luck. Lets hope you and your children will have a lovely well earned prosperous week-end!

[thetwins2]

Maybe I should have just accepted the £2383 (or what ever it was) ?? I dont want to end up with nothing.
Yes I said that if it wasnt in by friday I would be starting my court claim.

[thetwins2]

I have had my reply today, basically she says after carefull consideration the offer of £2398 stands, and she can not do the full ammount of £3196 (which BTW was without any interests added).

She mentions it remains her final offer, then at the end says if you do not wish to accept this offer, and start legle proceedings, it would appear that we are unable to reach an amical resolution...


OK so one min she says final offer, now shes mentioning amicability!!!

The difference is about £700, I may reply saying OK lets be amicable and split that £700 difference!!

[silentnight]

Hi there my personal view on this would be to hang out, as having read through the threads on this site not only with the Woolwich, they seem to try and settle for a lower figure. I think they are hoping you will buckle under and not want to go down the legal route, however the choice is yours. From what I understand those who do stick it out to the end (or nearly the end) all seem to get the whole amount which is infact what you are entitled to and not a percentage (which is what they are offering you). In addition they get their 8% on top, some even ask for and get their expenses. So its up to you. BTW could you PM me with the Clacton House address and the phone number as you do seem to be having a lot more luck than I am, they have not offered me anything yet and I am due to hand my N1 in at court on Monday. Thanks!

[ajjars]

Silentnight,

I did not get an offer either until I had filed at court. Then they offered me 1/3. Obviously I rejected it, saying I would accept as partial payment only. Don't think they will pay it now tho, they will probably withdraw it!!

Still, all I need to do now is sit tight and file my AQ when it's time and prepare my court bundle (already under way) and then when they do decide they want to settle, I will ask for costs for the preparation of the court bundle etc. If they decline I will put in an order for wasted court costs!

Really it doesnt matter if you get an offer or not because it won't be anywhere near what you're owed. So just file your N1 on Monday, sit back and wait for whats rightfully yours!!

Good Luck!!