Received offer after prelim letter, don't know what to do

[GreatWonder]

Hi, as title states, sent prelim letter asking for charges on 28th July. I followed this up with the LBA on the 11th August (last Friday) and have today received a reply to the prelim letter (the LBA obviously crossed in the post) offering me £980 to settle a £1273 claim.

 

I've been giving this offer serious consideration (so their tactics are working so far!!) as something at the back of my mind is saying what if all this talk of test court cases or any sudden news of banks putting refunds on hold in light of new rulings occurs in the next couple of weeks?

 

What does anyone think the likelihood of this is?? Yes, I know I'm probably being way too over cautious but that is only down to my financial situation at the moment. I'm due to file MCol a week on Friday (25th August). Am I best to sit tight and hope for the best?

 

Also, one other thing, with the 8% interest added at the MCol stage, does this have to be calculated according to when charges were applied. Or do I simply just take the £1273 and add 8%??

 

Would appreciate any help, advise or reassurance!

[Tigs33]

I would accept their offer as part payment (if you are happy with the £980 then accept that) HOWEVER if the charges relate to a few years back the 8% interest could work out to be quite a bit of money ontop of your settlement. You need to fill in the spreadsheet which has the 8% interest calculation on it, as the spreadsheet works out how many days since the charge was incurred and then applies the interest to this amount, so it isn't just a case of adding 8% to your claim, you will find that the interest works out to be much more than this (depending upon when you incurred the charge)

 

If you need any help just shout

[GreatWonder]

Thanks for the information regarding the interest. I will attempt the spreadsheet now. I've decided that as the offer they sent me is good for 10 working days, I can take the time between now and when I can file my MCol deciding.

 

Will probably get back regarding the interest as i'm no spreadsheet Wizard!

 

Thanks again!

[GreatWonder]

The interest spreadsheet downloads aren't working

 

Ahwell, I'll give it another try in the morning!

[Tigs33]

You have a PM