Question - advice needed

[madmurdoch]

I've got a claim going through for £1,100 with contractual interest of around £600 on top.

 

HSBC have completely ignored my LBA so it's court time.

 

Would it be a bad idea to write to them saying I'm prepared to settle now for around £1,400 with the inference that it would save them court fees etc...

 

Reason is that I need the money and potentially I would be better off if I got it in the next week rather than wait 3mths for it all to go through.

 

What do you think?

[PPMAN159]

What harm can it do?

 

You will get £1400 and HSBC will save around £300 plus yours and theirs court costs so it is in everyones best interest.

[Katteh]

It's totally up to you what you do, you can try to settle for less but it will rarely happen, unfortunately nowadays claims aren't usually settled before far into the court process, even with HSBC making 70%/80% offers that far in, but who knows - they are very unpredictable!

[madmurdoch]

It's totally up to you what you do, you can try to settle for less but it will rarely happen, unfortunately nowadays claims aren't usually settled before far into the court process, even with HSBC making 70%/80% offers that far in, but who knows - they are very unpredictable!

 

Thanks guys.

 

Here is my draft anyway:-

 

 

 

 

OFFER OF SETTLEMENT

Dear Mr Langdale,

I am very disappointed that you have failed to respond to my letter of the 16th April 2007. As per that letter my next step is to now proceed with my claim through the courts.

However, as a gesture of goodwill I am prepared to settle this matter out of court.

As attached, my original claim was for £833.50 of charges, plus compound interest at 15.9% of £474.29, totalling £1,307.79.

In light of your expected legal costs with DG Solicitors, court fees and statutory interest under s.69 s.69 County Courts Act 1984, I am prepared to settle the above matter for the sum of £1,150 which I believe represents a fair offer for both parties. I would accept this figure as full and final settlement and acknowledge this is a gesture of goodwill from yourselves and fully drop my claim for all charges and interest as stated in my original letter of 2nd April 2007.

Please note that should this be rejected, I am prepared to revise my original claim to include the overdraft interest paid on the £833.50, the unauthorised rate of 18.3% which you are currently charging customers, plus full legal/court costs. I believe the charges to be unlawful and am therefore able to apply your contractual unauthorised rate in reciprocity.

In my original request under the Data Protection Act 1984 & 1988 I asked for details of interest rates for the six year claim period. You still have not responded to this. The 18.3% for the revised claim would represent the most up to date information I have at my disposal.

I am giving you 7 days to reply to this letter and will automatically commence court proceedings if I have not heard by this time.

I am happy for the above settlement to be paid directly into my account upon receipt of this letter with a subsequent letter to verify this.

[freakyleaky]

hi MM, you can try it if you like but I wouldn't hold out much hope. Like Kat says they are very unpredictable so you never know. Stick to your timescale though, 7 days and then send the LBA.

[madmurdoch]

hi MM, you can try it if you like but I wouldn't hold out much hope. Like Kat says they are very unpredictable so you never know. Stick to your timescale though, 7 days and then send the LBA.

 

Exactly 8-)

 

I just want to get it sorted quickly as I'll be better off personally.

 

End of the day surely they know they'll lose and my settlement will actually save them money.

 

I would have thought they'd be obliged to work out both costs rather than gamble and realise this is the best option.

 

Fingers crossed anyway!

 

:grin:

[freakyleaky]

The reason they delay as long as possible is that they hope people will just give up and go away.

There is absolutely no logic to the way they let these things run the course, as you say it costs them alot more in the end.

If you don't get a speedy result on this then I would urge you to continue with your court claim, don't let them win. I know it may take a while but better late than never!

[Guest ChloeJane]

Madmurdoch,

 

This is your claim and I think your letter is fine.

 

You have made it more than clear you are being reasonable and that you will pursue if they do not accept the full amount due.

 

Well done for initiative and while it is similar to a letter before action, you have worded it well and in your words for what you want to achieve.

 

The templates are there as a guide for people, as many find the process daunting and seek reassurance by keeping the letters as they are.

 

Your letter may well get the desired result and settle the claim before it goes further - you have warned them of pending legal action - so it all complies with the Civil Procedure Rules.

 

Initiative and confidence! You have both - great letter! I understood it clearly - happy posting!

 

CJ

[freakyleaky]

Well said chloe, I wish I could say things like that off the top of my head! It is a great letter and under normal circumstances I would say it would get a result but the banks seem to ignore most things related to charges unless it is from the courts.

I wish you all the luck in the world MM:)

[Katteh]

Just a note, where you mention s.69 it says s.69 s.69 so you should delete one of those.

[madmurdoch]

Just a note, where you mention s.69 it says s.69 s.69 so you should delete one of those.

 

 

S**t, another print run on the cards!!

 

Thanks for your kinds words everyone. I'm quite good at writing complaint letters and arguing my case so hopefully it will go down well with HSBC.

 

Either way, it's a no lose situation - I'll simply wait 7 days longer for my MCOL.