Nat West easier than I thought

[Explorer]

Hello all

Firstly I must say thanks to all on this site. I am NOT a computer person but the info I have got from this site has been everything in taking on Nat West.

Easier than I thought because two letters from me and the famous Mr Higley has offered to refund all the charges I claimed, over £3,500 on my small business account. I don't know if to accept this or to continue to attempt to get the over £800 interest which the CAG spreadsheet calculated for me. I don't know if things will change & banks will stop paying out.

I am a natural coward, but I can say to others that the CAG system WORKS. Thank goodness.

Good luck to all

[hedgey06]

Hi explorer, welcome on board and congratulations on your early result!!!

 

If you've been offered all charges back after the LBA, you must accept this. The courts would look at your case unfavourably if you refuse their offer - it would be seen as being done just to get the interest.

 

Main thing is - you've been offered a full refund - which is an absolutely brilliant result. Well done!!!! Best wishes, hedgey xxx

[Sickofbanks]

Hang on a minute, Hedgey. I may be misunderstanding things here, but as I read it Explorer is simply being offered a refund of the charges themselves. He has every right to also require a refund of any interest that he has been charged on those penalties. He doesn't have to accept a refund simply because it refunds the principle. The interest has been charged unlawfully too. That can be recovered as well if explorer wants to.....Or am I missing something here?

[hedgey06]

Depends on what the interest is though doesn't it?

 

If it's the overdraft interest from when charges sent explorer overdrawn/over the overdraft level - then it's fine. If it's contractual - somebody else'll need to answer.

 

However, if it's the 8% interest - this can only be awarded by the courts anyway and to turn down an offer merely to get the 8% added on by the courts would be looked at unfavourably.

[Sickofbanks]

Yep, completely agree.

 

I guess the key is what Explorer is happy with at the end of the day.

 

That said, there's absolutely no doubt that the NatWest interest charged on the panalties can be recovered. Natwest will roll over.

 

Agree too that it's less clear-cut on contractual interest. I'm trying to decide myself at the mo whether to go for it. (Contractual in my case is >£10k)

[Parkvale]

Sickofbanks, Never assume Nasty West will rollover. I am into my 6th year fighting Nasty West. Yes 6 years. If they detect any chink in your armour they will attack you very quickly. So beware don't drop your guard.

[scott150663]

Hang on a minute, Hedgey. I may be misunderstanding things here, but as I read it Explorer is simply being offered a refund of the charges themselves. He has every right to also require a refund of any interest that he has been charged on those penalties. He doesn't have to accept a refund simply because it refunds the principle. The interest has been charged unlawfully too. That can be recovered as well if explorer wants to.....Or am I missing something here?

 

 

I think explorer is refering to the statutoty 8% awarded at court stage and i agree with hedgey u should accept this offer

 

any comments welcome

 

scott

[Explorer]

Hello All

Sorry to be so long coming back. The interest I am talking about has not been charged by Nat West, it is the interest figures generated in the CAG spreadsheet.

I am afraid I am not a computer person, let alone a spreadsheet person, let alone an interest calculating person, let alone a ................. Shut up me before I get depressed.

I have nothing to be depressed about, I have a letter from the bank offering all the penalties back !

A bird in the hand.

I will think about it a bit & read over this site to try & understand a bit more.

Thanks all

[WendyB]

Best thing to do, Explorer, read up and understand a bit more.

 

But if the interest is the 8% calculated on the CAG spreadsheet, you'd be as well to accept the offer, as Scott and Hedgey said above, cos the 8% can only be awarded at court stage, so if they've offered full refund of everything else now then take the money, might look bad on you later on if you don't.

 

And you don't want your bird in the hand to flap its little Nastywest wings and bugger off now do you.....

[Explorer]

Hello again

Explanation from spreadsheet template on claiming interest charges. Sorry as you can see I am not a computer person. You are lucky I have not accidently pasted family photos.

 

Interest is charged by the bank on any overdrawn balance. It is argued that had the penalties not been

 

 

 

 

 

 

 

 

 

charged the balance would be less overdrawn or even not at all, giving rise to a lower interest charge

 

 

 

 

 

 

 

 

 

or none at all.

[hedgey06]

Hi again explorer!!

 

When you say it's the interest generated by the CAG spreadsheet, do you mean when you've entered a charge it says number of days since offence and then gives you an interest figure (8%) at the side of it?

 

If this is the case, this is definitely the interest that can only be awarded by the courts (s.69 at 8%). And again, please accept the offer that nat west have sent to you. A full offer to refund all charges at LBA stage is a great result and is what we all should be aiming for!! This thread (I think!) explains about accepting nat west's offer to refund all charges at LBA stage (about three quarters of the way down!!) http://www.consumeractiongroup.c o....tructions.html

 

So congratulations............. a really good win for you!

 

Hedgey xxx

[WendyB]

Hi again

 

I'm getting confused now...depends which template you've used, if you've used the one detailed by Hedgey above, then definitely accept the offer. It doesn't get better than this at LBA stage. Hope they decide to cough up my charges at LBA. I'd be accepting the offer quicker than you could say "where do I sign" .

 

Congratulations - enjoy your money

 

Wendy x

[Explorer]

I am making myself look like a half wit now, good job I am annoy mouse !

 

Am using Spreadsheet 6 Interest calculation in the "Bussiness Claims Basic guide " this calculates the 8 % BUT you don't use that untill the court claim ie columns R & Y. BUT you do claim interest which is an estimate of the extra interest which the bank charged you which they would not have charged you if they had not charged the penalties and made the overdraft bigger.

 

I have just read through what I have just typed and it does sound drivel. I may have to go and lie down !

[hedgey06]

Awwwwwww.......... here you go mate - mop yer brow on me hanky!!!!

 

In which case, it sounds as though you've quite rightly hidden the 8% interest column and the additional interest is overdraft interest which you're perfectly entitled to reclaim.

 

Two schools of thought on this - and it's up to you whether to proceed. First school of thought is to say go for it, file at court and go after the overdraft interest as well.

 

Second school of thought is (the one I subscribe to!!!) would the money have stayed in yer account long enough to earn you this interest or would yer have spent it?? And before anybody shouts at me - cos I know this one's been argued to death!!! - I'm just giving him/her both sides!!!!! Don't shoot me down in flames!!!!!

 

I think this one's purely your decision now explorer. If you decide to go for the overdraft interest as well - you'll get loads of support on this forum to do so.

 

Decisions, decisions!!!!!

 

Hedgey xxx

[WendyB]

Hmm ... I had some interest on my account once, 2p I think was the most I ever got. On this premise I personally decide not to go for the interest, not really cos I was being noble, just cos it was a bit complicated and wouldn't have amounted to much anyway. Also, my dosh is never in my account long enough to get interest so thought it might be something that natwest could jump up and bite me on the bum with!

 

Depends how much it is I suppose - is it a life changing amount and worth the extra aggro, time trouble etc.... or, if you hadn't claimed the interest in the first place, would you be happy with the offer that's now on the table...

 

Whatever decision you make, rest assured that it will be your decision and the right one for you at the time.

 

Wendy

[Explorer]

No No No No Yes

i appreciate both sides, thanks

It would not have stayed in account long enough to earn interest but as per spreadsheet they would have had to charge me less interest.

Will do as I said and think, which is quite an effort in itself.

 

Thank you for offer of Hedgey's Hanky but some personal hygiene risks there.

You may have had to incinerate hanky.

[hedgey06]

Lol explorer............. what you like!!!!!

 

Please say no more on the personal hygiene stuff........... way too much information there honey!!!!!

 

Happy thinking!!!!!!! xxx

[Explorer]

In reply to Wendy there,

Yes Yes Yes Yes No

You are quite right, the decision is if it is worth the extra aggro and risk of spoiling the offer I have already got. The interest would be just over £800, but a few months ago I had no idea that there was any chance of claiming back what I have been offered. There are plenty of people on this site much further away from an easy settlement as per the one I have been lucky enough to get.

Thanks for the info.

[WendyB]

Exactly - I think!

 

How long have you been a fan of the Vicar of Dibley? lol

 

Wendy

[Explorer]

I should explain myself here, I am indeed a simple country fellow, only very much a beginner at this sort of forum business, and I think that it is possible that my little hankerchief jest may have been slighty misinterpreted. I do apologise for this and hope that no one finds my remarks more repulsive than they were intended.

Re the Vicar of Dibley, I have to try to imagine who I am talking to on this forum stuff, well you remember the Parish Council meetings they used to have....?

[WendyB]

Sure do remember those meetings...I look nothing like Dawn French (somewhat taller and scraggier..) but have the same warped sense of humour I think!

 

And I'm sure no offence taken by anyone, if there was we'd soon let you know, shy retiring lot that we are!!