Offer ? accept or not? Contract Intrest Issue

[Iver_biggin]

Hi,

 

Im in court next week with NatWest. This week I had a part offer cheque from them that I turned down. Then they phoned me offering my charges plus 8% interest, fees and the interest on the overdraft.

 

It is basically £500 short of what I am claiming. With court next week should I hold out, or am I risking it because im holding out for contractural interest?

 

Any advice welcome......

[rockinrodders]

Hi,

 

As Natwest have made a full offer including statutory court interest at 8%, then essentially if you reject their offer, you are going to court purely to argue for contractual interest.

 

If you are going to do that, then you should make sure that you are 100% clear of the legal arguments behind your case and be prepared to argue them. Might be worth running them past the moderators before you go.

 

Previously I have heard of people going to court, then the bank doesn't turn up so the judge awards the claim as per the paper and as long as he can understand your workings. I have also heard of the judge awarding the claim but adjusting the figure to either a lower level or right down to the statutory 8%.

 

After recent events with the judge in the berwick Vs Lloyds case, they have proved to be unpredictable and to have little grip on reality anyway so at the end of the day anything could happen (including them throwing out the case and you losing out on getting anything - even the money the bank already offered will be likely to be withdrawn by them).

 

You can always contact the bank, accept the money as a 'part settlement' and continue if you so wish (don't know if they'll allow this though).

 

Either way you need to decide whether the contractual interest is worth the risk.

 

How much more is the total of your claim including contractual than the amount they have offered?

[Iver_biggin]

Hi, Thanks for your response. I think you are totally right and I would be pushing my luck going for the full wack. My claim is for £5260 (all in costs etc) an they first offered £3700 now £4700 as final.

 

As its is only part of the contract interest left, I think I'll take the money, at least tht way I can relax about going to court!

[Iver_biggin]

Just working on the wasted costs now - hopefully that will make up the difference