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Barclays won't honour their offer :(


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I started the MCOL process but in the light of recent events, I decided I would just take their first offer. They're now saying that as I started legal proceedings, I've effectively refused their offer and they won't pay out.

 

Can they do this? Is there anything I can do or do I just have to wait for the test case (my case has been put on hold)...

 

Ta.

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As part of the agreement between the OFT FSA & Banks the banks are required to honour all offers made and to keep them open for two months giving customers the coice to accept that offer as full and final settlement or to await the outcome of the test case. This is quite clearly stated on the FSA website with the info on the waiver. If Barclays are not complying you should write to them pointing out this part of the agreement and threaten to report them to the FSA if they fail to honour the offer. If they still refuse then make a complaint to the FSA.

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Hmm, the FSA site just says if you've been made an offer, you have a choice of whether to accept or not.. If doesn't mention where you stand if you've effectively declined the offer..

 

W

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