Nat West Business Account

[natweststaffmember]

Re: Nat West Business Account

How did they work out that £1510?

[jax007]

Re: Nat West Business Account

Christ knows Nattie...........??!!

First offer was £1332 and then we refused that and they came up with second offer of £1510.

[Amethyst]

Re: Nat West Business Account

Well thats virtually all the charges isnt it so not bad going in the current climate.

Natwest business accounts have the benefit of the penalty aspect being applicable from 2001 to 2003.

Really depends what risk your BIL wants to take.

I'd take it, but thats just me and I think its a decent offer for a business account - possibly ask for 8% PA on top instead of the CI as a compromise offer (without pred of course) - what have they said about the CI ?

Just my opinion based on current climate, has to be your BILs choice benefits now vs risks/benefits later.

[jax007]

Re: Nat West Business Account

"However and having reviewed your case and as a gesture of goodwill and without admission of liability or error, in this instance we are prepared to offer the amount of £1520 paid directly into your account.

Where claimed the Bank will not consider claims in respect of interest, arrangement fees and transmission fees."

Only thing is that in view of the time delay on this claim, it is quite likely we've lost our place in the queue and they may rescind their offer!!

I haven't done an LBA and this is what the delay has been as I really wasn't sure what to say in view of the advice of not taking these claims to court.

I suppose I could restart the claim with the extra charges that may have been added since last year but it is highly unlikely they will consider ANY INTEREST at all so not sure what to do in this respect and whether there is a way of forcing the issue??

[Amethyst]

Re: Nat West Business Account

you cant just restart a claim after an offer

When was that offer receiived?

[jax007]

Re: Nat West Business Account

October !!

[jax007]

Re: Nat West Business Account

bump

not sure what we should do now? Any suggestions please?

[Amethyst]

Re: Nat West Business Account

Ohhh October.

Well I would expect the time limit for accepting or not that offer has long since passed. That offer was off the prelim/lba letter and you havent yet gone to court/fos or been stayed or otherwise ?

you have his spreadsheet of charges ? if so how much of it was between 2001 & 2003 ? of course you have to look at the natwest terms and conditions on business accounts and tally them with the personal account ones used in the test case, then you can argue that the same judgemnt (that they could be penal) applies also.

As i said it depends on what risk your bil is willing/happy to take. you can try accepting the offer (work out what charges were in the penalty 2001-2003 period first tho see how it equates) and see what they come back with. Otherwise i think hang fire till the issues in the test case are more resolved, one of the things will need clarifying in group litigation etc will be sole trader accounts applicability under utccr.

[jax007]

Re: Nat West Business Account

There was only £230 between 2001 and 2003 (why those dates in particular??) but add contractual interest at £1146 = £1376.

Charges to July 2007 come to £1888 with CI at £4059 = £5947

That's without charges after 2007 which I don't have a record of just now.

So do you think it makes more sense to wait? Not really prepared to go to Court on this one in the light of recent events on business accounts.

I suppose I could bring spreadsheet up to date and update my claim - would be good to get some sort of compensatory interest though.

Do we have a template with the correct wording on it re interest?

[jax007]

Re: Nat West Business Account

I have recently posted up some info on this account but I'll be buggered if I can find where I posted it.

In essence, after 3 years Nat West have come back with an offer of £1510 take it or leave it!

I am trying one last attempt to get them to increase it as charges alone come to £1888 and that is without any sort of interest, even 8%

This is the reply I got from them ... I'm now wondering whether what I've quoted is in fact correct for Business Accounts??? Perhaps someone can put me right here???

Also they quote High Court judgment - but am I right in thinking this was only applicable to personal accounts?

Thirdly - would it be worth trying to go through ombudsman in terms of maybe getting full refund of charges plus 8%.

Could someone please advise on 3 points above???

Ta muchly
jaxx

[TUTTSI]

Re: Nat West Business Account

Jax if that is a business account and they are offering to refund the charges IMHO I would take the money as offered as you are doing well.

I cannot remember the reason why but business accounts after the test case were a no go area. Exc or Budgie might remember the actual reasons. xx

[jax007]

Re: Nat West Business Account

Thanks hun .. I thought the judgment didn't apply to business accounts??? Maybe wrong ... but then most times I am when it comes to refund of charges LOL!!

I think in view of the fact that they have come back with these arguments I'm going to have to be very well versed in this judgment, and unfortunately I'm not.

I need to write back with something without making myself look the total fool I am in these matters!

jaxx