stew1275 versus RBOS

[stew1275]

My partner has contacted the FOS with regards the payment that the RBOS say they have made into our account.

 

There is no sign of it and the FOS say that the bank cannot put it into a closed account.

They also have apperently stated over the phone that we will not get the interest back.

 

The FOS will get back to us on where the money has gone.

 

Bit confused to why we shouldn't get the interest on money taken over the 6 years.

[Bigmac versus]

They also have apperently stated over the phone that we will not get the interest back.

 

 

Who said this?

Did you request interest on the complaint form to the FOS?

Was the interest 8%?

[stew1275]

So far we have not contacted the RBOS since their offer and kept everything with the FOS.

 

The FOS called again 5 minutes after the earlier post above and my partner queried the interest that he had presumed we were after.

 

Seems he thought we were after interest that the RBOS had took off us for each charge, (I think).

 

Anyway, he asked if it was the 8% interest to which my partner confirmed and he said ok, he would see what he could do and that we don't need to contact the bank - he will, (very nice man) and we should here back in the next week.

 

We had included the 8% interest in the complaint form to the FOS under additional information.

 

Highs and los all round but I have to say it's quite exciting if you know what I mean!

[Bigmac versus]

Ok Stew1275 as i was wondering if that was also the case because they shouldnt simply say no to interest.

Keep the thread updated so i know how you get on and as i have said they may tell you they feel it is a fair offer but the choice is yours to continue i feel they hope you accept so as to reduce their workload.

[stew1275]

i feel they hope you accept so as to reduce their workload.

 

Aye thats what I felt, I guess they look on it as money we never thought we would get back so anythings a bonus.:-|

[Bigmac versus]

Correct but the sooner they realise that claimants are not happy about this then they may actually deal with it at the end of the day they have said interest can be claimed.

Keep us updated

[stew1275]

Well, got another offer via the FOS for £200 of the interest, this would be short by £500.

 

Not sure what to do, a bit dissappointed that it's not the full amount but at least it's in the right direction.

 

Any views.

[stevokenevo]

i always think, if they are willing to pay a bit then they will be willing to pay it all if pressed hard enough.

i would go all the way ;-)

[Bigmac versus]

Sounds more positive but as stevo says i would also pursue them for the lot, might it be worth you contacting the bank yourself first and asking them to settle first or you will ask the FOS to get involved again because the next time the you tell the FOS you are not accepting this the bank may well be charged by them for a complete investigation into the complaint.

Hope you understood that.

 

Keep us updated.

[stew1275]

Have prepared a letter based on stevokenevo (cheers) to go back to the FOS.

We thank you for your letter of the 3rd of July 2007 informing us that the RBOS wish to make us a revised offer.

Again we can accept this offer as part payment of the money removed from our account but not as a final settlement.

We claim 8% compound interest - using the rate and method specified in the contract between the RBOS and us, and applied by the RBOS to monies it is owed.

We seek to be compensated for the RBOS’s unauthorised use of our monies in the terms provided for in the contract, follow the principle advocated by the OFT - in its published guide to The Unfair Terms in Consumer Contracts Regulations 1999 - that “fairness and balance require that both parties to a contract are equally bound by it, and equally liable to pay compensation for failure to abide by it.”

Still to decide on whether to go for it or not.

Hear what you're saying Bigmac, don't quite have the guts to try the RBOS direct for fear of speaking crap! hence the letter.

What do you think?

[Bigmac versus]

Why not just keep it simple.

You will not accept their offer as it is short by £

Do you want to settle before i get back to the FOS, give them that day to get back to you.

YES or NO

[stew1275]

Well we chickened out of contacting the bank (sorry Bigmac) but after heated debate we agreed that we would have one last go at having the offer increased.

 

Letter sent to FOS as follows.

 

 

We thank you for your letter of the 3rd of July 2007 informing us that the RBOS wish to make us a revised offer.

 

We seek to be compensated for the RBOS’s unauthorised use of our monies in the terms provided for in the contract, follow the principle advocated by the OFT - in its published guide to The Unfair Terms in Consumer Contracts Regulations 1999 - that “fairness and balance require that both parties to a contract are equally bound by it, and equally liable to pay compensation for failure to abide by it.”

 

We appreciate that the RBOS have attempted to reimburse us but again we feel we can not accept this offer as full payment of the money removed from our account.

 

The fear is that the RBOS can withdraw the offer completely (as confirmed by FOS), so hopefully we are appearing open to a better offer or a full settlement.

 

We have decided that we will accept the next offer if it is better or in full.

 

 

Then we will start again with the next account!

[Bigmac versus]

Dont apologise its your claim:D

 

I know the offer was £200 and was short by some £500.

Is this interest at 8%?

[stew1275]

The total charges came to £2460 + £745 interest at 8%.

The first offer was the £2460 only.

Second offer was £2655.

 

We are now paranoid that the RBOS may dig in and take back the offer.

[Bigmac versus]

Why would they as they would need to pay this when being taken to court, that on top of yours and their legal costs it would be a lot higher wouldnt it.

Without personal contact with the bank and only through the FOS this could take some throwing back and forward before being settled, they dont bite honest lol.

[stew1275]

Well Bigmac, you did warn us!

 

FOS has put our case to an adjudicator and may take up to 3 months to investigate.

[stevokenevo]

Well, i think if the worst comes to the worst you will just have to accept there final offer. All you would lose is the interest.

 

Best case scenario though is the adjudicator agrees with you

 

Fingers X'd

[stew1275]

Aye, I hope that IS the case.

Does this mean that the FOS are doing their investigation and the RBOS get charged for this?

and

Would there be remote possibility that the RBOS may just pay up now?

[Bigmac versus]

Yes and Yes in my opinion.

The whole situation revolves around the issue of interest and as the FOS have said they can award this then i would ask at what situation would it be for this to be the case because i cant see any other that would be more deserving.

You have allowed the bank to settle this within the timelines given by the FSA (8 weeks) They didnt take that oppportunity so why should they avoid paying this interest now when they could and should have settled this a lot earlier.

If you had been taken to court over an allegeed debt to the bank they would request interest.

In your situation i would send a letter to the bank outlining what you require to settle and also reminding them that you expect the FOS to find in your favour and that court action could be started without further notice for the return of said charges and the interest of 8%.

[greendykes]

Wishing you all the best stew..glad you have bigmac to support you!

[stew1275]

Cheers folks.

Although it has caused a bit of domestic disharmony I feel it is important to push the RBOS (or any bank for that matter) as they would push us.

It seems the banks will try and dominate the proceedings like a control freak, it's laughable that they state they have done no wrong - and then proceed to offer all the charges back with no admission of liability!

 

Fact - we go overdrawn, we get charged, someone doesn't get paid, bank pays itself the charge, puts us overdrawn, doesn't offer overdraft facility, now have to repay persons not paid, repeat.

 

Sorry but I can't see where the bank has provided a £30+ service there.

[stew1275]

If we write to the RBOS letting them know the position, do we need to also forward a copy to the FOS?

[Bigmac versus]

No you dont need to.

The only thing you really shouldnt do is start legal action when the FOS are involved.

[stew1275]

Ok, have been in limbo a bit with this case scenario.

 

Phoned the FOS yesterday after reading some information from their site which anyone using them should look at.

 

On the bases of what was said we have returned the final offer form as accepted (even if it is outwith the FOS acceptance time). The RBOS may just accept it and pay out or back to limbo land, either way I don't think we have anything to lose.

 

At least the last offer did include some of the interest.

 

I would strongly recommend having a look at the FOS updates as to how the later cases could be

handled.

http://www.financial-ombudsman.org.uk/faq/bankcharges-testcase-quickguide.pdf

[Bigmac versus]

Hi Stew1275 if the offer was made before the test case announcement and you havent yet refused it or missed any timeline that was part of the offer then the bank have to honour it.

Shouldnt be a problem and understand why you are now accepting.

Let us know how you get on.