Loan amount received in error!

dannywilliams1985

Hi, I recently called my bank and inquired about a personal loan of 25k (on 13/07/2015). This was approved on the phone and I advised the lady that I do not want the money until I have found the car I want to buy. She advised that the money will not be paid to me until I have signed and returned all paperwork and that I had to do this within 30 days. Anyway today I received a payment of 25k from Halifax into my account! I had actually changed my mind about the loan and have not signed any documents whatsoever. What is my legal standing on this? Obviously they can't hold me to the loan or charge interest on the loan as they have no signed paperwork but can they simply take the money back or will I have a case to keep it?
Thanks in advance for any advice on this!

cakeforbrains

Wait what?

Are you asking if you can keep the money and not repay it because you didn't formally agree to the loan?

dannywilliams1985

Ideally yes! They have no authorisation from me whatsoever to proceed with the loan.

jaylee3

LOl I have seen quite a few posters saying this on here. Can I keep this loan because of this reason and that, because this and that was not my fault.

Answer. NO, NO a thousand times NO!

The cheek of some people! Dunno whether it makes me angry or if it makes me laugh.

But NO you cannot keep that money!

You do need to talk to them about it, and ask them to take it back, seeing as how you 'don't want it anymore!'

cakeforbrains

Haha! Interesting one.

I imagine (although I am far from expert) that if you did keep the £25000 whilst not adhering to the terms of the loan (repayments) then they'd eventually take you to court. If you were at that point to argue that it wasn't a loan I'd be willing to bet that they could convince a judge that you had expected a loan given your telephone application and despite your not signing the agreement.

That's my guess anyway.

cakeforbrains

jaylee3 wrote: »

Answer. NO, NO a thousand times NO!

Also this.

ceecee1

Dishonestly Retaining a Wrongful Credit


Title: Financial crime
Offence: Dishonestly Retaining a Wrongful Credit
Legislation: S.24A Theft Act 1968 (inserted by 2(1) Theft (Amendment) Act 1996

Mode of Trial: Either Way
Statutory Limitations & Maximum Penalty: 10 years imprisonment

forgotmyname

Just keep it, whats the worst than can happen?

First the bank will hound you for the money, then when you ignore them that pass it onto the debt collectors who will really hound you.
But they will only hound you night and day for upto 6 years.

If they dont take you to court between now and 6 years you get to keep it.

Although your going to need it because nobody else will give you credit.

You dont need to sign paperwork to have an agreement or contract.

I have phones on a contract and never signed anything.

TadleyBaggie

You would be 25K better off but morally bankrupt...sad.

rs65

dannywilliams1985 wrote: »

i have now sought advice from a legal expert who has suggested putting it into a savings account to accrue interest until Halifax realise their mistake.

Try another expert.

They might just reverse the transaction - putting you £25k overdrawn on the original account.

[Deleted User]

I think everyone is being really hard on the OP.

My grandmother once left her purse in my house. There was a few hundred quid in it so obviously I spent it.

Then she had the cheek to come back moaning, "oh, I didn't mean to leave it, oh it was an accident, oh I can't afford to eat."

If she didn't want me to have it, she shouldn't go round making mistakes, should she.