Premium Bonds Overpayment

sihart · 10 October 2006 at 1:46PM

I recently cashed in my premium bonds and in repaying them NS&I made an extra payment in error - a substantial amount.
This was several weeks ago and they haven't noticed yet, but if and when they do, will I have any right to keep the money?
For example is there a statute of limitations under which the money is legally mine after a certain period of time?

johnofhertford · 10 October 2006 at 3:45PM

You have no right to keep the money, and given that you're aware of the mistake you are guilty of theft if you do not do anything to return it to NS&I in a reasonable timeframe. You should contact them to arrange to return the extra money.

sihart · 10 October 2006 at 3:53PM

You mean legally guilty of theft, or morally?
Surely I can't be culpable if the money was paid into my account?

johnofhertford · 10 October 2006 at 3:59PM

Legally, if you don't take steps to return it. Them paying it into your account by mistake doesn't make you guilty of theft. You keeping it when you know it's not yours, does.

Think about it the other way. Suppose you were paying your credit card bill online, but mistakenly paid £500 to British Gas because you clicked the wrong button. You'd expect British Gas to return it to you, wouldn't you?

grade15 · 10 October 2006 at 4:00PM

I think its best to leave the money in ur account and accumlate interest..
and if and when they want their money back, they will contact u..
but best not to spend it..
btw, is this money the interest u earned??

i don't think its called theft..cos the NS&I are the ones that did anything with the money and left the money in ur account..u didn't do anything...you didn't do the mistake!!!
morally..so what..money is money..its like if u found a penny on the floor..pick it up.. anyway,..this is just my opinion..u can disagree.. :dance:

grade15 · 10 October 2006 at 4:03PM

johnofhertford wrote:

Suppose you were paying your credit card bill online, but mistakenly paid £500 to British Gas because you clicked the wrong button. You'd expect British Gas to return it to you, wouldn't you?

I think its a bit about right..with British gas bills these days..
500 quid should cover it..!!

johnofhertford · 10 October 2006 at 4:08PM

It is indeed called theft, as soon as you're aware of the mistake and deliberately retain the property, it's theft - ask a lawyer.

Cypher · 10 October 2006 at 4:20PM

bit of a long shot, but maybe one of your bonds won just as you were in the process of cashing them in.

grade15 · 10 October 2006 at 4:24PM

any solictors here?? we need ur brains for a sec....
or a judge..if we have one...
i'm sure if this went to court..
you can say..what payment? i didn't realise it till NS&I came knocking! i know.i'm cynical..:dance:..

nsandiexpert · 10 October 2006 at 4:32PM

If they notice they will write to you and ask for it back.

If it was a prize it would have been sent as a warrant so chances are, if the payment went your bank account isn't a prize.

whambamboo · 10 October 2006 at 4:37PM

sihart wrote:

I recently cashed in my premium bonds and in repaying them NS&I made an extra payment in error - a substantial amount.
This was several weeks ago and they haven't noticed yet, but if and when they do, will I have any right to keep the money?
For example is there a statute of limitations under which the money is legally mine after a certain period of time?

Tough to say. Go to the library and read the Theft Act 1968, s1 "Theft by finding" to see if this would be covered - probably IMO. If it's a lot of money you might want to speak to a solicitor.

Premium Bonds Overpayment

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