Bank pays off loan by mistake

kmca

Hi newbie here,

We recently got a phone call from our Bank saying they had accidentially payed money into our account in Nov. 09 approx £400 and just last month mistakely paid off our car loan which was approx. £7K.

Any advice would be apprciated, we know we have to now set up another loan to continue paying off the car loan and give back the £400 put into our account !!!

We know we should of noticed the £400 pound in November but this account is being used specifically for doing a House renovation so money is going in and out all the time.I did see the £400 going in but assumed my partner had putmoney into the account.

Do we have to give it back? also the inconvienience of having to set up another car loan through no mistake of our own

any advice , thoughts

Kevin

BLT_2

kmca wrote: »

Hi newbie here,

We recently got a phone call from our Bank saying they had accidentially payed money into our account in Nov. 09 approx £400 and just last month mistakely paid off our car loan which was approx. £7K.

Any advice would be apprciated, we know we have to now set up another loan to continue paying off the car loan and give back the £400 put into our account !!!

We know we should of noticed the £400 pound in November but this account is being used specifically for doing a House renovation so money is going in and out all the time.I did see the £400 going in but assumed my partner had putmoney into the account.

Do we have to give it back? also the inconvienience of having to set up another car loan through no mistake of our own

any advice , thoughts

Kevin

If you mistakenly paid 400 pounds into my account would you want it back?

Its not your money, its the banks, ergo you have to pay it back

staceysteve

Wow you lucky fish!!! (in a certain way I suppose)
I don't think you should have to give it back!!! It the banks fault for putting in there in the first place??? We have to live with our mistakes so they should have to live with theirs!!!
: ) probably wishful thinking and I'll get shot down but for them £7k is a drop in ocean!

BLT_2

staceysteve wrote: »

Wow you lucky fish!!! (in a certain way I suppose)
I don't think you should have to give it back!!! It the banks fault for putting in there in the first place??? We have to live with our mistakes so they should have to live with theirs!!!
: ) probably wishful thinking and I'll get shot down but for them £7k is a drop in ocean!

So to put this into perspective. You go for a meal, you mistakenly give the guy a 50 pound note instead of a 20 and don't notice and he only gives you change for 20.

You go back to complain and he replies 'yep I know you gave me a 50, but it was your mistake and you will have to live with it'

Its the same principle

Burlesque_Babe

yes, you have to give it back.

However, until they want the loan setting up, save the money each month and then ask for some kind of discount on the APR or interest already accumulated as a gesture of goodwill for the inconvenience.

kmca

Apparently they missed a digit out of the account number and instead of putting the money into someone elses account they put it into ours. I realise that we'll have to give the £400 back as someone pointed out its not ours. The car loan part is a inconvenience as we'll have to go back and start all over again in getting that set up.

Banks eh !!

the_insider

How much effort will it actually involve for you to sign a credit agreement?

husemin

Hi, I agree with Burlesque...........set up a way to pay the bank back the 7K, just tell them how much you want to pay towards paying it off a month. Tell the bank you cant get a loan or car credit now for some reason, its the banks problem...........I think you should not have to pay interest on the 7K, its just 7K! with the £400 you have to pay that.

H

PROLIANT

If you are prudent and earn average salaries you will be on the ball with your accounts and you would certainly notice + £400 in your account.
If you earn a good salary and do not frequently check your account then you should have no issue drawing £400 and giving the money back to the owner - the bank.