Money given incorrectly....have to give back?

ChatwithJacqs

Hi

A friend of mine has asked me a money question.
He has been given some money, by cheque, incorrectly. He was not due this money, but he does deal with this company regulary.
Must he pay it back....or can he keep it, earn interest and give it back when asked? Also, if they do not ask for it back when (if ever) is it his?

Thanks

robnye

form the point of view of business relations

it would look better for him to query it and find that they have miscalculated, rather than not query it and they then contact to say they have overpaid him...........

miss_lisalou

from the point of view of an old fart, technically speaking, if he never alerted the company as to why they had mistakenly sent him these funds, it could amount to theft. Whether the company would choose to do anything about that I guess would all depend on the amount and circumstances invovled

[Deleted User]

ChatwithJacqs wrote:

Hi

Also, if they do not ask for it back when (if ever) is it his?

Debts that aren't paid lapse six years after the debtor last acknowledges them, but I don't know whether this would count as a debt.

sunflower_2

i know am being a sticky beak but:
are we talking about a large sum of money ???

and i thought for it to be theft - they had to prove you knew it wasnt your money? will try and check law books...
therefore if your friend was sure that money was meant for him he wouldnt be committing any crime
but could still be made to pay it back

Pollen

The answer is clear, he knows he is not entitled to it and therefore needs to give it back or will possibly be charged with theft. Many years ago Avon County mispaid their staff - all had to pay it back. I can recall other instances, overpayment through bank system when the recipient needed to repay. Encourage him to be honest - he'll feel better for it.

davidcampbell

ChatwithJacqs wrote:

Hi
Also, if they do not ask for it back when (if ever) is it his?

Thanks

never is the simple answer to that. its not his and never will be.

DC