Faster Payments

maxreaction

Hi,

3months ago i had an Faster Payment paid into my account by an organisation as an error. I have left the money in the account as it is not mine waiting for them to reclaim it or get in contact with me.
I have been sent a letter saying it was sent in error and a prepaid envelope to return it says, 'if you are happy for these funds to be returned'

What if i didnt want to return these funds, what can happen, and what are the next steps. Obviously i would rather keep it, but i also know that may not be possible, hence why i still have the funds available in my bank.

Thanks in advance

Will

bengal-stripe

maxreaction wrote: »

What if i didnt want to return these funds, what can happen, and what are the next steps.

You can be prosecuted for 'theft by finding'.

stclair

They could prosecute you to pay the funds back or even issue you with a CCJ

agrinnall

stclair wrote: »

They could prosecute you to pay the funds back or even issue you with a CCJ

The organisation (with a few minor exceptions I understand) can't prosecute or issue a CCJ. Only the CPS can prosecute, and only the court can issue a CCJ. They can report the issue to the police, but I very much doubt if they would be that interested in pursuing it when there is a civil recovery route using the courts that can be followed, which is what they are most likely to do. That could result in a CCJ, but only if the OP refuses to pay.

OP, simplest thing to do now they've asked for it is to pay it back.

stclair

agrinnall wrote: »

The organisation (with a few minor exceptions I understand) can't prosecute or issue a CCJ. Only the CPS can prosecute, and only the court can issue a CCJ. They can report the issue to the police, but I very much doubt if they would be that interested in pursuing it when there is a civil recovery route using the courts that can be followed, which is what they are most likely to do. That could result in a CCJ, but only if the OP refuses to pay.

OP, simplest thing to do now they've asked for it is to pay it back.

The bank could get an issued through the court (wish I was referring to really) just the same way would if they was issuing a CCJ for debt recovery of an account holder im sure all banks have an online system to instigate this process.

lolavix

Why should you keep money that isn't yours? Just pay it back. Better than getting a CCJ for it!

agrinnall

stclair wrote: »

The bank could get an issued through the court (wish I was referring to really) just the same way would if they was issuing a CCJ for debt recovery of an account holder im sure all banks have an online system to instigate this process.

But it's nothing really to do with the bank (unless the payment was through an error made by them, which is unlikely). I doubt very much whether they could start proceedings as they haven't lost anything, it's down to the organisation that made the payment incorrectly in the first place to recover the money.

stclair

agrinnall wrote: »

But it's nothing really to do with the bank (unless the payment was through an error made by them, which is unlikely). I doubt very much whether they could start proceedings as they haven't lost anything, it's down to the organisation that made the payment incorrectly in the first place to recover the money.

The bank may have refunded the customer for all we know. Ive seen quite a few letters in the past from banks where they have said they refunded the customer (lloyds tsb always seems happy to refund customers) and are looking to reclaim the money paid out by them. Then in that case the bank would have made a loss...

jonesMUFCforever

As long as the letter is genuine then pay back what was paid in error OR take the hit of their legal costs if they persue you through a debt collection agency.

agrinnall

stclair wrote: »

The bank may have refunded the customer for all we know. Ive seen quite a few letters in the past from banks where they have said they refunded the customer (lloyds tsb always seems happy to refund customers) and are looking to reclaim the money paid out by them. Then in that case the bank would have made a loss...

Well, if the bank was at fault and caused the payment to go to the wrong account then, yes, they might refund the customer then seek a reclaim from the payee. But it's far more likely that whoever made the payment mixed up some digits when entering the payee's account number, in which case the bank would have no reason to refund, and in my view even if they did they would have no legal claim on the money from the payee as it was not the bank's money at the time the payment was made.

Of course, if the OP had said where the letter asking for the money back had come from we wouldn't need to be having this discussion .

stclair

agrinnall wrote: »

Well, if the bank was at fault and caused the payment to go to the wrong account then, yes, they might refund the customer then seek a reclaim from the payee. But it's far more likely that whoever made the payment mixed up some digits when entering the payee's account number, in which case the bank would have no reason to refund, and in my view even if they did they would have no legal claim on the money from the payee as it was not the bank's money at the time the payment was made.

Of course, if the OP had said where the letter asking for the money back had come from we wouldn't need to be having this discussion .

Im sorry but im going to have to disagree with you on that