5k was mistakenly paid into my account....help!

Yorkie1

zzzLazyDaisy wrote: »

Of course they could sue for return of the money, but since the bank will not divulge your details owing to data protection, they are unlikely to find out your name and address, and so would be unable to take it further.

The DPA has an exemption enabling disclosure where it is for the purposes of litigation, so there is no guarantee that the bank would, or could, refuse to hand over the details.

pqrdef

1. Don't worry.

2. Start saving. Hard, but you've had a fantastically lucky break, don't push your luck too far. It was only a loan from god, not a lottery win.

3. If you're asked for the money, try to raise a consolidation loan against the house before getting into arrangements.

4. Don't throw yourself on anybody's mercy, because there isn't much around. The bank is not your friend. The police are not your friends. Even if people sympathise, they won't exercise discretion, they'll just stick to the rules.

You didn't create this situation. They shouldn't have been repossessing your house when you had a newborn baby. Don't feel guilty and don't volunteer to be a criminal.

jamesd

Criminal prosecution is unlikely. Court action by the bank is unlikely while you have little ability to pay, provided you come to some credible payment arrangement.

Assuming it was a mistake the sender of the money can take legal action against you to recover the money, so you should come to some arrangement to repay. Don't force them to go legal, use the bank as an intermediary and come to an arrangement that is practical for your circumstances.

But don't be in any doubt: it was a crime because you knew that the money was not yours. It's just reality that for this amount criminal prosecution is not likely if you're able to come to any half way reasonable repayment arrangement. Not guaranteed that it won't happen, just not at all likely.

However, did you happen to have payment protection insurance at some time? Any chance that it's about that and you'll get a letter in the next few days explaining? Worth at least waiting a few days to see if something of that sort happens.

Before contacting the bank, how stable is your situation now? Has this been sufficient to get your finances to a position that is stable in the long term? If not, best to start discussing that also so we can see what we can come up with that may help with the longer term problem.

opinions4u

Page 11 of the sentencing guidelines gives some idea of the range of sentences available to courts.

The starting point being 18 weeks in prison. This can be reduced on mitigation to a community order or increased to 12 months where other factors are considered.

I don't think it will get to court. But if it does there is a risk of jail time. Mitigation of first offence and circumstance might bring it down to the community order, but that is by no means guaranteed. I'm surprised at one or two of the posts above that state quite categorically there will be no prison time.

I'm not trying to worry you, simply pointing out the facts. It's always best to make a decision with facts in front of you.

Gonzo33

When I first read your op my initial thought was that it was a payment from somewhere that you had forgotten about or something. There was no endowment policy or anything that you took out with your estranged husband? Has he sent you the money? Is there anything on the bank statement, a name or company? Look at all these possibilities before you get too stressed.

If the answer is no to all of them then definately contact the bank.

zzzLazyDaisy

Okay, I don't want to worry you, OP, but have a read of this article

http://www.money.co.uk/article/1005023-can-you-keep-money-accidentally-paid-into-your-bank-account.htm

The sums of money referred to as resulting in a jail sentence are considerably larger than the amount you are talking about, but the principle is the same.

You need to seek some advice (preferably free, from CAB or Legal Advice Centre) about putting together a proposal for repayment of this money, and contact the bank to let them know what has happened. Then there will be a record on your account that you brought it to their attention which hopefully will result in them coming to an agreement with you to pay it back rather than taking further action.

alfiesmum

I think it's awful that they were in the process of repossessing a house from a young single mum with a new born baby plus another child, all for less than 5K, how awful.

Rupert_Bear

sarah_reddy wrote: »

5k has been paid into my account, when I realised I transfered it all into a savings account, my house is about to be repossessed so I used all the money to get my family out of trouble with regards to my house being taken away.... but now reality has hit me... can I get arrested for using this money that wasn't mine??
I knew it was an error but we were desperate I have a newborn and a four year old daughter and my husband has left me for another woman, if I do get arrested whats the likely punishment? or will I just have to agree a payment plan with the bank??

I know ive been stupid, but I hope you can appreciate I was desperate!
THANKS

Very dishonest. Perhaps the person whose account this should have gone to is in the position and having problems paying their debts.

I suggest you stop feeling sorry for yourself and take the lead by contacting your bank. You know you no longer have the money to pay back so it will look better for you to make the first contact with the bank because believe me they will certainly be chasing this matter up sooner than later.

Best of luck!

pqrdef

jamesd wrote: »

Assuming it was a mistake the sender of the money can take legal action against you to recover the money

Their solicitor should advise them not to sue anybody who can't pay.

jamesd wrote: »

use the bank as an intermediary and come to an arrangement that is practical for your circumstances.

If it wasn't the bank's mistake, the bank won't be interested. They won't reimburse the other guy and they won't act as collecting agent.

When customers send money to the wrong account, bank policy is very much in favour of the loss being stood by whoever sent the money.

agrinnall

sarah_reddy wrote: »

on my bank statement the banks name and then the refund sign??

I don't understand what you mean by this, I worked in banking for many years and have never heard of a 'refund sign'. It might help if you could post exactly what it says on your statement for this transaction.