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Received a refund for an overpayment from loan settled by a merchant, can I keep it?
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Soul-Fully
Posts: 5 Forumite
About a year ago I took out an in-store 0% loan for some furniture and a few other goods. The furniture was returned and refunded, the balance didn't get repaid in time before the end of the 0% term and suddenly I had a massive bill for the interest on the entire loan.
Long story short, after about four months of back and forth, the merchant finally settled the loan. However they paid in the full amount of the initial loan, not taking into account the refund that had already been deposited. When I checked with the bank who issued the loan, they said that I would be receiving a refund cheque for about £800! Some of that is due back to me for payments made above what should have been paid by me, however, not nearly that much.
I was tempted to just keep it, but I contacted the merchant (a large DIY chain) and let them know about the overpayment, because I didn't want them to come knocking on my door for it after I'd spent it. However, they are notoriously slow in getting back to me about things.
So, my question is, is there a time limit before they can no longer reclaim the overpayment? Anybody know? Are there any other steps I should take to ensure that if an adequate amount of time has passed, they can no longer reclaim this from me?
Long story short, after about four months of back and forth, the merchant finally settled the loan. However they paid in the full amount of the initial loan, not taking into account the refund that had already been deposited. When I checked with the bank who issued the loan, they said that I would be receiving a refund cheque for about £800! Some of that is due back to me for payments made above what should have been paid by me, however, not nearly that much.
I was tempted to just keep it, but I contacted the merchant (a large DIY chain) and let them know about the overpayment, because I didn't want them to come knocking on my door for it after I'd spent it. However, they are notoriously slow in getting back to me about things.
So, my question is, is there a time limit before they can no longer reclaim the overpayment? Anybody know? Are there any other steps I should take to ensure that if an adequate amount of time has passed, they can no longer reclaim this from me?
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Comments
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6 years, or 5 in Scotland.0
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Wow! 6 years?! Really?
The first response I got from the merchant (I'm speaking to someone at the branch I made the purchase from, not the head office or anything) was "don't worry about it", but when I told him how much it was for, he thought it was best to contact his head office about it.
If I get a "don't worry about it" again (highly HIGHLY unlikely, I know) can I protect myself from it being reclaimed in the future?
Say, get confirmation in writing or something?0 -
Soul-Fully wrote: »If I get a "don't worry about it" again (highly HIGHLY unlikely, I know) can I protect myself from it being reclaimed in the future?
Say, get confirmation in writing or something?
Yes of course.
If you get a letter from them saying they don't want the money, then of course you can keep it.0
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