urgent helpo needed - transferred money to mortgage in error - can I get it back

julieanne4

Urgent help needed.

My husband was supposed to transfer a large amount of money to our joint account yesterday so I could pay some bills (£1500). He stupidly transferred it to the mortgage account instead. As soon as he clicked send he realised the mistake (both accounts have our initials and last name), he called the bank immediately (HSBC) and was told the department that deal with it are closed so call back today. Hes tried first thing this morning to be told that it has been appropriated to the mortgage so basically tough!!

also had we have called on the same day then they would have been able to reverse it - we explained that we did call and were told the dept was closed.

Are we within our rights to get it back? and if so how..

MABLE

julieanne4 wrote: »

Urgent help needed.

My husband was supposed to transfer a large amount of money to our joint account yesterday so I could pay some bills (£1500). He stupidly transferred it to the mortgage account instead. As soon as he clicked send he realised the mistake (both accounts have our initials and last name), he called the bank immediately (HSBC) and was told the department that deal with it are closed so call back today. Hes tried first thing this morning to be told that it has been appropriated to the mortgage so basically tough!!

also had we have called on the same day then they would have been able to reverse it - we explained that we did call and were told the dept was closed.

Are we within our rights to get it back? and if so how..

I did this when we had a mortgage with Nationwide BS and I contacted them and it was refunded within a week. Also the money had already been applied to the mortgage account.

I suggest you give their complaints dept a ring and see if they can help .

nidO

You probably have no right whatsoever to get the money back, however your best option is likely to put in a complaint to the bank appealing to their better nature.
I would put in a complaint telling them you made a simple mistake and explain the timeline (ie that you called immediately, were told to call back the next day, then told "no can do, if you'd called us same day we could have helped"), as a complaints handler with more power than the bods in the call centre may be willing/able to help you out.

Goldiegirl

You were probably unlucky with the person that answered your call.

It is a simple matter to reserve out the payment and refund your joint account. It might be worth another phone call, to see if you get someone with a more flexible attitude.

If not, I'd write a letter to them - I'm sure there's someone in HSBC with a common sense attitude.

julieanne4

thanks for you advice ladies and gents, we called this morning and are currently waiting for someone to call back - if we get no Joy then yes I will go to the complaints department until I get some resolve... the only other option if they say no is that we dont pay the mortgage for 2 months - although Im guessing that will effect our credit rating even though we have now overpaid...

nidO

julieanne4 wrote: »

the only other option if they say no is that we dont pay the mortgage for 2 months - although Im guessing that will effect our credit rating even though we have now overpaid...

Unless your mortgage specifically allows you to take payment holidays using any overpayment balance you've built up, and you follow any terms/requirements on doing so, you should NOT consider this an option.
Unless you can legitimately take a payment holiday you'll trash your credit file by being 2 months in arrears on your mortgage from now until 6 years after the end of your mortgage, and will probably get hit with untold charges - As mistakes go, doing this without approval from your lender will dwarf the mistake you made moving money to the wrong place.