Payment received in error

pmduk

stehouk wrote: »

Finders keepers.......losers weepers nah nah

Try that with physical property and you'll find it's really described as theft by finding. Possibly in court

Ballard

Terry_Towelling wrote: »

Was your bank really not interested? Will the loan company really not engage with you? - I can't see why because you aren't going to discuss anything confidential about one of their customers.

I feel certain that the loan company will want their money back, so you need to speak to them again and tell them you intend to return it by faster payment. Ask them to give you a reference to quote and just do it. You might also suggest making a small deduction to cover your telephone expenses.

I wouldn't expect the loan company to enter into correspondence with the OP as there is no connection. They will not know who owns the account that received the funds. If the bank return the funds the loan company will be able to reconcile their accounts but even if they don't it's no concern of the OP.

chris9104

Terry_Towelling wrote: »

Was your bank really not interested? Will the loan company really not engage with you? - I can't see why because you aren't going to discuss anything confidential about one of their customers.

I feel certain that the loan company will want their money back, so you need to speak to them again and tell them you intend to return it by faster payment. Ask them to give you a reference to quote and just do it. You might also suggest making a small deduction to cover your telephone expenses.

No my bank weren't interested, after a 45 minute discussion with them, all they would do was put a note on their system that said I had reported the transaction as unexpected and would watch for anything else unusual.

I have tried with the loan company, 3 20 minute phone calls and half a dozen emails, same answer every time that they wouldn't talk to me unless I went through security.

At this point I don't see why I should waste any more of my time trying to correct their mistake. I have no problem returning the money, it's not mine, but I don't see what else I can do at this stage. If I send it back then I need a reference, which I can't get, and if I don't put one on they could still recall the payment as it's not reconciled against anything, meaning I'm out of pocket 14k!

EachPenny

chris9104 wrote: »

At this point I don't see why I should waste any more of my time trying to correct their mistake. I have no problem returning the money, it's not mine, but I don't see what else I can do at this stage. If I send it back then I need a reference, which I can't get, and if I don't put one on they could still recall the payment as it's not reconciled against anything, meaning I'm out of pocket 14k!

As above, the only things you need to do are:-
1) Change your online banking security.
2) Bang on at your bank (not the loan company) to remove this wrongly credited money from your account and send it back to wherever they want. You shouldn't send it back yourself for the reason you give. Make notes of the conversations (including names) of the bank staff you speak to, ask to speak to managers, and if all that fails make it a formal written complaint. (At that point you can start asking for compensation for the time you are wasting on this - and that would be money you can keep )

xylophone

Don't faff around any longer - leave the money where it is and make a formal written complaint to the bank.

jonesMUFCforever

OP Whatever you do do not send the money back through a request from the 'loan' company.
Let the bank return it for you - no need to complain just chill as long as the bank know the money is not yours it will all work out in the end.

Vortigern

Terry_Towelling wrote: »

I feel certain that the loan company will want their money back, so you need to speak to them again and tell them you intend to return it by faster payment.

No. There is no need to speak to the loan company. The OP has no business with them and they won't talk to him.

Do not under any circumstances attempt to return the money yourself. If you return it to the wrong party it will be your responsibility.

As suggested, the OP needs to inform their own bank, in writing, of the payment received in error. Then just wait for the loan company to claim it back through their own bank. Their bank will deal with the OP's bank.

J_B

About three (?) years ago, I cashed an investment policy with (let's call them XYZ Investments), it's surrender value was circa 95K


My brother also had a (much smaller, 5k?) policy with them.


Long story short, XYZ paid the money into my brother's bank account (we don't even use the same bank) and then treated him like a criminal when he 'played with them' for a while before returning.
They threatened him with court proceedings etc and suggested that they wouldn't pay me till he had returned the money.
I think I eventually got them to pay before he repaid (he was only able to send 20K at a time on-line)


Their take on it was that 'mistakes happen' and were reluctant to even apologise!!!


After pressure from my IFA, they eventually refunded my 'early surrender fee'



Ho hum!

Samsung_Note2

pmduk wrote: »

Try that with physical property and you'll find it's really described as theft by finding. Possibly in court

From experience id have to disagree.

And banks can be quite shocking in not giving a monkeys when you tell them you have money that shouldn't be in your account.

OP keep the money in a high interest account and simply pay back when asked.;);)

All this "You will go straight to prison...you will be Buba"s toy and you will burn in hell"" doesn't happen,the police are not involved..its not theft...lol

Been there and know exactly what happens.

Ergates

Terry_Towelling wrote: »

Was your bank really not interested? Will the loan company really not engage with you? - I can't see why because you aren't going to discuss anything confidential about one of their customers.

Whilst the loan company definitely *will* be interested - getting in touch with the appropriate people might prove difficult. It's likely that all their externally exposed contact details will be for new and existing customers - which will put you thought to people who aren't able to deal with anything out of the ordinary.

To be honest, if a loan company had a "Phone number to call when we make a !!!! up" on their website, it would probably put customers off...