Money Paid Into My Account By Accident Now They Want It Back !

[Iggle Piggle]

Back in August some money appeared in my account from some random firm.
Today I received a polite letter from my bank asking for the money back.
Do I have to give it back? can the bank not claim on some insurance for lost money?
It seems a bit weird that they can just ask for it back after this long.

[sandyRoe]

It's not lost if they know where it is. Do the right thing and give it back.

[lcg]

yes you have to give it back....it is not yours and they could take you to court for it (+ costs). pay it back now....is the easiest and correct solution.

[sherrardk]

It's not your money. Dud you contact your bank when the money appeared?

[bednobs]

whae you say "after this long" it was only august!

[lcg]

and what is weird about them asking for it back? it's their money! you have some strange ideas....

[sandyRoe]

How much was it?

[olichant]

Yes - under the law of restitution, you have to give it back, I'm afraid - it is settled law. There would be a defence of "innocent change of position" if you had spent the money in good faith, unaware of the mistake - but it doesn't sound as if that's the case here.

[Tilly2]

You knew it wasn't yours. You have to give it back.

[Iggle Piggle]

Yes Sharrardk I contacted the bank and the lady said because of the way it was paid in, they couldn't just get it back but I was not really listening.

[bednobs]

i completely understand where you are coming from - it would be really nice to have this momey and be able to spend it, however, it's not yours. Didn't you contact the company to ask them why they'd paid you it in August?

[Bazile]

Reading between the lines of your post - it seems to me that you have spent it - is that correct ?

[Iggle Piggle]

and the reason I am asking is that the funds have been spent and I do not have a grand in my pocket just to hand back by a certain time ! Surely there is a law that covers their fault here ?

If I was in a pub and handed a £20 note to a customer instead of the barman by mistake, surely I can ask for the money back but if the customer refuses there's chuff all I can do...

[bednobs]

why on earth did you spend it when you knew it wasn't yours, AND you contqacted the bank to say it wasn't yours?

[Mamyalynne]

So you knowingly spent the money you knew was not yours. I do hope the Bank will allow you to come to a repayment plan.

[Bazile]

so i was correct

[Nibble]

sorry iggle, more fool you if you spent more than £1000 which you knew wasn't yours. You should have ringfenced it since you knew they'd ask for it back. You have to repay it - how you do that is your problem, not the bank's.

[sherrardk]

Sorry, it wasn't yours and you shouldn't have spent it. I suspect you weren't listening because you didn't want to.

[Old_Geezer]

In fairness if someone had put in £1k into my account it is perfectly possible I'd not notice anything was amiss. I don't keep that amount of notice re the details. As long as approximately the expected amount is there.

[boxtops]

August is only eight weeks ago - it would take that long for the bank to track down the missing transaction after it had been reported by the intended recipient. You must have moved very fast to spend it.