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    Misapplied funds

    Ok here goes, If a large company was to pay an amount of money into somebodys current account, by mistake, is there a set amount of time that they can comeback and reclaim the money, or can they do that at anytime?

    Thanks in advance for any help.

    19 Comments

    they can do it anytime-if the recipient is well aware that they arent entitled to the money,it would be theft to spend it.

    here we go again! oO

    So, how much has appeared in your bank account and which "large company" wrongly put in there, then?

    They might never notice, but, if they do and you've spent it, will you be able to raise the funds to pay it all back?

    Banned

    Just phone them and give it back.

    oh

    inb4 the scummies advise you to keep it.

    it's not the Tax Credits people is it?

    Legally, it is your responsibility to give it back I think. If the mistake gets noticed, then you could be liable anytime.

    Of course you could claim you didn't notice, depending on how much it is. O would personally phone the company that deposited it in your account

    Banned

    It's theft if you spend it, and they can prove you should have noticed it.
    For example it would be unlikely to be theft if you wages are usually £200 a week and you got £250.
    It would likely be theft if your wages were £200 and they paid £2000 in and you spent it.

    As for time limits, limitation is 6 years, but that can be longer depending on certain factors.
    There's no limitation for any criminal charges though.

    joesmum

    it's not the Tax Credits people is it?



    If it is, don't even think about not calling them right away. They'll hound you into the grave...

    Withdraw the cash and flee the country, consider plastic surgery to change your appearance and dont ever contact any friends/family ever again!



    P.S. Enjoy your new life!

    happened to me £15k suddenly turned up in my acc


    its been 14months still in my acc and no enquiries



    Original Poster

    Wow i wish it was anywhere near £15k!!! It is £435 and it came from a insurance company who we have recently made a claim through, although the claim money was paid out around two weeks ago. I know it's them because of the referance number.

    jarralad86

    Wow i wish it was anywhere near £15k!!! It is £435 and it came from a i … Wow i wish it was anywhere near £15k!!! It is £435 and it came from a insurance company who we have recently made a claim through, although the claim money was paid out around two weeks ago. I know it's them because of the referance number.



    Is it a refund of your latest premium? Perhaps they no longer want to cover you.

    Original Poster

    No their premium isn't that expensive and they have no reason to want to stop the cover as only 1 claim has been made in 9 years.

    FrootCake

    Is it a refund of your latest premium? Perhaps they no longer want to … Is it a refund of your latest premium? Perhaps they no longer want to cover you.

    no idea of the law, but one day I got a letter from Barclays Bank asking me to phone them about a mistake they'd made. £2500 odd had been paid in to our joint account by mistake, 5 months earlier. I hadn't noticed! At that time we often paid in amounts like that as refund for husband's petty cash expenses at work. They wanted me to give permission for it to be taken out... wouldn't give me any details as to how it got there.... very irritating, but I did give permission after I'd trawled through all our paying in records.


    Me, I'd just leave the money alone and wait for something to happen in it's own time. If you phone the insurance company someone might get the sack for the mistake if the wrong person gets to hear about it.

    Banned

    someone might get the sack for the mistake if the wrong person gets to … someone might get the sack for the mistake if the wrong person gets to hear about it.



    pmsl

    yeah right

    Personally, id withdraw it. Give it to someone reliable and if nothing within a year, spend it on a holiday.

    Banned

    they will probably notice during the month end reconciliation within the claim payment reports

    come clean and they may even reward you for your honesty
    Edited by: "csiman" 5th Feb 2011

    Supermod

    Some advice here

    Original Poster

    Just an update for all, about a week ago we recieved a letter from said company advising us of an `administration error` on there behalf and asking for full repayment.

    Called them back and repaid the funds straight away.

    Shame as it would have came in handy for our summer holiday (_;)
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