Huge credit - where do I stand legally on this ?

[mybigtoenail]

Long story short - I have been moving store card balances around to take advantage of interest free offers. I had to reverse a balance transfer and re-do it, due to technical problems. This resulted in numerous debits and credits between the same cards (card the balance was coming from and card the balance was going to). Somewhere along the lines, something has gone amiss. The balance I owe (transferred from a different card/card provider) is showing on the card I moved it too. This is fine. The card it has come from is missing one of the debit transactions from the card provider I have xfered to. As a result, this card now shows a large credit (£2k, being the balance transfer value). This was a month ago, and the debit has still not been posted to clear the £2k credit.

1. what would happen if I took the credit and closed my account and the debit was then applied at a much later date ?
2. Is there a time limit for the company to either apply the missing debit or contact me to make payment (to make payment for the credit I have taken) ?
3. where do I stand legally on all this ?

I am hoping that the missing debit amount is never applied and I can take the credit value. I want this thread to be about where I stand legally and not morals. If I can take advantage of the cock-up, then I will.

Short story short. It's theft, you know it is or you wouldn't have posted . Morals are a thing you know.

~@silverclock222 did you miss the memo. let me remind you:

I want this thread to be about where I stand legally and not morals

If the card company f*ck up, then not my problem. Not that I need to justify myself to you.

If the card company fck up, then not my problem

I think you are right, as long as you will think the same if they say you owe 4000 and not 2000.

As with all banking mistakes ultimately when it is spotted they would ask for it to be repaid. They would likely set up a payment plan if it was going to be difficult to recover.

I REALLY hope no-one helps you

Well crack on and find out just don’t come whining when suddenly you’re being chased for £2k

Taking out the moral aspect honestly though how daft do you have to be to think you have a legal chance in hell of keeping £2k that isn’t yours?

Of course they would want the money repaid and honestly by closing the credit account it would in all likeliness flag the fact that you are in so much credit and cause them to look into it further and find the mistake.

@CovertImage jealous that I may be able to walk away with a £2k banking mistake !

@CovertImage 😂

They will have 6 years to chase you for this debt, doesn't matter if it's their mistake or not, legally you will owe the money and would not have a leg to stand on when they chase you for it

Oh dear you’re quite immature really. I personally don’t care if a credit card company loses a bit of money they’re hardly angels but I think it’s worrying that someone who clearly already has debt is going to potentially add another £2k to it and the risk of a criminal record (you can be charged with retaining wrongful credit under the theft act especially if you can’t prove that you tried to rectify the error your end.

come love use your noodle!

Legally: it's not your money so if (when) they spot it you would have to pay it back.

www.money.co.uk/guides/can-you-keep-money-accidentally-paid-into-your-bank-account

If you don't take steps to repay it now, you could also be charged with a crime.

I totally get the temptation OP, but alas, tis not the lottery. You could get into real legal trouble if you take it.

Legally when they realise they can chase the money. It might seem like a free £2k but all you'd be doing is setting up a future problem. Not worth it and very immoral.

What you COULD do legally is email them about it, whack the windfall in a high interest savings account and pursue a solution verrrrry slowly whilst taking advantage of the high interests rates available right now to skim a little off the top!

It is, as @silverclock222 says, theft. That is the legal position under the Theft Act 1968. The fact that the card company has messed up is irrelevant. It is not your money.

Morals aside - it's quite simply theft. The fact you're considering closing the account almost confirms to the company you knew the money wasn't yours.
They may not ask for it back for ages but at some point - the error will be found. If you're struggling now to the point of moving debt around on cards, can you really risk having an additional 2 grand on top of that. If they pursue with with theft, then could that affect future jobs etc.
You say you don't care about morals, but you'll soon be moaning if lenders won't lend to you or you can't get a job because of your record.
I think you're stupid.

I doubt that this story is true, because I find it hard to believe that someone is asking a forum how to be a better thief.

To answer your specific questions:

1. The credit card supplier can chase you for the money. Worst case, you could be convicted of theft. Retention of a wrongful credit carries a maximum sentence of 10 years imprisonment and/or an unlimited fine.
2. As this is triable either way (i.e. magistrates or Crown Court), there is no time limit.
3. You are proposing committing an offence under the Theft Act Section 24A - Dishonestly retaining a wrongful credit

1. When an audit is done the debit will be applied to the account and they will chase you for it.

1. 6 years unless they decide it's theft in which case forget the 6 years there's then no time limit (it is theft)

1. Legally you don't have a leg to stand on. When they chase you for it saying it's their error isn't a defence against owing it.

Once my bank credited me 400 when I put 200 in cash in, I think she put through the transaction twice. I never told, they never chased that was twenty years ago so I think I’m safe!

Take it out, leave it in a high interest account. Take regular screenshots and wait for the money to be taken. Reassess after six months in

Wow. What a shitty person you must be. Unbelievable

I didn’t miss the memo. You want it to be how you stand legally. A couple of informative responses just above.

You don’t want to discuss morals. Fine.

I doubt you’d understand anyway.

You won't be able to walk away. At some point it will be picked up by an internal audit. Legally you will be responsible for repayment.

As per my responses to OP, you committed a criminal offence and are encouraging OP to do the same. Even though it was 20 years ago, you can still be prosecuted if they find out.

A thief wanting legal advice!