Child Tax Credit paid into my account I think by accident - any harm in holding on to it until they ask for it back?

[FeelingLucky]

I didn't apply for it as I thought Dh and I earned too much to qualify, but this morning they have paid over £500 in my account.
Would I be penalised for holding on to this in my savings account until they ask for it back?
And, any ideas why they have paid me in the first place????

can you not phone them and ask?.

that would mean I'd have to pay them back straight away, when the money could be earning interest for me.
Am I very naughty for entertaining this thought?

I don't know the score but I'd be inclined to phone and hand it back cos they will find out one day, probably the day you really can't afford to shell out £500! (although you may well be entitled to it and that's why you have it?)

How would they be able to put something in your account if you had never applied ? It could be a mistake and meant for someone else who really needs it ?

If you haven't applied for child tax credit, then it's probably a banking error and yes, you will be expected to pay it back. I'd phone your bank/tax credits and try and sort it out - the interest on £500 is really not going to be very much at all!!

Yeah, you're right daisymoo, interest really isn;t that much. iwll call them next week when I have a mo.
Thanks for advice everyone

I think you have to earn over £50k to receive nothing?

No point in phoning ur bank they can do nothing u need to contact tax credits and if they r stupid enough to put it in i would hold on to it .

as long as u dont spend it, they r idiots who havent a clue.

We're definitely earning too much to receive anything - using DH's wage alone as a calculator.
I'm actually going to write to child tax credit people about it, as they do seem a bit all over the place from the stories I've heard. Then, I'll have evidence that I tried to d something about it.

i was paid too much and they are still taking it back, a few years later, that is fine. other people have been made to pay it all back in one go, however as you are not eligible for it, you have to pay it back!

You need to phone them and return it promptly if you're not entitled to it. It's not your money. I'm surprised you have to ask!

I was wondering when someone was going to get on their high horse and have a go at me for considering keeping the money for a while ... but you're right, SobranieCocktail. I WILL write to them to tell them about mistake and make arrangements to pay back.

Definitely earn too much to be entitled to it

Have you actually even applied for tax credits?! If not, the mind boggles as to why they've paid money into your account.

Noooooo, that's why I;m confused.
Especially when I clicked on my online statement and it said "Child Tax Credit"
Very bizarre

Weird. I'd be interested to know what happens.

One of my friend was paid more child benefit than she should have got it and yes she had to pay it back! So sooner or later you will have to pay it back.

I wish i earned to much to qualify - lucky bugger (very jealous)