Moral Dilemma

[Theatre of Trees]

Opened my credit card statement today and noticed after my intial payment had reduced the arrears to zero another extra credit payment had also been paid for £2,500.

So do I keep quiet and get them back for all those interest payments when in deficit or do I get in touch and come clean? The moeny certainly didn't come from me and I don't think I've ever heard of a credit card company giving that amount of cash away to reward those of us who pay on time and prevent the card going into any kind of deficit.

 

[Zesh Rehman]

You lucky so and so, wheres the option for blow it all on women at Butlins ?

 

[Zed Seagull]

Depends if your an honest person or not. Do you suffer from guilt?

 

[Hiney]

Take it out of your credit card account, put it in the highest interest-earning instant access account you can find.

By the time they find out - as they probably will - at least you've earned a bit on it.

 

[Spicy]

My initial reaction was to get in touch with the bank, but as I currently dislike my bank for their charges I might not be so honest. The problem is if you take it out and put it elsewhere, it shows you are aware of it, and I would have thought that is more of a crime, if they find out, than ignoring it and seeing what happens. All these payments are done electronically anyway and I suspect you have someone else's credit card payment. I am just thinking what are the chances of the bank finding out, and I am unsure about that one, so I would say lie low and keep stum for the time being, and if I am right, please send me a cheque to Spicy Towers.

 

[severnside gull]

My initial reaction was to get in touch with the bank, but as I currently dislike my bank for their charges I might not be so honest. The problem is if you take it out and put it elsewhere, it shows you are aware of it, and I would have thought that is more of a crime, if they find out, than ignoring it and seeing what happens. All these payments are done electronically anyway and I suspect you have someone else's credit card payment. I am just thinking what are the chances of the bank finding out, and I am unsure about that one, so I would say lie low and keep stum for the time being, and if I am right, please send me a cheque to Spicy Towers.

think I would agree with that and when they do catch up you can just say you didnt notice. To even do that you might need to stop using the card / use another one so you can say you didnt read the statement.

Certainly the minute you touch it you are committing a crime - not sure if it is fraud or theft but I do know the banks have a habit of prosecuting to get their money back. The courts also take a dim view - a couple of recent cases have been very severely dealt with - as in jail time.

Leaving it where it is may be inconvenient (and I wouldnt even think of touching it for two years at least) but I suspect they will spot their error anyway.

Alternatively of course you could be honest. You wont even get a thankyou but it is simpler and a lot less stressful

 

[Djmiles]

Keep it in the bank and get the interest on it, what's the worst that could happen if you don't tell them?

 

[Cheshire Cat]

It is an error so the money is not yours and if you keep it, it is effectively theft.

However you could wait until they find out (which they probably will eventually) but put what you normally repay into an interest bearing savings account so when you have to repay it you can afford it

 

[Carrot Cruncher]

I may well be wrong on this, but I thought that cash withdrawal rates on credit cards are astronomical and I doubt there is a anywhere that will give you 15% on £2500 worth of savings.

I'd be honest

 

[nail-Z]

The most likely cause is that someone has done a 'balance transfer' and put the wrong card details in. So that £2.5k probably belongs to someone who can ill afford to lose it.

It will take a month or 2 to track it down, but they will. So my advice would be to come clean, before the victim starts getting default charges for failing to make a payment against a card that they thought was clear. Or something.

 

[scooter1]

Some interesting points above - i'd just leave it there, if its still there in 18 months then i'd have it away. If they're any good at their admin then they'll take it back and you can plead ignorance. As above, moving it would be theft and there could be repercussions regardless of whether you could pay it back immediatley