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Money due - but for how long???


martyn_bannister
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Hi,

 

An easy question I hope!

 

I have just completed a house purchase and, despite arguing with the conveyencer regarding the amount of money he required us to pay him to perform the completion he insisted that the amount he required was correct. We calculated that he was out by over £20,000. But in our favour !!!

 

My question in this. Although we now find ourselves over 20k richer :) , how long do we have to keep this money so that we have it to hand when he eventually discovers his mistake and tries to recover it back from us:cry: ?

 

At this point will he be entitled to interest on the money as well as the original amount?

 

Is it six years :? ? Or less maybe?

 

Any help appreciated!

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Do you have an invoice from him?

If you get a receipt for your payment marked 'in full and final settlement', then I don't see what he could do about it. It's not as if you've conned him, is it?

If you're worried, stick the 20k in a savings bond or something, and make some interest for yourself!

 

:D

Barclays (2 accounts) WON

Lloyds TSB (Daughter's) WON

 

Cohen's: WON (discontinued)

DLC: Given up, gone away.

Eversheds: Trying!

Equidebt: In default

Intrum J: Return to OC

iQor: Stopped paying.

Link: In default.

ScotCall: Return to OC

Thames: Stopped paying.

 

 

I am NOT a legal or financial expert. There are many CAG members and staff who are better qualified. Please do not make major decisions based on my advice alone.

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Hi oneofakind,

 

We haven't got an invoice or receipt as such, but we have got a "completion statement" which details the various components that have gone to make up the final amount. No mention of "full and final settlement" though!

 

We have put the 20k in a high interest account, but if the statute of limitations is 6 years that means we have to leave it (and the interest earned) in there and untouched for 6 years, only for him to potentially come along after 5yrs and 364 days and claim the lot!

 

Would be nice to think he could only do this after, say, one year, at which point we could then use the money to pay off some of our mortgage! Hence the initial question of how long must we wait.

 

Course I suppose we could pay off some of our mortgage today and then, if he comes back after one year, or even 5 years, we will have enjoyed the lower repayments for the whole of that period. Of course we would then have to find the £20k + interest, but we could always extend the mortgage at that point I suppose.

 

Now I know why I hate finance!

 

Rgds,

 

/\/\

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Hi oneofakind,

 

We haven't got an invoice or receipt as such, but we have got a "completion statement" which details the various components that have gone to make up the final amount. No mention of "full and final settlement" though!

 

We have put the 20k in a high interest account, but if the statute of limitations is 6 years that means we have to leave it (and the interest earned) in there and untouched for 6 years, only for him to potentially come along after 5yrs and 364 days and claim the lot!

 

Would be nice to think he could only do this after, say, one year, at which point we could then use the money to pay off some of our mortgage! Hence the initial question of how long must we wait.

 

Course I suppose we could pay off some of our mortgage today and then, if he comes back after one year, or even 5 years, we will have enjoyed the lower repayments for the whole of that period. Of course we would then have to find the £20k + interest, but we could always extend the mortgage at that point I suppose.

 

Now I know why I hate finance!

 

Rgds,

 

/\/\

 

in essence, the answer is "forever":eek: 'cause the statute of limitations isn't going to apply. Payment by mistake isn't going to be covered.

 

Instead, you need to write a letter to him, special delivery, informing him that you suspect that an error has occured, and asking him to double check whether all figures are correct.

 

Ash him to explain, in detail, the amount paid.

 

State that, as a good will gesture, you will hold the money on account for a period of six months in order to allow him plenty of time to investigate the matter, but that if his position is still that the money was not paid incorrectly, you will then spend the money.

 

this will, at least, prevent you having any criminal liability; and, if you were to spend the money after 6 months, you could argue "change of position.

 

Keep all paper work recieved and sent, forever.

  • Haha 1

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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Hi tomterm8,

 

Despite not being what we want to hear :( , I think your advice is sound. If we state in the letter that we will spend the money after 6 months and it is his responsibility to explain how he has arrived at his figure we can't really go wrong. You never know, we may have worked it out wrongly!

 

Thanks for your help.

 

Rgds,

 

/\/\

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