money that i have been credited twice

[mango9600]

i sold some shares and got paid by the sharedealing firm via bacs system. then i checked my account and they had paid me two differeent times.. after a month they have contacted me and they want the money back..problem is i have spent it . what happens now?

[Loosehead]

You owe them the money, they will do all they can to retrieve it. It's very simple really, mistakes do not incur forfiture.

[PrinceRainie]

Loosehead is absolutley right. You do owe them the money. But you knoew this already.

However, as you have spent the money, they will have problems reclaiming the money. Do you hold any more shares?

The trading account you have with the sharedealing firm, is it a credit account? Some are, in which case your account will remain overdrawn until you have paid the amount due. Interest could well mount up.

[dzug]

If they want to push it they could take you to court for theft. You knew it was a mistake but still spent the money that wasn't yours.

[mango9600]

i dont have a share account with them and i also dont hold any more shares with them..at this moment it was a request to return the money... but could i neogiate my own terms for repayment?

[PrinceRainie]

If you agree a repayment strategy with them, on BOTH your terms, then you should be ok.
They would have little or no chance having you prosecuted for theft as it would be failry difficult to prove.
Just call them and tell them whats happened, and ask them if you can repay it in installmens.....note...ask...dont tell them..otherwise they might just go to small claims.....