Is honesty a good policy?
 

I had an investment policy that I started about 7 years ago and just cashed out. Now my problem is that he scummy institution charged me to cash it in and that cost me about half the miserly interest that had accrued in the 7 years. Now the thing is, the letter I wrote canceling the account had my bank account detailed on it so they could pay the money in directly. About 3 days ago I got a letter in with a cheque, so I swore at the incompetence of the idiots and paid it into my account.

Now, my dilemma is that the idiots also paid my by BACS transfer and it hit my account this morning. So do I do the honest thing and return the money voluntarily, do I wait for them to request the money or do I close the account quick and hide :D

Re: Is honesty a good policy?
 

I would maybe wait a while...

I had a visa card re-emburse me charges of 96p, in error they put 96.00 back on my account.....I waited a few months...they didn't pick up on it....I spent it.

I hope this happens for you...We have just cashed in our policies and after 14 years it has only just made back what we paid in :mad:

Good luck

Linda

Re: Is honesty a good policy?
 

shhhhhhh....say nothing. Its a drop in the ocean to them

Re: Is honesty a good policy?
 

Hehehe... Out of 17, I'm the only one thinking you should return the money voluntarily. :p Can you see my shining halo?
Honestly, I believe in karma - whatever you do, will get back to you sooner or later, be it good or not so good. :)

Re: Is honesty a good policy?
 

Keep it!
But keep it in the accunt for a while (prob a few months), as they should notice it by then (if ever!)
Good Luck!

Re: Is honesty a good policy?
 

I seem to remember my dad getting some sort of credit card reimbursement for about 250 GBP. Then he got another one so, being honest, he sent them a cheque to refund the double payment. Then he got a letter apologising for the confusion and informing him that the money had been credited to his account (a third time!) So he threw up his hands and accepted it ... :D

Re: Is honesty a good policy?
 

You could put it into premium bonds until they notice perhaps? You might win something in the meantime!

Re: Is honesty a good policy?
 

I too believe in Karma and the insurance companies have given us all a right royal scrweing of late, passing their bad money management onto all of us. My endowment is going to be 50% less than projected. What goes around comes around Insurance Bandits, you know who you are Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrr :mad:
Guess what I think you should do with the money :D
Stuarty

Re: Is honesty a good policy?
 

Not quite the same thing, but honesty does NOT always pay. We got turned down by CHC because we were honest and up front about our daughter's growth hormone treatment and they then turned us down under "causing excessive demand" If we had not told them about her treatment, they would have never known and we would have sat out the remaining 18 months of her treatment here in the UK before moving to Canada.

I work in the financial services industry and most of the big companies have shambolic service and administration, so it is not likely they will pick up on it. You have 6 months to cash the cheque, if that is what you decide to do.

Re: Is honesty a good policy?
 

Hi Grey C, very sorry about your application. I paid in the cheque before I knew that the idiots had done the BACS thing. I have moved it to a high interest account and I'll wait and see what happens.

The sums involved are not huge for the institution, but for me they are significant at a touch over £7500, but it would mean I get my shipping on them :D

Dozzzzy :zzz:

Applied Skilled Worker (London)
Application submitted - 05th July 2004
AOR Dated - 21st July 2004 (18 Months)
Delay Letter - Arrived Jan 2006 (Delayed till June 2006)
Medical Request - 26 May 2006 (NO Interview or Updated Docs Required)
Medical Taken - 28th May 2006
Medical Received - 4 July 2006
Info Request - 17 July - Update Available Funds
PPR - 14 Aug 2006 !!!!!

Re: Is honesty a good policy?
 

At £100, well, "bof" as the French would say. But £7500? You have to give that back. There's no plausible deniability here: you can't argue you overlooked it (like you could £100). If the institution spots this (as it ought to for that sum when they come to do the reconciliation) and think you've tried to scam them then they'll call the police.

The police, in this nitty picky era we live in, like investigating middle class crime because it's low rebound (you won't skip bail, you won't assault the officers, you will turn up for prison, etc.). And if the copper assigned is having a boring day he might well want so make things interesting by calling the RCMP. And, to justify all this effort, they want something: you.

Give the money back and let the warm glow of karma suffuse through your body. Oh, and send it via cheque. Drawn on a Canadian bank account. Get proof of posting, but don't send it express. That way it'll take another two weeks to arrive and you can buy a bottle of Dom Perignon or two with the interest earned. They can't hardly complain about sending cheques slowly via post, can they?

K.

Re: Is honesty a good policy?
 

Sorry. I forgot: you're not in Canada yet. In that case, definitely give the money back. You don't want to fail to land in Canada in time because you're in jail in the UK.

K.

Re: Is honesty a good policy?
 

I think you should repay it. But do it on your terms. 'Phone them up (or even fax them as you get proof of the call), explain the situation, tell them you're p!ssed at them for ripping you off, and explain that if they want a cheque from you, they should send you a secure, stamped, addressed envelope. It's their mistake, why should you cover the return postage?
Meanwhile, the money is languishing in your high interest account, earning you real cash you can keep. If you don't hear from them in six months, forget it ever happened.

Re: Is honesty a good policy?
 

Companies overcharge all the time, and sometimes their error is not picked up by the consumer. Imagine if you had been over charged, would it be a simple call to rectifiy it - heck no!
As I see it, if they ask for it then give it back. If they don't ask for it back then either spend it or give it to a good cause. I would not go out of my way to rectify what is their error.

My argument would be that when I took out the policy they had claimed to manage my investment in a professional manner whilst obtaining the best yeild, yet by returning your money twice obviously had no skills handling money ;)

The fact they took half your accrued interest has no bearing on the matter, that would have been detailed in the ploicy notes you signed. If it was me I would not return it, I would keep it in my bank for 6 months and if not claimed after that buy something nice whilst donating a portion to charity to alleviate the feelings of guilt :rolleyes:

Re: Is honesty a good policy?
 

I also would suggest keeping it for at least the six months. You will be out the country by then. If guilt does get the better of you you could always write to them and then leave it in their hands if they claim it back - at least you will have got the interest on it for however long it is in your account.

It wasn't your mistake, why should you chase them up - I know it is a lot of money, but you have enough on your plate just now.

Leave it 6 - 12 months and see what happens -you can see then how you feel!