There has been a direct deposit payment of $360 transferred into my account every fortnight for the past five months. The person who authorized this payment now wants to recover the full amount, which I no longer have in my account.
I feel annoyed that this person made the mistake and I am paying for it. Is it my liability or the other person’s? What can I do so I don’t have to pay it back?
Untitled
The money wasn't yours to spend, yet you spent it. It's gone.
The doctrine of "finders keepers" doesn't operate in the world of payments made in error. You owe the money, plain and simple, and the only real question is how quickly you'll be obliged to pay it back.
There should not be an attempt to reverse the payments that landed you in this position. They can't be undone without your permission. However, if the individual whose money you've spent is able to identify you as the party who received the funds, you'll likely be asked by an attorney or in a court proceeding to return the funds. Contact the individual to whom the money belongs, and try to work out a repayment arrangement, in order to avoid getting attorneys and the courts involved.
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The money wasn't yours to spend, yet you spent it. It's gone.