Mistake Credit in my HSBC Bank Account

[storeyclaire]

In June 2007 I took money out of HSBC bank in Dubai which was withdrawn from my HSBC account in the UK. This was deducted from my account, but then bounced back in straight away. I notified my HSBC bank in the UK and they asked me to contact the bank in the UAE, but unfortunately to no avail.

Now 2 years later I am being asked to pay back the full amount. I have a few questions which I would like answering if possible:

1) Obviously - is there any way round having to pay them back?
2) The exchange rate now is in my favour, do you think its possible to pay them back the amount which was deducted from my account (my actual amount)
3) Can I ask for a payment scheme interest free?

If anyone has any advice or information on repaying this amount back please help! I have been asked to email an advisor from HSBC UK.

[Budgie]

Re: Mistake Credit in my HSBC Bank Account

Something strange here.

If HSBC consider that you owe them in respect of some money that you withdrew from your account whilst you were in Dubai, two years ago then why don't they just withdraw that money directly from your account which I presume is still open?

As you obviously withdrew the money and the proof exists for transaction I seriously doubt that you would be able to wriggle out of this.

The exchange rate is now in your favour and presmuably HSBC UK are now asking you for the money because they have only now been asked for it by Dubai. This would mean that HSBC UK would benefit from the exchange rate improvement, so in theory you should also receive this benefit.

You could always try for a repayment scheme but I doubt whether HSBC UK will allow you. They may offer you an increased overdraft or a loan facility to allow you to pay this off but this will of course have associated interest.

[storeyclaire]

Re: Mistake Credit in my HSBC Bank Account

Well it was over 2 years ago and the money was in my UK account I withdrew it in Dubai, it was debited from my account in the UK and then credited again almost immediately.

As I said I contacted them immediately but nothing came from the correspondence. I then received a letter a few weeks ago stating that I owe the money.

So I am a little confused as to what to do.