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Online financial advice is a bit hit and myths...

Document Cited in Related
Vincent
Published date25 March 2024
Publication titleHuddersfield Daily Examiner
I'm often asked about financial urban myths: things we hear or read about that sound feasible that simply aren't true. Here's my guide to what's real… and what isn't. If money gets paid in to my account in error, I can keep it No is the simple answer. Sorry to disappoint you all, but there really is no thing as free money. Legally, you're obliged to pay it back

Of all the finance urban myths, this is the one people cling on to the hardest. I'm often told how wrong I am about this in rather blunt terms, by people affected. Sadly, I'm 100% right on this one. If the bank or a business overpays in to your account you have to return the cash.

myth buster: keep cash

Having said that, you didn't make the initial error. So if you have spent some or all of the cash 'accidentally' then you can expect your bank or card provider to come up with an affordable repayment plan, ideally without interest. This shouldn't damage your credit file either.

On occasion, you might be able to demonstrate that you were expecting a lump sum payment like an inheritance and assumed the mistaken deposit was that sum. This might - might - result in some of the cash you've spent being waived, but this is very, very rare. If a cash machine pays out in error, I can keep the cash See above! They will find you too. My partner's bad credit will affect me too According to my fellow TV expert and Experian credit reference specialist James Jones, being in a relationship doesn't mean your credit report, or finances, are linked. The only way to link your credit reports is if you've applied for joint credit together, such as a bank account, loan or mortgage. If you have previously taken out credit with someone but don't share any joint accounts now, you can ask for a 'financial disassociation' with all three credit reference agencies. However, joint credit accounts can leave you liable for debts as an individual if you fall out with your partner.

The other person could also...

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