Say you get massively overpaid

[308mate]

...for about 3 months. You’ve alerted the right people, agreed to give it back etc.
But what could you do with the extra in the time whilst you have it, hypothetically speaking?
Asking for a friend.

[Trophy Husband]

I get massively overpaid.

[FN2TypeR]

Leave it aside and pay it back as and when agreed?

[thebraketester]

Put it on red.

[PositronicRay]

Use it to move, change continent, and disappear.


BTW what sort of sums are we talking about here.

[red_slr]

Have you seen the film Face Off?

[Nth]

Trophy Husband said:

I get massively overpaid.

[996Keef]

Coke and prostitutes

Waste the rest

[308mate]

PositronicRay said:

Use it to move, change continent, and disappear.


BTW what sort of sums are we talking about here.

Annualised it would put me on about 220k a year.

[InitialDave]

Guessing you don't have long enough before the agreed repayment to put it into a high interest account or something.

Could use the situation as leverage to get a better mortgage I suppose, if the "evidence" of your high income allows you to pass affordability criteria you previously couldn't.

[daddy cool]

thebraketester said:

Put it on red.

[matthias73]

Become a victim of "fraud"

[99dndd]

You couldn't spend it if you know you shouldn't have it.

You could put it in a high-interest account, pay them back when they ask for it and keep the interest.

[PositronicRay]

308mate said:

PositronicRay said:

Use it to move, change continent, and disappear.


BTW what sort of sums are we talking about here.

Annualised it would put me on about 220k a year.

Presumably if on PAYE that leaves a mess when the original sum is recalled. What about pension?

[Silverbullet767]

daddy cool said:

thebraketester said:

Put it on red.

I understood that reference

[Jinx]

The OP earlier........

Main problem I see is that high interest accounts normally get locked in a least a 30 day notice period - if you need to pay it back swiftly this could be a problem.
I'd drop it into a normal saver account with a pay monthly interest option - you won't get a lot of interest but it will be readily accessible and a reasonable thing to do (didn't want to confuse it with your current account hence moved it as soon as you noticed) .
My main concern would be the tax/NI implications - these will be a hassle and any interest earned will be some recompense against having to be on the phone to HMRC (or you accountant).

[alorotom]

A “friend” left a job under perfectly normal circumstances on good terms and started a new job in a different industry, starts the new job but come the end of the month gets paid from the old job, informs his old manager and HR, offers to pay it back and is told to wait until it’s requested.

M2 the same thing and contact made
M3 and again

M4, takes the view of sod it im not telling them again, if they’re so inefficient they can’t stop a payment after being told at least 4 times (once being the resignation and 3 more following payment) I’m not telling them again.

M11 is the last instalment received

No letter ever received and no demand for payment

The money was spent.

[Cardinal Hips]

alorotom said:

A “friend” left a job under perfectly normal circumstances on good terms and started a new job in a different industry, starts the new job but come the end of the month gets paid from the old job, informs his old manager and HR, offers to pay it back and is told to wait until it’s requested.

M2 the same thing and contact made
M3 and again

M4, takes the view of sod it im not telling them again, if they’re so inefficient they can’t stop a payment after being told at least 4 times (once being the resignation and 3 more following payment) I’m not telling them again.

M11 is the last instalment received

No letter ever received and no demand for payment

The money was spent.

I had this after I left my first job at the tender age of 16. I worked as a pearl diver in a kitchen. I got my last months hours paid for the next 3 months. Of course, being 16 and stupid I didn't tell a soul. Nobody asked for it back though.

Small money, think it was something like £180x3. But at 16, that's a small fortune. It was just like passing go on the monopoly board.

[TwigtheWonderkid]

I left a job in the West End and on my last day, dropped my company car at the NCP in Baker St. and left a note for HR with the keys telling them exactly where the car was.

11 months later I get a letter asking me where my car is!!!

I wouldn't have wanted to pay the parking charge on that!

[Bullett]

alorotom said:

A “friend” left a job under perfectly normal circumstances on good terms and started a new job in a different industry, starts the new job but come the end of the month gets paid from the old job, informs his old manager and HR, offers to pay it back and is told to wait until it’s requested.

M2 the same thing and contact made
M3 and again

M4, takes the view of sod it im not telling them again, if they’re so inefficient they can’t stop a payment after being told at least 4 times (once being the resignation and 3 more following payment) I’m not telling them again.

M11 is the last instalment received

No letter ever received and no demand for payment

The money was spent.

What happened with your friends tax? two jobs effectively, two allowances being taken? could have pushed him/her over a tax threshold.