premium bonds

midlandlady

Hi, I went bankrupt on 8 May this year. I have had my appointment with the official receiver staff. I told them I had 2 premium bonds(worth £2) and handed them over. I also explained my grandmother bought them for me when I was 4 years old (I am now 54) and that I would like to buy them back for face value as they had very strong sentimental value. They are the only thing I have left from my grandmother, she died several years ago. I told them I understood that if they won in the 12 months until I was discharged the money would go to my estate and even offered for them to keep them until I was discharged and then sell them back to me. The official receiver has refused. They are in the safe and are to be cashed in. They say I am unable to buy them back. No reason has been given, even the clerk I spoke to didnt understand why I wasnt allowed to buy them or why a reason was not given. Can you help please I am really upset this one momento of my grandmother is about to be disposed of for the sake of a measley £2. It doesnt make sense as the official receiver is offering to sell me his share in my house for £1 yet he wont sell these back to me. Can anyone advise, thanks

fiveyearplan

Its a bit late in the day but do you think the OR would have found out you had them if you hadn't told him?

I don't think there is any way for you to get them back at this stage. Sorry.

midlandlady

yes I wish now I hadnt told them I was trying to be honest but obviously honesty doesnt pay. I have co-operated in every way with the OR and in speedy time, now I will be a bit more laid back, he can wait for anything else he wants, seems so petty to me

mysterio_2

Sorry...I lost a couple of £1 ones as well

the official line is here

31.5.32 Premium Bonds and other National Savings investments
Premium bonds can be purchased by anyone aged 16 years or over, and can be bought in the name of someone under the age of 16 years by parents, grandparents or legal guardians. Each bond costs £1, the minimum holding being £100 ( £50 if buying by monthly standing order ) and the maximum is £30,000. Each month a draw is held with the chance to win cash prizes. The Official Receiver should request National Savings to provide the necessary form to complete so that bonds can be cashed in, which should be returned by the official receiver with the bonds. On redemption, the face value will be received, together with any unclaimed winnings. Any winnings should be treated as being part of the bankrupt's estate.
All premium bonds should be cashed in by the official receiver, however small the face value. See also paragraph 31.5.33.
Details of other investment products issued by National Savings that a bankrupt may hold can be found at Annex A.
31.5.33 Encashment of premium bonds or other National Savings investments

To cash in bonds or savings certificates National Savings will provide a form. This will usually be sent when they confirm a holding. A different form will be provided should the bond document or savings certificate be missing. National Savings requires all enquiry letters to be signed personally by the official receiver. No enquiries will be processed without the signature of the official receiver. All enquiry letters should be sent to the following address: Mr J McNair
Compliance Manager
5th Floor, Wing D
National Savings & Investment
375 Kensington High Street
Charles House
London W14 8SD
If the account requires that notice be given before closure, then the official receiver should give that notice rather than forfeit any interest due.

dalip

Take it higher. This is ridculous. PM JSC1 and she may be able to help.

I had £28 in a joint savings account and my OR never touched it,but then richard_s had a £1 premium bond and they snatched that. Another of the inconstistency's between OR's.Dx

midlandlady

Hi, thanks, I am not sure how to find JSC1 to PM please can you advise, thanks

Holes_in_my_pocket

I am assuming that some premium bonds may have a small wiin that the owner didnt claim of know about

dalip

I have sent you are pm with a link hope it helps.Dx

JCS1

I believe it is policy that they are to be cashed in, however small the amount, and that there is no mechanism in place to buy them back. I'm guessing the problem is what happens if the premium bonds win a large amount after discharge and the OR has sold them back at face value.

But, given the sentimental value, I would try a phone call to your OR's office and ask to speak to the Assistant Offcial Receiver assigned to your case, got to be worth a try.

nervousmother

Would it not be worth offering more than they are worth? I know if you were dealing with a Trustee he would jump at the chance but I guess OR's are not as money hungry :-(