Ex has cashed in childs bonus saving bonds!!

juststartedout

We put the money in and was under the impression we BOTH had to sign before little un was 16 if we cashed them in....i was adamant about this at the time as were going thru a rough patch and she wasnt the greatest with debt and money. We both put ur signatures to the bonds

However now divorced and 12 years down the line i find ex has cashed the childrens bonus bonds in??? The money that he had as gifts. Child lives with me and wanted them and we then found this out

What i need to know a sthe small print doesnt actaully tell me is how she could do it with 1 signature?

Anyone been in similar situation?

greenface

have you asked the bank yet

juststartedout

NS&I have confirmed that the holding has been repaid so i guess that means they have been cashe. I can send for more info now which i will but i just cannot believe she has cashed in on our teenagers bonds

My dad made us both sign when he put the money in and in the divorce papers she said she will keep them safe. The robbing ... is all i can say

But want i want to know is if its legal for just 1 parent to sign if there are 2 signatures on the bond?

Hungerdunger

juststartedout wrote: »

But want i want to know is if its legal for just 1 parent to sign if there are 2 signatures on the bond?

I have no idea how this particular account is operated, but with many joint accounts you are given the option when opening it of "Either to sign" or "Both to sign".

It is this that you need to find out - if you don't have a copy of the agreement, the bank should be able to show you a copy.

martinman3

From the NS&I Child's Bonus Bonds T&Cs at http://www.nsandi.com/products/cbb/termsandconditions.jsp

18. While the bondholder is aged under 16 the Director may repay a Bond, or part of a Bond, to any person who applies for repayment and satisfies the Director that he or she is a proper person to receive payment on behalf of the bondholder. This will normally be the person with parental responsibility referred to in paragraph 3. If there are two such persons the Director may ask both to sign for any repayment.

"May ask" ?
I can't imagine why they wouldn't ask both unless one couldn't be contacted. Was the same address supplied for both you and and the ex and who moved out ? If you changed address and she told them you were uncontactable it may require court action with your ex, depends what the NS&I records say.
You (or your son if now old enough) should definitely make a complaint to NS&I and perhaps then to the Financial Ombudsman Service if no progress http://www.financial-ombudsman.org.uk/

juststartedout

Thanks for that martin.

I need more info from them so a letter has gone off

The bonds were opened when we were married and we both lived at the same address...she had the house, and still remains there so all correspondences would have gone to her. I wasnt worried because i never thought she could cash them in because i thought it need 2 to sign? We both signed when we put them in

I wouldnt put anything past her she forged my siniture to get an access card so anything is possible

Went to a solicitor who said its not worth the fight as she may just say she needed to buy things for our lad. Im really not happy about that. She has stole sons savings!

With bonds....do you have a savings book or are they certificates?

NJW69

You get a certificate. We have a number of these for our son but I'm the only signature as I didn't know you could have two. He is now 18 so can get them himself. I would contact NS&I directly if you have any documentation as to needing two signatures as they are generally very strict. When I made an enquiry earlier this year to determine their value (their are quite a few in diffrent releases) they wouldn't release any information as my son is now 18 despite me taking them all out and paying for them and would only do it with his approval (signature) even though I wasn't requesting repayment.

juststartedout

I done a trace and NS&1 emailed me.

Saying they had done a trace and hold and there were bonds and they have been cashed, However to provide more info they said to wriet

Just wanted to double check about the cerificates as in our divorce papers i questioned sons savings and she said that she has the certificates and will keep them safe......yeh rite!! Imagine how my now 13 year old feels that his mum has done this.

The worse thing about it is that it wasnt our money it was a gift from MY parents for when lad is older