My Dad 'tricked' me into giving him £5,000 & now can't afford to pay me it back

Mojisola

LovelyLeeds wrote: »

My point is that we know he's taken the money, but is it worth falling out with her father over?

"My father has stolen money from me and lied to me about it and is now trying to do the same to my young sister." Not worth falling out with him? Why would you want to maintain a relationship with someone you couldn't trust or believe and who obviously doesn't give a fig about you?

LovelyLeeds

kaylz39 wrote: »

Yes, you're right- the plan was to put it towards my wedding more specifially my wedding dress. I know my Mum would have loved to buy my wedding dress for me, at least she paid the deposit on it

With respect, this is your post #123

ISAs also have quite a low interest rate, albeit tax free, you wouldn't have made anywhere near £1000 interest. Also if you don't switch ISAs regularly the interest rate can dwindle to under 1%. He still owes you £5K I'm not dismissing that.

Tixy

LovelyLeeds wrote: »

ISAs also have quite a low interest rate, albeit tax free, you wouldn't have made anywhere near £1000 interest. Also if you don't switch ISAs regularly the interest rate can dwindle to under 1%. He still owes you £5K I'm not dismissing that.

Its been 7years. It would have been possible to earn £1000 in interest in that time in ISAs, providing it was switched to keep earning decent rates.

And in post 1 she does accept that she wasn't sure if the figure her Dad had quoted was realistic

at the time my Dad & step-mum said I should place half of it in an ISA which they said should give me back around £20 a month in interest (this may be completely wrong, but at 18 I didn't know otherwise).

kitrat

LovelyLeeds wrote: »

Thing is, if you'd saved the money and given the money to your dad to invest I would have every sympathy for you, but this money was gifted to you from your mother's estate, so you didn't earn it.
Forgive your dad the 'debt' - it's gone and from what you say, he doesn't have the means to pay you back, so why continue to pursue it?
The nicest thing you can do as a human being, and as a caring daughter to your dad, is to say, 'don't worry dad, the money's gone, and that is that let's move on from it'.

Dad didn't earn it either!!

LovelyLeeds

Tixy wrote: »

Its been 7years. It would have been possible to earn £1000 in interest in that time in ISAs, providing it was switched to keep earning decent rates.

That's some ISA interest rates you know of then!
The OP states half of the £5K - so £1000 interest on £2.5K?? No way.

Tixy

LovelyLeeds wrote: »

That's some ISA interest rates you know of then!
The OP states half of the £5K - so £1000 interest on £2.5K?? No way.

Sorry I could have perhaps quoted slightly longer from the OP - but its £5k he took from her and she believed he was putting in to an ISA (£5k being half of the £10k).

When I turned 18 I received around £10,000, at the time my Dad & step-mum said I should place half of it in an ISA which they said should give me back around £20 a month in interest (this may be completely wrong, but at 18 I didn't know otherwise). As I didn't 'need' it I gave them the £5,000 (I think it was in cheque form, but cant be sure) and they said they would sort it out for me as my Dad was with RBS he said he would get a better deal.

£5k (starting in early 2007 when there were some really good ISA deals around), compounded over 7years - a return of £1k wouldn't be too far of the mark. (not that you couldn't put £5k in an cash isa in 1 year then but supposing it was done either side of 5th April).

LovelyLeeds

Tixy wrote: »

£5k (starting in early 2007 when there were some really good ISA deals around), compounded over 7years - a return of £1k wouldn't be too far of the mark.

Fair enough. I think I was mentally basing it on my own rubbishy ISA. :cool:

taffy056

Don't know why some here are trying to make out the OP has to justify herself at all, it was her money, she had someone she thought she could trust to invest this money, he didn't he stole it from her, and selfishly spent it on himself with some pap about paying interest to the OP.

He is guilty of deception, don't try and moralise the situation , was it his money ? No ! Did he make false statements ? Yes! Did he act illegally ? Yes! Its entirely up to the OP what to do now, but looking at it, this person has no morals, and is a disgrace of a father! How can he effectively thieve of his own flesh and blood?

londonTiger

elvis86 wrote: »

You, as an adult, knowlingly lending your sibling £5000 is a completely different scenario to a grieving 18 year old's father offering to invest the money she inherited from her mum for her, and actually spending it block-paving his driveway.

Are you actually so stupid that you can't appreciate the difference??

OP is an adult too.

Who knows what happened, you are assuming the Dad deceived the daughter, maybe he he used the savings money to dip into in the short term and had hopes to fill it up on the next wages or something.

Anyway.. I wasn't necessarily against the OP, just crap family, both of them have a role in their dysfunction. Dad and daughter.

elvis86

LovelyLeeds wrote: »

How much bigger house do you think you'll get if you had the £5K, because in housing terms, £5K isn't going to get you an extra bedroom, etc.

LovelyLeeds wrote: »

ISAs also have quite a low interest rate, albeit tax free, you wouldn't have made anywhere near £1000 interest. Also if you don't switch ISAs regularly the interest rate can dwindle to under 1%. He still owes you £5K I'm not dismissing that.

What on earth are you on about? Nitpicking over the interest the OP would've earned and scrutinising what she may have spent the money on? You're unbelievable.

The interest that the OP would or wouldn't have earned and what she may or may not have chosen to spend the money on are irrelevant. She would've been entitled to use the money to buy a gold-plated d!ldo for her wedding night if she wanted to - it was her money! That is the only issue here!

You've obviously adopted a viewpoint and are determined to stick to it regardless of how increasingly stupid it's making you look.