NS&I bond holder lost.

colbee

12+ years ago I bought a NS&I Children's Bond. The child in question is now approaching 16 years of age. The child has changed his surname and address from that originally given and was last heard of at a different address over 10 years ago. I have had no contact with or knowledge of the child since then.
NS&I recently sent a letter to the child, using his original surname, to his original address. The letter concerned the maturity of the bond.
I contacted NS&I, explained the situation and gave the new surname and the last known address (which is 60 miles away from me).
Their response is that they are unable to take any action unless the registered bond holder (the child) makes contact with NS&I.
This could mean never, something I have told NS&I, but this did not elicit a response.
I had a similar situation in respect of the same child last year, concerning an insurance policy in his original name which had matured. The insurance company's response was the same as that from NS&I.
There must be thousands, maybe millions of similar cases where money is being with-held from its rightful owner because of what seems to be an administrative (perhaps legal) impediment. Does anyone know of a solution?

pandora205

Facebook can be remarkably useful for tracking down lost friends and family. A 16 year old is quite likely to be on there.

colbee

Sorry, I should have mentioned that I wish to have no contact in any shape or form with the child, nor do I ever frequent Facebook or Twitter or any other social networking site. I was just wondering whether financial institutions such as NS&I have any more responsibility than to simply sit on its hands.

iAMaLONDONER

colbee wrote: »

12+ years ago I bought a NS&I Children's Bond. The child in question is now approaching 16 years of age. The child has changed his surname and address from that originally given and was last heard of at a different address over 10 years ago. I have had no contact with or knowledge of the child since then.
NS&I recently sent a letter to the child, using his original surname, to his original address. The letter concerned the maturity of the bond.
I contacted NS&I, explained the situation and gave the new surname and the last known address (which is 60 miles away from me).
Their response is that they are unable to take any action unless the registered bond holder (the child) makes contact with NS&I.
This could mean never, something I have told NS&I, but this did not elicit a response.
I had a similar situation in respect of the same child last year, concerning an insurance policy in his original name which had matured. The insurance company's response was the same as that from NS&I.
There must be thousands, maybe millions of similar cases where money is being with-held from its rightful owner because of what seems to be an administrative (perhaps legal) impediment. Does anyone know of a solution?

If the child doesn't want can't be bothered to make contact with NS&I to get the funds then I doubt they would use it wisely tbh!

iAMaLONDONER

colbee wrote: »

Sorry, I should have mentioned that I wish to have no contact in any shape or form with the child, nor do I ever frequent Facebook or Twitter or any other social networking site. I was just wondering whether financial institutions such as NS&I have any more responsibility than to simply sit on its hands.

Can't you just get a refund- after all it's your money that bought them?

I'm sorry that you seem to have fallen out with the child or with the parents

colbee

The child is unaware of the existence of the bond. I have no right to the money, nor do I want it - it belongs to the child. Personal relationships aside, the big question is: should financial institutions be allowed to sit on money which does not belong to them, when a little sensible probing would resolve the situation.

dzug1

I think it's a question of the institutions being forced to sit on the money rather just than allowed to.

If you are unwilling to do anything about it (as it seems) then you are the one placing 'bureaucratic' obstacles of your own.

You could at least get someone else to do the investigations if you are actually concerned

Gadfium

colbee wrote: »

The child is unaware of the existence of the bond. I have no right to the money, nor do I want it - it belongs to the child. Personal relationships aside, the big question is: should financial institutions be allowed to sit on money which does not belong to them, when a little sensible probing would resolve the situation.

Why should the institution have to employ and manage a team of people to do this? That will only drive up costs.

It could be counter-argued that why should an individual (you) be allowed to hold knowledge that would allow the child in question from receiving what you acknowledge is their money?

If you are really that bothered, then you could do the investigation and drop the child (or parents/guardians) an anonymous letter informing them of the situation.

I'm sorry if I sound harsh, especially as I do not know (or, indeed, want to know) about the exact details that sit behind your request. I do, however, dislike when people say "Its not my fault, surely the gubernmint/the law/others should just do something" when in reality the situation is unique to them and possibly of their own making. It's about being responsible for one's own actions and their consequences, or, indeed, their inactions and the consequences.

IronWolf

You need to find a way to get word to the child that the bond exists. If you don't want to do it yourself then can you not find someone that can do it for you?

Either you do this or just forget about the money.

alanq

Gadfium wrote: »

Why should the institution have to employ and manage a team of people to do this? That will only drive up costs.

I have read reports of financial institutions actively searching for the beneficiaries of dormant accounts. e.g. from 2008 http://www.telegraph.co.uk/finance/personalfinance/savings/2792466/Funds-reunited-find-money-in-lost-accounts.html

So it is not that unreasonable a suggestion.

xylophone

If you do not wish to contact the child or his parents yourself, perhaps your solicitor could write on your instruction?