Need help!

chanda_2

Hi,

Need help!

I'm 22, work part-time, from London.

Since I was little, my mum set up a savings account for me, and I was told that when I turned 18, I will receive it, that is what my mum told me.

Now I'm 22 haven't yet received this 'savings' and my mum refuses to give it to me, even though it would help me out with work.

She put it in an ISA, she won't tell me how much is in there, and tells me that I need to stop going on about. But I'm at that age where I'm planning to move out in January.

Since I know which bank she saved it in, is it possible for me to contact the bank and find out how much money she has saved for me?

Will I be able to access it since my name is on the account along with my mums??


I hope I've made sense.


Thanks

Chanda

Reaper

If it is in an ISA then it is not in joint names as that is not allowed. My guess is it is solely in her name in which case it is 100% her money and she is entitled to change her mind and not gift it to you after all. Harsh but legal.

chanda_2

I was figuring that might be the case.

Guess I'll just have to keep on asking her.



Thanks for your reply.

Chanda

McKneff

Have you asked her why she is not letting you have it.


You cant have a joint ISA, the clue is in the name Individual Savings Account.


She could not open an ISA on your behalf, you have to sign and supply documents for the tax man.


She is telling you porkies. She thinks you are stupid enough not to realise.

xylophone

my name is on the account along with my mums??

Then it is not an ISA.

It is conceivable that your mother opened an account in bare trust for you - if this was the case, then you had the absolute right to access and control at the age of 18.




Have you seen the passbook or other documentation?

http://www.candidmoney.com/askjustin/809/difference-between-designated-accounts-and-bare-trusts

chanda_2

hi,

@McKneff I have asked her, but she never gives me a reason.
I am actually confused about ISA's, so I'm guessing she made it up, or should I just go to the bank and ask?

@xylophone I'm just trying to figure out if i can access it.
I haven't seen any passbook, the only thing I've seen is a Bank Statement, which was for a Saving Account and it has my name under my mum's name.


Thanks for your replies.

Chanda

xylophone

a Saving Account and it has my name under my mum's name.

You really need to find out what type of account this is.

Was it an account where the money was a gift to you and therefore your mother was only a bare trustee?

Was it an account where the money was always your mother's but she had "designated" it as money she one day planned to give you?

If it was a child account, one would have expected the bank to have been in contact with your mother by now, particularly after your sixteenth birthday as any R85 would have been automatically cancelled at that point.See below "Things you might like to know"

http://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

If you know the name of the branch and your name is on the account, you could try approaching the branch?

However, you might simply be told that the account will only be discussed with your mother.

See http://www.lloydsbank.com/savings/young-saver.asp You will note that Lloyds say

"You’re in control of the account until they turn 16."

kangoora

If it wasn't held in trust (doesn't sound like it was), I suppose there's always the possibility that some emergencies came up and it just got spent, or your mum decided to blow it on a couple of holidays and she is too embarrassed to admit it.

Or, alternatively, she doesn't think you should get it because you blow all your current money every month on boozing, holidays, new shoes and handbags (no idea if that's what you're like at all, just a possibility) so she may think you can't be trusted with a lump sum of money.

Alternatively, she may have the idea this is specifically for a house purchase deposit or for future wedding fees etc. only, hence why she isn't releasing it.

Loads of potential reasons that only your mum can say is the correct one, possibly I've not even mentioned the 'real' reason.

Best of luck anyway, looks like you are reliant on her for this cash.

Rob_192

Do you not think your mother is trying to prevent you accessing this money for a reason? I'm sure she has your very best interests at heart and will allow you access to it when she feels you have a suitable need.

We have done something similar for our children, we called it their 'university fund'. Our eldest has been dipping into it to assist with his Univerity studies, but only with our consent. The middle one, who didn't go to Uni, has used it in it's entirely for a deposit on a flat and the youngest has yet to decide.

They all knew we had saved the money for them, but since we were under no obligation to do so and they knew we were doing it for their benefit, they have all accepted the terms...gratefully!!

R