Changing our gambling son's joint account

Don't_Know_Joe

My adult son is a gambling addict. When he was very young, and way before he started on his downward spiral of self-destruction, I setup a parent+child's joint savings account. In that account, I saved some of my income for him that I hoped would one day go towards helping him get on the property ladder. Unfortunately, he started gambling and has lost thousands. He knows that joint account is still there. It is the only account he has not emptied because it requires both of our signatures. Though he has deceitfully tried to access the funds. The thing is, he owes me more money than the funds in that account. And he only wants that money to throw away gambling. What, if any, legal options are available to me to get that account changed solely to my name, so he can't throw it all away.

tallyhoh

As he owes you the money could you take him to the bank & withdraw it all (you keep it) or would he then try to borrow more from you?

D_M_E

Cannot offer any advice on this, save to say that when I did this for my kids the account automatically went to the child at a set age - think it was 16 or 18 - and the second signature (mine) was no longer required.

Don't_Know_Joe

tallyhoh wrote: »

As he owes you the money could you take him to the bank & withdraw it all (you keep it) or would he then try to borrow more from you?

No. Despite me clearing his debts repeatedly, and him stealing from me (and others), he still thinks he has a right to the money (and to gamble it all away). I suppose technically/legally he does have a right to the money as a joint account holder. But I wouldn't have saved that money if I knew it'd be used like that and just thrown away. His gambling has turned him into a monster.

parking_question_chap

Can you not stop him at source?

Is his problem online or in the betting shops?

Is he wanting help?

Ilona

Would it be best to speak to the bank about this. You said he can'r access the money without you being present, so presumably it will stay in the bank, unless they make an almighty c0ckup with their computers. Perhaps it would be best to have a meeting with the bank to reiterate that under NO circumstances he is allowed to withdraw the money. If they can guarantee this it could stay where it is.

Read all the terms and conditions of the account, will he be able to get his hands on it when he reaches a certain age? You need to tell the bank you want it frozen. Presumably all the money was deposited by you, you should have statements from your own account which confirms this.

Ilona

Spatton

You would have to contact the bank and get the account frozen (explain why - assuming you're happy to do that). Similar principle to a couple with a joint a/c going through an acrimonious divorce.


This also assumes you don't need the money urgently, and are happy to wait it out until he gets a handle on his addiction.


Whether you live in Scotland makes a difference here, as I understand that if you can prove you paid the money in, then the bank will accept that it's yours. In England and Wales it's assumed to be jointly owned, even though you paid it in. I'm not an expert in Scottish law though, so worth double checking.


Your very last recourse would be the courts, but it'll be expensive, messy, and emotionally draining. I would never advocate that until anything and everything else has been tried. Worse, you may find that by the time you've paid the costs of it that wipes out whatever it was you saved. (which is just as bad in another way!)


Good luck - dealing with someone in the grip of an addiction takes it toll and it's a long and bumpy road.