Parents have bank account in my name

ForgiveSomeone

I don't even know where to post this, so apologies if it is in the wrong name.

Me and my partner were recently gifted £20k by her parents, which had subsequently been gifted to her by her boss who sold his company to thank her for her years of service.

We were both supposed to be going to see an IFA this week, to assess how much we can borrow.

Some years ago, before I turned 18, my parents opened a bank account in my name, which I found out about last year. My father has the same initials as me, and my passport was in the communal safe, so I expect opening the account was fairly straight forward without me being there.

I asked them why they were using this account in July when I received a message saying the details have been changed, because they wanted to use the account. I asked my father how much was in it, and he said an insignificant amount, which it was at the time, at only £184 ingoing. I got another message in October, when my mother set herself up as a payee on the account. I asked again why they are using it when my dad said he wouldn't do, and my mother said she'll never use it again.

Of course, these were both lies. My partner told me to check the account somehow. I didn't know the details about the account, so I used my Halifax details to gain access to it, as it is a Lloyds account. Having looked at it, they've funnelled over £5k into the account since July 2017 from their self-employed income they make buying and selling on eBay for profit. I confronted them about it, and they have withdrawn all the money, while also spinning some nonsense yarn about how this looks good for me (it doesn't, it's tax fraud).

My question is, in the case of meeting the IFA, what should I do? Do I close the account, but hold off for now or close the account anyway and risk difficult questions, such as the where the money has come from and has it been declared?

Thank you.

IanSt

Re the IFA - the IFA is only going to care about money that is yours, so there's no need to mention it.

Re closing the bank account - have your parents got online access? If they have then they can see the Halifax account in just the same way that you could see the Lloyds account and I don't know whether closing the account will stop their online access too.

ForgiveSomeone

I think I'm concerned about the possible legal ramifications and difficult questions I'd have to answer should I be sat in front of a bank manager discussing my finances. I'm employed full time, my wage takes me over the first tax bracket at £11,500 by a good margin, and any extra income has to be declared, particularly extra income turning a profit over eBay which exceeds £1,000 annually. The transactions on the bank account clearly show they have come from PayPal transactions, and that the money has been spent, all with my name attached to it, without my knowledge or permission.


In terms of closing the account and their access to it, closing it should solve the issue of them using it, unless they have some other accounts in my name. Theoretically they could get access to my Halifax account using the details of the Lloyds account, but they still would need to change the login details (password and memorable answer) to access it, which would automatically send an alert to my phone and e-mail address if any changes were made.

wjr4

Quick note - a bank manager is not an IFA. Sorry I can't help with your question though! Personally, I'd just close the account.

ForgiveSomeone

I know. We're seeing the IFA initially, but I expect should she seek a mortgage for us, as first time buyers the lender would probably want to speak to us.

EssexExile

ForgiveSomeone wrote: »

I think I'm concerned about the possible legal ramifications and difficult questions I'd have to answer should I be sat in front of a bank manager discussing my finances.

I wouldn't want a bank account in my name that someone else has access to, who knows what could be done in your name. I would close it now.

At the meetings with the IFA & bank manager I would be honest & explain the situation. There'll be even more difficult questions later if you try to hide something.

ForgiveSomeone

Thank you. I intend on closing the account today or tomorrow, pending a transaction my mother made going through.

I will be honest at any meeting. While this holds the risk of implicating my parents in something, I don't intend on being held responsible for any wrong doing on their part.

xylophone

Me and my partner were recently gifted £20k by her parents, which had subsequently been gifted to her by her boss who sold his company to thank her for her years of service.

What on earth does this mean?

ForgiveSomeone

It's poor wording on my part. Basically, my partner's mother was given a sum of money by her former boss. Her former boss had sold his shares of his company, which my partner's mother worked for since its inception, and to thank her for her service and hard work he gave her a sum of money. She then gifted £20k of said money to my partner to use as a mortgage deposit.

soulsaver

When I had access to the account I'd have 'shifted' the £5k to an account they don't have access to. That'd teach 'em.

What's relevance of the £20k gift?

You gained access to a Halifax ac (I know in your name DoB etc) using Lloyds details/via a Lloyds ac? How did that work?

tempus_fugit

I'd get the account closed straight away. If it has been opened using your identity then you don't want anyone else's transactions going through it for whatever reason. So Idget the wheels in motion to do that straight away, never mind what transactions are due to go through it.