NS&I Bonds Help!

Capricoza

Hello I wonder if anybody can help me please? I'm having a bit of a nightmare with NS&I, trying to cash in my Children's Bonus bonds, that matured back in 2011. I've decided now is the time to reclaim them, as the rainy day I feared has come...

I sent off the cash-in form a couple of weeks ago, with copies of original certificates, signed by a witness and myself) and accompanied by a signed cover letter. As I filled everything in accurately, with the correct information, I anticipated receiving the money within 8 working days. Unfortunately, I was hit with a nasty surprise.

Instead of the money I received a rather blunt letter advising I could not claim the money because the account is not registered in my name?! It offered no further explanation, or prompt for me to contact them for further clarification. (It read as if, as far as NS&I were concerned, that's it and I should walk away and leave it at that).

I find this bizarre, as all certificates and letters are registered in my name, and being an adult now, they are rightfully mine? I have given nobody else permission to take over this account or handle my financial affairs. My name has also never changed, and I have never changed addresses?


I have tried calling for answers, but the call centre staff cannot view records older than 5 years old, and just tell me to write in. All different staff members also appear to tell me different things, so i'm losing confidence with what to do at this stage, and what to believe!


Can anybody shed any light as to why they are suggesting the account is not in my name? A (now deceased) relative, purchased the bonds and gifted them to me as a child, so I am shocked to discover I can now not access them. I am hoping they are in a residual account, although at this point I am starting to worry.

TLDR: Trying to reclaim matured children's bonus bonds, NS&I advising account not registered in my name (despite all certification and letters being addressed to and clearly stating they are registered to me) - how to proceed?

Thanks for reading, I hope someone can help!

londoninvestor

The steps you took to cash in the bond in seem to be in line with the procedure as they describe it on their website.

If they say you need to write a letter to them, you may as well make that letter one of formal complaint - it probably will get a quicker resolution that way.

xylophone

https://www.moneyadviceservice.org.uk/en/articles/childrens-bonds

Is it possible that they stand in the name of the deceased relative?

I think that you will have to write to NS&I for clarification.

Capricoza

londoninvestor wrote: »

The steps you took to cash in the bond in seem to be in line with the procedure as they describe it on their website.

If they say you need to write a letter to them, you may as well make that letter one of formal complaint - it probably will get a quicker resolution that way.

@londoninvestor'sprofile - Thank you for replying!

As you say, i'm certian I did what I was supposed to. It seems my only line of communication is by letter, so I think you might be right. I usually dislike complaining, but the letter I received definitely warrants one!

Capricoza

[QUOTE=xylophone;75620843

Is it possible that they stand in the name of the deceased relative?

I think that you will have to write to NS&I for clarification.[/QUOTE]


@xylophone - Thank you for replying!



I've looked at the link, and it was helpful but didn't say more than what I have already seen.



Well, I wondered this, however the certificates and letters say they are registered in my name (and once the child turns 16 they become theirs too).



My Sister also had some, and managed to cash hers in about 7 or so years ago, with no issue. I wonder if this has anything to do with it? Although, I would find that strange because she had her own account and her own seperate bonds? Strange how mine can't be cashed but hers could...

xylophone

Well, I wondered this, however the certificates and letters say they are registered in my name (and once the child turns 16 they become theirs too).

You have received a letter saying that the bonds stand in the name of another person.

This needs clarification and it appears the only way to get it is to write, so that is what you need to do.

From what you have said, it appears that the only other person who could be involved is the deceased ( or conceivably her executors).

https://www.nsandi.com/childrens-bonds

I note from the above that it seems that NS&I write to the adult contact on maturity- presumably they wrote to the relative?


Was the relative still alive at maturity of the bonds?


It is possible that the letter never arrived/was ignored/ arrived but the relative had already died and the house had been sold?

Do come back when you have an answer and let us know!

That said, the answer to the conundrum could be that NS&I have simply made a mistake and the bonds do stand in your name.

londoninvestor

xylophone wrote: »

You have received a letter saying that the bonds stand in the name of another person.

This needs clarification and it appears the only way to get it is to write, so that is what you need to do.

From what you have said, it appears that the only other person who could be involved is the deceased ( or conceivably her executors).

The NS&I website seems to imply that once the (former) child has reached 16, they are the only person who can initiate the cash in. So what they're saying doesn't seem to make sense on their own terms.

OP, you do mention that the bonds matured in 2011. NS&I will be expecting maturing bonds generally to be acted on quickly - not least because they earn no interest after maturity. It's probably rare that one would be left in mothballs for 8 years as yours has.

So - while they still clearly need to release your money to you - it may be that they need to go through a slower process to get hold of the record of a bond that matured 8 years ago, rather than one that has recently matured.