We broke up can I keep the money?

munkykisser

I have some money saved in an account that was regularly paid into by my ex and his mum on the understanding that I'd play investor for fun with them. It was in my name as I wasn't working or paying tax at the time. They each paid in £20 a month so we'd have ⅓ each on exit. There was never anything signed, I provided occasional (yearly) updates via email on costs and investments etc. I guess it might be somewhere around £2k but that depends on what everything is currently worth.

Most of it is long term locked away and I cannot cash out if i wanted to anyway. There was mention of me buying them out of their shares and I'm likely to be out of pocket if I do.

I need the money at the moment and i know that they don't so I don't feel any guilt over keeping it, nor do I feel like I have to play fair as they've both treated me badly. 

Can they take me to small claims and do they have a case? They're putting me under a lot of pressure to pay them money I don't have.

The proof they have is emails from me, some discussion in whatsapp and bank statements. 

Any advice and hypothetical /realoreal would be appreciated. What would you do? 

Marvel1

munkykisser said:

I have some money saved in an account that was regularly paid into by my ex and his mum on the understanding that I'd play investor for fun with them. It was in my name as I wasn't working or paying tax at the time. They each paid in £20 a month so we'd have ⅓ each on exit. There was never anything signed, I provided occasional (yearly) updates via email on costs and investments etc. I guess it might be somewhere around £2k but that depends on what everything is currently worth.

Most of it is long term locked away and I cannot cash out if i wanted to anyway. There was mention of me buying them out of their shares and I'm likely to be out of pocket if I do.

I need the money at the moment and i know that they don't so I don't feel any guilt over keeping it, nor do I feel like I have to play fair as they've both treated me badly. 

Can they take me to small claims and do they have a case? They're putting me under a lot of pressure to pay them money I don't have.

The proof they have is emails from me, some discussion in whatsapp and bank statements. 

Any advice and hypothetical /realoreal would be appreciated. What would you do? 

1/3 (each) is their money not yours. 

thorsoak

You know that you would be in the wrong if you kept the money.   Give it back.

Socajam

Ask yourself this question, if the roles were reversed, what would you like to happen - that should answer your question?

Fireflyaway

I think what you are saying here is that you know this is wrong, but want to know the chances of you getting in trouble?  If they want their money back which, why wouldn't they, and they have proof, then yes they could take you to court. It's not their problem that you need money. Save yourself the stress of dragging it out and the potential consequences and just give them the money.

LilElvis

I can see this being turned into another one of those great "Money Moral Dilemma" threads . ...

sheramber

Most of it is long term locked away and I cannot cash out if i wanted to anyway
I need the money at the moment and i know that they don't
They're putting me under a lot of pressure to pay them money I don't have.
if you can't  cash it and don't have it. How does that square with 'I need the money at the moment'. 

DevilsAdvocate1

You should give it back based on the current value of the shares, so if the total value is showing a loss then they need to take the hit on this the same as you do.

Comms69

Im not fully au fait with this, but dont you need to be FCA registered to act as an agent in this capacity?

BAFE

To answer your questions, yes they can take you to a small claims court and yes they do have a case.  If it goes to court you and the court finds against you,  you will have to pay legal fees too.

onomatopoeia99

Comms69 said:

Im not fully au fait with this, but dont you need to be FCA registered to act as an agent in this capacity?

The term is "authorised" for offering investment advice / asset managment, and yes, it appears they would need to be.

If they want to avoid MCOL and also fined (at minimum) by the FCA then they should pay back at least what they were given.