Teen had access to savings account...

xylophone

That's the worst part of it, there is nothing to show for it!

There is experience to show for it and all being well a lesson learned about how easy it is to fritter away what seems a  sum of money so large ( to the recipient) that "a bit spent here and there will make no difference..."

And if this was a specific  unconditional bequest to your minor son in his Grandpa's will, then it should have been held in bare trust for him until he reached the age of 18 - (not that age guarantees sense - I know of a case of an inheritance frittered by a person in  his mid thirties).

Mojisola

xylophone said:

There is experience to show for it and all being well a lesson learned about how easy it is to fritter away what seems a  sum of money so large ( to the recipient) that "a bit spent here and there will make no difference..."

And just how long it takes to earn that money.

He may find some of the friends he's been generous with aren't so bothered with him now that he's not buying things for them - another useful lesson.

LCH611

John_ said:

Do you think that your tendency to blame others for your son’s actions is the main reason that he’s turned out to be such a disappointment, or is it more down to bad genes?

John I wonder why you feel the need to be so staggeringly unpleasant? I am new to this forum but was advised that it was a good place to get informed opinion about, amongst other things, mis-sold products. After a 2 hr meeting in which my mother in law explained at length that she did not want to deposit the money where there was ready, unsupervised access, this was the product that she was sold. It is entirely possible that there was no element of mis-selling, and in fact that doesn't apply to setting up a savings account and we just need to suck it up and take the positives out of it - lessons learned, the need for better communication etc etc, and that was the point of my post.

Quite frankly I would be far more disappointed if my son decided to turn into an internet troll and post comments such as yours.

elsien

It’s not just you, he’s posted unpleasant comments elsewhere as well. There is an ignore button on here if you want to use it. 

LCH611

Mojisola said:

xylophone said:

There is experience to show for it and all being well a lesson learned about how easy it is to fritter away what seems a  sum of money so large ( to the recipient) that "a bit spent here and there will make no difference..."

And just how long it takes to earn that money.

He may find some of the friends he's been generous with aren't so bothered with him now that he's not buying things for them - another useful lesson.

yes absolutely! And also he was doing some software programming for a tech company in California. He got in too deep and couldn't deliver to their deadlines so when they started piling on the pressure he hired sub contractors and their costs quickly escalated. Needless to say he didn't get paid for his work and suddenly he had people chasing him for money. Thankfully they are all paid off and hopefully it is a mistake he won't make again!

Sea_Shell

Which bank and which specific product did they originally recommend for this money?

Did they give out their factsheet with T&C's?

colsten

LCH611 said:

 I am new to this forum but was advised that it was a good place to get informed opinion about, amongst other things, mis-sold products. After a 2 hr meeting in which my mother in law explained at length that she did not want to deposit the money where there was ready, unsupervised access, this was the product that she was sold. It is entirely possible that there was no element of mis-selling, and in fact that doesn't apply to setting up a savings account and we just need to suck it up and take the positives out of it - lessons learned, the need for better communication etc etc, and that was the point of my post. 

To be honest, it sounds most unlikely that a bank would spend 2 hours discussing and opening a new savings account. In addition, there are written terms and conditions to agree to, so it would be hard for your MIL to claim mis-selling. Whilst it seems clear that she organised an account that didn't/doesn't do what she expected it to do, she should assume responsibility for her own actions and not try to blame somebody else for it.

eskbanker

LCH611 said:
my mother in law explained at length that she did not want to deposit the money where there was ready, unsupervised access, this was the product that she was sold

It's still unclear (a) exactly how she wanted this to work, i.e. whose account this was to be and how access was to be controlled, and (b) which specific product was opened, and in whose name(s)?  The fact that she didn't end up with what she believed she asked for might indicate some sort of mis-selling (or maybe just mis-buying) but without more detail it's difficult to say if her expectations were realistic....

AstonSmith

LCH611 said:

[...] He wishes to pay it back as he is so remorseful. He didn't have £8k of new possessions as turns out that it was spent on new parts for his computer (that I neither saw turning up, nor being installed), gaming, going out for pizzas at lunchtime rather than eating in the school canteen, and being lavish and generous with his friends. That's the worst part of it, there is nothing to show for it!

Well, there are some good things to come out of it.

• He's remorseful so hopefully he's learned a life lesson. I learned a similar one on a lower scale when I was 10ish. Good stead for the future.
• Sounds like he had a few good experiences.
• Also sounds like a kind person to share with his friends. (Assuming old friends / he's not being used.)

LCH611

AstonSmith said:

Well, there are some good things to come out of it.

• He's remorseful so hopefully he's learned a life lesson. I learned a similar one on a lower scale when I was 10ish. Good stead for the future.
• Sounds like he had a few good experiences.
• Also sounds like a kind person to share with his friends. (Assuming old friends / he's not being used.)

Yes I completely agree. He is a very kind person, and has very good friends who are being supportive once he told them what he had done, and they in turn are treating him when they go out.
Eskbanker I think you are right that it was probably mis-buying rather than mis-selling! My MiL wanted the account to be in his name (as had been done a few years earlier with older siblings and cousins), but because he was younger than they were she wanted a degree of parental control as she had hoped for it not to be touched whilst it accumulated some interest. The product they ended up with was a Nat West Instant Saver but somehow they didn't realise it would come with an Adapt account - my son who I think would have been far less frazzled by a 2 hour meeting that required additional members of staff to be called in to discuss it, was also not aware that a current account would be part of it. It was in his name so the debit card and online banking details were sent direct to him.
The message I am getting is that there should have been greater scanning of the small print and awareness, but thank you everyone for your input!