Forcing a Joint Account? Is it possible?

helpingtheoutlaws

Hello, second post on here, came on to help mother-in-law who has been subject to a fraud online and lost over £100,000, no typo either.

I have helped her seek help from the bank, and police, and a charity to help her mentally. One thing that we have fallen out over is her propensity to "trust" people, which I think will mean that she becomes a victim again. Furthermore, when going through her statements with the bank I saw hundreds of pounds a day going to what I presume is some kind of online Bingo/Gaming site. 

She and her husband have never had a joint account, all separate. Indeed she has taken his cash and also taken money from his account having found details to access. Husband is understandably devastated  as a result. He sadly doesn't yet know that she pawned their engagement ring.

I believe that she needs to have another person on her account, to help keep her focussed on paying the bills, and and not loose anymore money. We discussed with the bank me having a view access on the account, but I don't think that's my role as a son in law, her husband should.

She says that she will never allow her husband access/or joint accounts, she thinks he's foolish with money. He is in fact, from what I have seen, very sensible and shrewd.

Is there any way that her husband has any right to force a joint account? If they had one, she wouldn't have lost so much on this scam, in future, it will lessen the chance of something happening, and lower the chance of her wasting thousands on some kind of online Bingo site. She has a buy to let, in her name, and I fear that she will be remortgaging it which is insane, she's 65 and has limited pension.

JGB1955

Well, it looks like someone needs to get a Power of Attorney in place, pronto.  But unless she agrees to it, it ain't gong to happen.  Too little, too late I fear.

sheramber

Power of Attorney wouldn't stop her accessing her account.  It just means somebody can act on her behalf  if necessary.

If she is spending her own money there is not much you can do to stop her if she doesn't want to stop. You can't help someone who does not want to be helped.

A joint account wouldn't stop her withdrawing money as either party can access the account.

Have the bank noted her records as 'vulnerable'  which might put a restriction on how much she can withdraw at a time.


You can help your FIL to move his money to a new account that she doesn't know about so cannot access it. 

  Maybe an account that needs notice before withdrawing if he doesn't need immediate access to the funds.

Then he only keeps the minimum he needs in an every day account.

But it depends on how willing he is to do that. As you say he should  step up and take some control.

Daliah

I am afraid, if she is compos mentis, she can do as she likes.

A joint account would be undesirable IMO for the other party, as their credit reference file could get ruined, and as they would be jointly and severally liable for any debts your MIL runs up.

If she has a gambling problem, https://www.gamcare.org.uk/ might be able to help - -  but she needs to accept that she needs help.

helpingtheoutlaws

I think I am gonna have to talk to her about the gambling, at the rate she spends, and given she has taken out loans, they are going to be left with very little, only their own house for which they won't be able to afford the monthly statutory bills on.

Zanderman

Not sure why you think a joint account would help?

It might enable another to see what she's doing, but it wouldn't stop her, and would implicate the other account holder when money is owed. So it's not a solution, and is more likely to cause problems.

Best thing is do as you suggest in your last post - talk to her and spell out the implications for the future. 

helpingtheoutlaws

I think the intent of the joint account would be for him to see what's being spent, it would have been a red flag when 10's of thousands starting going out to Bitcoin. I completely get the points on financial association, the Husband has never had any need for credit in years, no mortgage, no credit card, pay as you go mobile, mortgage on the house they own paid off years ago.

Daliah

helpingtheoutlaws said:

 I completely get the points on financial association, the Husband has never had any need for credit in years, no mortgage, no credit card, pay as you go mobile, mortgage on the house they own paid off years ago.

Need for credit is just one consideration. Another is the joint liability for debts. If she runs up huge debts on the current account, he will be as liable for settling them as she is.

MEM62

helpingtheoutlaws said:

I believe that she needs to have another person on her account, to help keep her focussed on paying the bills, and and not loose anymore money. We discussed with the bank me having a view access on the account, but I don't think that's my role as a son in law, her husband should.

Hardly a stellar idea.  This will cause a financial link that would then impact on his credit standing.  Furthermore, If she defaults on the account he would be jointly liable for any debt and his credit records would be trashed along with hers.  There is absolutely a compelling argument for keeping their finances separate.  And he needs to take steps to keep her away from his cash.      

Dobbibill

helpingtheoutlaws said:

She and her husband have never had a joint account, all separate. Indeed she has taken his cash and also taken money from his account having found details to access. Husband is understandably devastated  as a result. He sadly doesn't yet know that she pawned their engagement ring.

Help your FIL change his details and make sure he doesn't write them down for them to be found again. 

It is a very difficult situation for all involved. 

xylophone

I do not think it would be wise for this couple to have a joint account.

I assume that your FiL has his own independent income?

The marital home is mortgage free and  owned by both, either as joint tenants or tenants in common?

It seems to me that FiL should  change all passwords etc on his existing accounts to ensure that his wife cannot access them.

It would also be best for him to take  responsibility for paying CT/utilities etc from his account so that he knows that essential bills are paid?