UC How do I kick start a review of my savings

kaMelo

How was an ISA set up without your knowledge or input? Supplying your NI number is a requirement for opening any ISA account not to mention the 'I' in ISA means 'individual', something you set up for yourself rather than on behalf of someone else.

_Jem_

kaMelo said:

How was an ISA set up without your knowledge or input? Supplying your NI number is a requirement for opening any ISA account not to mention the 'I' in ISA means 'individual', something you set up for yourself rather than on behalf of someone else.

It was setup when I was 18 a very long time ago, So while at was living with family, I was young and not clued up about these things so was probably done in a clever way, it was something that the family did for each siblings something nice. Possible that I gave them my NI number without fully understanding what was going on.

sheramber

When did you first claim UC? 

_Jem_

sheramber said:

When did you first claim UC? 

5 years ago 

Muttleythefrog

Someone set up an ISA in your name without informing you.... are there wider issues here or have I misunderstood?

As above, at any time the value should be known. But that could be tricky if looking back in time and trying to evidence it I agree.

kaMelo

Okay, leaving aside how the ISA was created it may still be possible to ascertain it's value on certain dates assuming this was one lump sum deposit and you know what you're invested in. The FT website lists daily fund values going back quite a way.

https://markets.ft.com/data/funds/uk

If it was a one off deposit and you know the number of units held it's possible to work out it's value by multiplying the number of units by the daily price on a specific day (the last day of your AP)  to try to work out when your capital first breached £6000 and it's value on each subsequent last day of your AP.  

If however there were multiple deposits at various intervals then it becomes a lot more complicated. If you don't have any records or contract notes for the purchases then I have no idea how you could work it's value over time outside of contacting your provider for help.

_Jem_

Muttleythefrog said:

Someone set up an ISA in your name without informing you.... are there wider issues here or have a misunderstood?

As above, at any time the value should be known. But that could be tricky if looking back in time and trying to evidence it I agree.

My family has their own financial advisor and I think they asked what can we do as we want to give them some money, and the financial advisor probably said it would be a good idea for a ISA stocks and shares so it can be left alone and let itself build up. As said this was a very long time ago.

No wider issues. Just something nice to do.

Me at 18 definitely wouldn't of been a good idea to say you have some money in a ISA.

Muttleythefrog

_Jem_ said:

Muttleythefrog said:

Someone set up an ISA in your name without informing you.... are there wider issues here or have a misunderstood?

As above, at any time the value should be known. But that could be tricky if looking back in time and trying to evidence it I agree.

My family has their own financial advisor and I think they asked what can we do as we want to give them some money, and the financial advisor probably said it would be a good idea for a ISA stocks and shares so it can be left alone and let itself build up. As said this was a very long time ago.

No wider issues. Just something nice to do.

Me at 18 definitely wouldn't of been a good idea to say you have some money in a ISA.

Setting up a financial account for an adult without their full support and knowledge sounds erm seriously dodgy to be honest... well intentioned though we have to accept here. It's left you money and a mess to clear up. Ironically one of the big scams of UC is applying for accounts in other people's name... we've even had a recent case on MSE that made it to the papers. I think in your position I'd  just give them best data I can to calculate any overpayments and not go down a route of indicating the account was unknown to you as that could invite further issues for no gain. Ultimately you don't need to know the data for every day.. just end of assessment periods. Might be spreadsheet and research time (unless you can find a good reporting tool in the account)... a few MSErs have been there..

sammyjammy

I would suggest you let them know you've had the account the whole time you've been receiving UC and let them work out the detail, they won't take your word for it anyone, to be clear its not just the ISA thats the issue its the whole balance of the accounts you have now shared with them so you'll need to gather data for all of them, what was in them and when.

Grumpy_chap

_Jem_ said:

I did update on the 24th about the ISA but I never updated all my other accounts, So at the weekend on Sunday I did it all my savings plus ISA. As Sunday was the last assessment date 

So in reality everything was updated the weekend just gone.

If I understand correctly, you have been claiming UC for 5 years.

You had savings all of that time (since you were 18), that were not declared, but now above £6k (ISA) plus some other accounts which you declared in stages.

I think, for your own needs, you need to build up a clear understanding of what savings you had and when.
Also, whether any assets are disregarded.

I imagine, the review won't be made any easier by the fact that when you did realise an error you declared only part of the picture at first.  A full disclosure will be required.