Savings account

seahorse101

seahorse101

philnicandamy

Yep..happened to me I had a barclays savings account linked to my bank account with around £12 which the OR received and I had to cash in a £2 premium bond I've had since I was born

betterlatethannever

Not exactly the same but the OR took my £2 premium bond that i'd had since a baby.:eek: giving each creditor 33.33p each:rolleyes:

Edit: ditto Phil..i think Rog had his £1 PB taken.

dalip

Gosh how mean:mad: .No not happened to me but i had joint savings acc with OH with just £28 in.My OR said they usually take half but seeing as it was such a small smount he would not bother.That was in dec,in jan had letter from bank saying until OR had notified them he had no interest in the acc we could not draw on the account but where free to deposit.As far as i know that £28 is still there. That really is tight and i am interested to see if it has happened to others.Dalip

philnicandamy

Hmm think it was either rich or rog that lost the £1 premium bond....my OR said they would take it and check if it's ever been a winning one or maybe it could be a potential winning bond then they would claim any winnings..wonder if i'd have got anything back over what I owed? :rolleyes: ...like i'd already been there soooooo long before!

JCS1

Savings accounts are usually cashed in by the OR, precisely because it is a savings account rather than a current account.

All premium bonds are also cashed in, even the ones for £1.

And if assets cashed in are low in value, the money would not go to creditors. The OR's fees get paid first.

I have heard of one guy in the Chester area who won the lottery whilst undischarged. So it has happened - at least once!

cmd:0

hi guys...i suppose that means they will want ALL ive got, I bought my baby girl 200 premium bonds with her christening money!(in my name though!)
will they have them?, im not BR yet, should i cash them in?

thanks

JCS1

If it was with your child's christening money, then I would argue that it was similar to opening a bank account in your child's name - and the OR would not touch such an account.

wherediditallgo

dalip wrote: »

Gosh how mean:mad: .No not happened to me but i had joint savings acc with OH with just £28 in.My OR said they usually take half but seeing as it was such a small smount he would not bother.That was in dec,in jan had letter from bank saying until OR had notified them he had no interest in the acc we could not draw on the account but where free to deposit.As far as i know that £28 is still there. That really is tight and i am interested to see if it has happened to others.Dalip

I had a building society account with over £100 in it (not my main account), which I willingly declared on my SOA. I only found out some time later (when I was told by branch staff while I was standing in front of them) that the account details had been changed to c/o the OR's address, meaning my statements went to him. I was also told I couldn't take the money out because of this. But the OR didn't tell me what had happened to the account, & didn't take the money out either. I was livid, & insisted the OR either took the money & got the building society to close the account straight afterwards, or made it clear he had no interest in it & instructed them to change the account address back to mine. It was changed back within a few days & the money is still there, so I intend to take it out this week.

I do understand the OR has the right to take over certain money or accounts. However, I feel they should make a clear decision one way or the other, not just leave you hanging in mid-air. What's the point of an OR taking over an account, then not taking the money & in effect not allowing you to have the money either for up to a year? When you go BR, you need every penny you can lay your hands on, especially in the first few weeks. I honestly feel the OR should either take the money asap, or make a point of expressing no interest & leave the account alone, not try to have a foot in both camps.

dalip

WDIAG
You have more guts than me but then again £100 is a lot more than my poxy £28.Dalip

wherediditallgo

It was anger & embarrassment that made me do it - imagine going into a branch, & then having to be told by the staff that someone else has your account, would be getting your statements & you can't get the money out. I felt stupid, all because the OR hadn't told me the account had passed to them. And ages went by before I went into the branch, so the OR had no excuse. :mad: I didn't even know whether I was right or not, I just knew it felt very wrong. It would seem me venting at the OR showed him it was wrong too.