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NS & I query

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NS & I query

Postby Goldensyrup » Sun Jul 12, 2015 4:01 pm

The mother in law has a £10k income bond with NS&I. It was bought for her by her father. She also had a number of other accounts with NS&I. For 21 years she has had received annual statements on the income bond indicating that interest had been added to the principle and then paid straight out to an NS&I investment account. MiL had planned to do nothing but collect the interest as a nest egg. She admits to not being too hot on financial matters or checking.

Some weeks ago she contacted NS&I to ascertain what the nest egg was. She was informed that the interest has always been paid to an investment account that she does not own but which her father owned up to 21 years ago to the point of his death. They additional said due to data protection that they could not say who owns the account now accept to say that the owners surname begins with a B and the town name they live in.

MiL stops any further payments to the rogue investment account and states that the only person she can think of that the interest has been paid to is an estranged brother who handled her father's will and financial matters at his passing. NS&I continue to state that they cannot say as it is not her account and that they believe nothing fraudulent has occurred and that if MiL thinks anything untoward she needs to personally contact who the recipient herself and that if she wants any more information she needs to go to the police to report the matter and they will only give the bobbies info.

Is there any other way to solicit audit trail information from NS&I apart from the police?
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Re: NS & I query

Postby dls » Sun Jul 12, 2015 5:30 pm

The mother in law has a £10k income bond with NS&I. It was bought for her by her father.


You do not quite say whose name is on the account.
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Re: NS & I query

Postby Goldensyrup » Sun Jul 12, 2015 6:15 pm

The sole name on the account of the Income Bond for 21 years has been the MiL. All statements for the bond are addressed and sent to the MiL, because MiL's father purchased the bond for her.
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Re: NS & I query

Postby Goldensyrup » Thu Jul 16, 2015 6:53 pm

Update is that the estranged brother has now confirmed that the rogue account is his. He states that he didn't have a clue where these interest payments which he knows were not his, were coming from for twenty odd years. He further stated that he could not help further but there were four investments accounts at the death of their father all now closed bar this one and he had no paperwork but if MiL is owed money she will need to prove matters. The MiL left and trusted the brother to handle the affairs of the passing of their father 20 years ago. There were only two children and assets were to be split 50/50.

Brother stated at the death that there was a will (assets, house / accounts / furniture) and would take it through probate for MiL and split 50/50 with MiL because at the time she was too upset to have anything to do with the estate. It now transpires that the brother did not take the will (if one existed) through probate nor ask for letters of administration which is improper. Mil has never seen the will and brother will not answer questions on it save to say that in his last email he stated 'words to this affect' that he was not going to allow what happened to him 45 years ago when his Auntie passed away happen again and that is why he took control of his fathers's estate. (a comment that is of some concern).

It is possible that he still acted lawfully in the matter save going to probate, but it's looking unlikely. Mil did get half the house (£9K) but none of the monetary assets if there were any which seems very likely that there were. Her father was rather astute on money matters. MiL would like info on the apparent 4 accounts at NS&I at her father's passing, but is aware that they will not offer up info willingly. So what pressure could be brought to tease out information from NS&I as brick walls are not pretty to look at?
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Re: NS & I query

Postby dls » Thu Jul 16, 2015 7:45 pm

It may well be that she just needs to settle.

Limitation is a serious concern, but just how it applies depends on several elements.

Is the interest worth so much as to be worth certain litigation and the breakdown of whatever is let of family relations.

There is no obligation - legal or moral - to take a will to probate. There is an obligation to act in accordance with the will's provisions.
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Re: NS & I query

Postby Goldensyrup » Fri Jul 17, 2015 9:40 am

And if there was no will, presumably the brother would have needed to have applied to administer the estate and there is no record of that. Mil Has not spoken to brother in ten years.
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Re: NS & I query

Postby atticus » Fri Jul 17, 2015 10:25 am

not necessarily. It depends on what is in the estate and whether control of assets can be taken without a Grant of Representation. Banks and building societies can be flexible about this.
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Re: NS & I query

Postby Goldensyrup » Fri Jul 17, 2015 10:31 am

I did not think flexibility was possible if a property was involved as part of the estate as in this case.
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Re: NS & I query

Postby atticus » Fri Jul 17, 2015 10:44 am

has title to the property been transferred?

Have you done a Probate search?
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Re: NS & I query

Postby Goldensyrup » Fri Jul 17, 2015 11:06 am

Yes I have done a probate search and no probate was carried out and no will lodged, despite MiL's brother stating he would. However, it appears unclear whether a will ever existed as the brother ignores answering questions on it, so MiL must now assume that there was no will and intestate rules should have applied. The title of the property transferred to new owners in 1997 when the brother sold the property. He did share the proceeds 50/50 from the property so no argument there.

He has just admitted that he knowingly received MiL's 20 years of monthly interest and stated he was 'oblivious'.
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