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DH put £5,000 into my ISA, I didn't know we had £5k in savings!

(116 Posts)
Justeat Thu 03-Apr-14 09:32:41

Title says it all, dh told me last nite, it's locked away for 5 years,
I asked him if we could've used it to reduce mortgage payments.
Dh didn't discuss this with me at all.
Other issues going on as well.
After last nite, I want to hand him separation papers, in an effort to get him to counselling with me to discuss financial and other matters, or we separate.
2 dcs, one baby and one under 8.

Artandco Thu 03-Apr-14 09:36:09

Sounds ok to me. Unless you have a tiny mortgage it's hardly going to reduce it. Yes e could have told you but at least he has told you it's in savings and not he's spent £5k you didn't know you had. I you didn't know it existed you won't miss it much surely

MrsBrianODriscoll Thu 03-Apr-14 09:37:45

Financial abuse much ?

In essence he is just using you as the vehicle for his savings.


Justeat Thu 03-Apr-14 09:42:23

Its in my name, so it's now my money.
I believe married couples with a SAHM shoild have our money, not his and her money.

Lweji Thu 03-Apr-14 09:43:10

And it's locked for five years!

Still, it could be your getaway money.

SpringBreak Thu 03-Apr-14 09:44:25

financial abuse and LTB because a man has given his SAHM wife a gift of £5k tax free?
did someone put something in the Kool Aid this morning?

OsMalleytheCat Thu 03-Apr-14 09:47:01

How is it locked away? Doesn't ISA stand for instant savings account as in you can get the money instantly?
Also I have money that DH doesn't know about, not because I'm financially abusing him but because I feel that it never hurts to have a little stashed away for a just in case scenario!

2rebecca Thu 03-Apr-14 09:47:39

ISA interest rates are really low at the moment, most people pay a higher rate on their mortgage than they get on interest. It usually makes alot more sense to use money to reduce your mortage or other debts first. ISAs are for people who have paid off their mortgages.
I'd be furious, not just at the stupid financial decision but at him doing it without discussing it with you.
I'm surprised he can do it without your signature though as you only get 1 ISA each per tax year and adults usually need to open their own.

Scarletpink Thu 03-Apr-14 09:48:24

OP has two other threads running at present, which I now can't find as I'm on my ipad, but one is about H eating at his mums and the other that her H won't share his salary / income details - she doesn't know how much he earns. I for one am finding it all confusing.....different threads with user name changes.

Just wanted to mention this to give some more perspective to this whole story.

Lweji Thu 03-Apr-14 10:01:04

ISAs are individual savings accounts and don't pay tax. That's why he put it in your name. He probably has as much or much more in his own name, probably in the same bank.
Has he shown you the document? Because it does look dodgy. They usually need a signature to state you haven't more than your allowance.

If it's true, the locked means that you'd loose interest if you withdraw earlier.
Besides, he must have transferred from his account. I'd get those details.

Justeat Thu 03-Apr-14 10:10:08

Good thinking Lweji.
Will ask him how he transferred the money.

Kundry Thu 03-Apr-14 10:15:13

ISA rates are currently very low, mortgage interest is higher. I've just paid £5000 off my mortgage and in spite of it seeming like a drop in the ocean (mortgage is over £150000) it's reduced the term by 7 months - 3 months of that was interest alone.

So no, it's not a drop in the ocean and it would make a serious impact on the mortgage.

Bigger issue clearly is that you are in the dark about your family finances. I don't think he really sees it as a gift to you, does he?

Gen35 Thu 03-Apr-14 10:16:24

Remember if you're married, all assets are up for splitting regardless of who's name. I agree though, if he's using your name, he's got at least another 5k in an isa in his name for this tax year...

Lweji Thu 03-Apr-14 10:19:31

He won't see it as yours. In his mind it's still his and under his control. I bet that after 5 years he'd want it back. Or would "reinvest" it for you.

Justeat Thu 03-Apr-14 10:21:28

Absolutely fed up and so tired.
Why is this happening?

Clutterbugsmum Thu 03-Apr-14 10:22:31

Surely you have to sign something to set up an ISA.

It may be in your name but I'm betting only he can sign for it to be released. So it is effectively his month but for tax reasons he has put it in your name.

Justeat Thu 03-Apr-14 10:24:50

Going to sleep now.

Lweji Thu 03-Apr-14 10:26:23

It's happening because he is a bastard. A controlling, selfish bastard.

Have you got legal advice yet?

SantasLittleMonkeyButler Thu 03-Apr-14 10:33:45

I set up my ISA online, it is with the same bank as my main current account & only took a few clicks to set up. Do you have a joint account OP? If so, is this ISA with the same bank? He has still probably pretended to be you to open the ISA (even if it was just a click), but it would be really easy to do.

Lweji Thu 03-Apr-14 10:36:45

I think it will still need paperwork and that's why he told you.
Make sure you know the details so you can access it.

ItsAllGoingToBeFine Thu 03-Apr-14 10:43:25

He can't have put £5000 into your ISA as far as O know. The ISA account holder has to sign/state/agree to a whole pile of conditions before they will accept the deposit (UK taxpayer, no other ISAs anywhere etc etc)

Chopchopbusybusy Thu 03-Apr-14 10:46:39

For those who are saying he can't open an account for his wife he can do it online.

ItsAllGoingToBeFine Thu 03-Apr-14 10:47:42


Lweji Thu 03-Apr-14 10:48:26

Online, yes, but documents will be sent home to be signed.
And I hope he's not logging in in your name.

SpringBreak Thu 03-Apr-14 10:59:09

you need a National Insurance number to open an ISA, & it's from that they check whether you've used your tax free allowance (though if OP isn't working and has no income but child benefit, then she's tax free anyway).
A 5 yr fix on an ISA is currently available at 3%. Taking into account the tax benefit, it should be much better than a current mortgage interest rate going out.
Get yourself in to the relevant provider with ID and change the access / security provisions on the account and be happy with your gift.
Yes, he almost certainly has used up his own ISA allowance as well but if he's a higher rate taxpayer who has money to save, well done him.
I fail to see why a gift of £5k makes him selfish and controlling. OP is perfectly capable of taking control of £5k that's in her name (tho' if she cashes it in now, she'll get less than £5k back because the penalty will be a fixed number of days' interest)

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