Relationship over, ex keeping ‘joint savings’

[FieldRunner]

First of all, I know I’ve been really stupid here. Ex and I have broken up, we had been together for nearly 4 years and been saving for a house for about half of this time. Ex works in finance and persuaded me that we’d be better pooling our savings as would receive higher interest. I transferred a set amount to him each month to put into an account which he said would be a fixed interest rate. Basically it transpires that a few months in he changed this to be invested in to a Stocks ISA. He says it isn’t simple to give this back to me as the money is tied up and value is volatile as it’s the markets (I don’t really understand this).

Does anyone know if it’s hard to get this money out of a Stocks ISA? I don’t know what to do next, he is ignoring my messages now. I’ve transferred over £15,000.

Would he be keen to find out?

If you have proof of the fact you gave him money to put in an interest bearing account as joint savings and you presumably have proof you transferred the money each month, then I would calculate what the total should be if he had done as he said and issue a letter before action demanding that money back within, say, 2 weeks.

What he has actually done with the money seems irrelevant to me, he owes you your money back with interest and you need to move forward in using the law to reclaim it.

He absolutely can return your money.

If your dad is able to help you sort this out then get him onto it ASAP. The more people who know what your ex has been up to with your money, the better.

Although here it says must subscribe (pay) with their own cash (as is tax free) so if op can prove it is her ££ maybe maybe .

https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#:~:text=Cash%20subscriptions%20from%20third%20parties,Class%201%20National%20insurance%20contributions

Op some of the advice on here is batshit.

You should add up the exact amount of the transfers you have made and when. Write him a letter before action along the lines of 'On the dates as listed below, I transferred the amounts as listed below into your account. The purpose of the transfers were for us both to save up for a house deposit because it was our intention to purchase a house together.

On xx date our relationship ended.

On x date you informed me you had placed my money into your isa account.

I have asked you verbally on x date and x date to return my portion of the money. You have refused.

This letter is to inform you that if the sum of £xxxx is not returned to me into account number, sort code, name on account, within 28 days of the receipt of this letter, it is my intention to ask that the court issue a claim against you.

I shall ask for the costs to be awarded against you, and that statutory interest @8% be included from the date of receipt of this letter.

I shall also ask the court that you account for my share of the interest up to the date of this letter.

Yours sincerely

That should do it.

If you don't receive the money, go onto hmcourts money claim online and issue the claim. You have a very strong case against him. Any questions?

This is fraud.

He told you he was saving in an interest bearing account and then invested your funds in a volatile asset class in an ISA - in his name only.

I suspect he has lost a chunk of your money. That is his problem

I would tell him to either return you your 15k on you are reporting him to the police.

The CPS may decide to take no action as the burden of proof for criminal fraud is high

However once they have said “No” you can then begin a civil claim against him.

The burden of proof is lower

The case will need to be heard before a judge and it is really risky for him to lie in court as if found out it is potentially career limiting.

Once this dawns upon him it might prompt him to return your money.

Also talk to you local Citizens Advice as most of the people posting here are clueless

Just to add - although the small claims track is normally limited to £10000, this is such a straightforward matter you can ask for it to be allocated to the small claims track rather than fast track. That is very helpful to you because if he engaged a lawyer to appear (he'd be an idiot but sounds an idiot anyway so he may be) for him you will not be liable for any costs.

Op would be foolish to wait for any action from the police. That won't get her any money back and even if it did, criminal trials are taking at least 18 months. She needs to act now. Equity actions should not be delayed.

I was coming to say this. You need to pose a threat to his job if he's in finance as he will care about that

It isn't his. Legally or otherwise it's Op's.

@BarbieKew You can put £20,000 each year into an ISA

Yeah, that’s fair.

I was wondering if the threat of police involvement might prompt action from the ex.

However I think I prefer your direct approach.

I'd tell him had 2 choices

He could
a. Give me my money and keep his job

b. watch me come after him for theft, THEN get my money and then lose his job / watch his life swirl the drain

Utterly disgraceful behaviour and mostly lies to boot i imagine
Even if it is tied to a fix with early redemption which is rare...If there is a redemption fee its his problem for investing so idiotically.

First step is Just do it - Tell your dad and then make a plan and start formally pursing this.

I like @PrincessofWells draft letter.

And id want the full 15k at a minimum irrespective of how much it has gone down.
You never agreed to stocks or volatile investments you agreed to a savings account

Text him again and ask him for confirmation of where your money is and the reasons he is claiming to be unable to return it promptly. Say you require this information as you’re seeking legal advice about your next steps given his failure to seek your agreement for the change to where the money would be held. If he’s still not responding or is playing silly buggers ask him to confirm his job title and work address. Hopefully he’ll get the hint that you’re willing to make things difficult for him and ensure your money is returned more promptly.

Report him as a romance scammer/ fraudster!

Don't know your options legally, but if he's in finance, he won't be able to have a criminal record or ccj. So I'd be mentioning this to him.

I didnt explicitly say this in my.post but this was my point. You have extra leverage due to his job.

Ask him how long it’s tied up for? Is it a 1 year plan or longer?

He can’t just keep it, you have some power in this situation in that his financial records needs to be squeaky clean, so get him to confirm a timescale and if not done within that threaten small claims court. What record do you have of sending him money/the investment etc

What @PrincessofWells said.

Are you sure he actually put the money into savings?

If he works for a bank then he should be aware of the seriousness of financial crimes. I.e if you did report this to the police/action fraud and then state you will inform his employer with proof of every payment you have made to him.
This could be seen as theft.
i work for a bank at ‘head office’ (broad term for a lot of stuff) but any accusations of financial crime. Or crime in general are took VERY seriously. We need to complete attestations annually to confirm we are fit and proper. You would think he wouldn’t want this to impact his role.

You need to tell him that you intend to report him to the police.
He forced you to save with him and is refusing to return it.

Tell the police you want to make a statement.
Look up Coercive control.
Was there any other controlling abusive behaviour?

Tell him that you will see to it that his job is informed of his financial abuse of you.

Get your money back and do not accept his bullshit or lies.
Do it via the police.

Of course it's your money. You didn't give it to him as a gift but to invest on your behalf.

Tell him to hand it over or you're reporting him to the police.