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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to ask PIL for £68?

37 replies

sylar · 16/10/2009 22:10

We sold our house a while ago and had to split up our equity and put it into various accounts whilst we were renting. The idea was to maximise our interest.

We asked PIL who didn't have isas if they would open isas and we could put our money in (slightly naughty I know but not the biggest crime in the world)

Now we have asked for the money back since we're buying a house and they have given it back - but only the money we inserted, they have kept the interest.

We need every penny for the house move. Its not a lot but every bit counts.

If it were my parents I'd just ask for it but it isn't so I have to leave it to DH who is ignoring the issue.

AIBU to expect it back or does it serve me right for trying to use their ISA allowance?

Genuine question. Am interesed in responses and it will enable me to decide what approach to take.

OP posts:
Original poster
sylar · 16/10/2009 22:53

DH just went quiet when I told him how much they'd given back. I think he's bit embarassed. To be honest its harder because it is a relatively small amount. If it were hundreds it would be easier to ask for it.

Really am off to bed now but do continue to contribute

OP posts:
CristinaTheAstonishing · 16/10/2009 23:06

So if you don't get the statements because it's in someone else's name, how do you know what the interest is? Anyway, it's too small a sum to fall over it. Also I think however you justify it, you must know that morally you were in the wrong. BTW why didn't you invest it in ISA? Did you go over the limit? That's exactly why limits are set so you don't profit endlessly from good terms.

My parents had the opposite request when some family members asked them to lend them some money because their own was tied up in accounts and they didn't want to loose the interest on it.

slowreadingprogress · 16/10/2009 23:47

My first thought was that they probably haven't been paid the interest yet, it may only be paid annually to them.

We are broke and £68 is alot of money to us but I'd still never in a million years ask family for this. It's just not worth it.

JustAnotherManicMummy · 16/10/2009 23:57

Interest is paid either annually or monthly or whatever the agreement in the terms and conditions and upon account closure, whenever that may be.

Once the account is closed all business is settled including the interest. So the OP's PIL would have had the interest, unless they didn't close the account and just withdrew the money originally paid in... which may well have been the available balance on the account.

OP, it is possible that if the account was opened less than a year ago and interest is paid annually then your PIL may have just drawn off the balance showing on the account, which would still be the opening balance (assuming £3600 as ISA)as the interest wouldn't have been due for payment yet.

If they are not very money savvy they may not have realised they have to request an account closure.

I'd say get DH to speak to them, but as you have been money laundering for tax evasion purposes (which is illegal btw) you should really be treating both the initial amount to them as a gift and their "refund" as another gift - in which case they'd keep the interest. HMRC take a very dim view of these things... but I'm not your bank manager (I hope!) so I'll leave you be

tinkerbellesmuse · 17/10/2009 05:37

You were being a bit unreasonable to put the money in their account, and maybe a bit silly given their previous record with money.

But they have a bloody cheek and I'd be livid a little annoyed.

sticktoyourgins · 17/10/2009 06:07

YANBU and arf at the posters who are accusing you of acting illegally/immorally

morleylass · 17/10/2009 07:18

It could be unintentional but I understand how you feel, my Ils have 'taken advantage' of us previously and it is hurtful as you would hope that they would have your best interest at heart.
DH did mention it to them but it did make things a little uncomfortable for a while.
Hope you get it resolved - btw YANBU.

Oh yes, and while it's probably not exactly legal (tax evasion) it's hardly money laundering - unless you got the money by doing something naughty

ML

ssd · 17/10/2009 07:58

op, yanbu

but why did u trust them with more money? seems the daftest thing to me considering they owe you money already

ssd · 17/10/2009 07:59

I mean if you are talking £68 in interest, you must have given them a fair whack in the first place to invest?

Gracie123 · 17/10/2009 09:07

I'm suddenly very grateful for my inlaws...

'I mean if you are talking £68 in interest, you must have given them a fair whack in the first place to invest?'

Isn't the limit £3,600 a year?

HumphreyCobbler · 17/10/2009 09:15

I can't believe those who say that your pil are justified as you shouldn't have done it in the first place. What a weird view.

Of course they should have given you the interest too. YANBU

FABIsInTraining · 17/10/2009 09:16

Seems odd they kept it. Surely the whole point of using an isa account was to warn interest?

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