Family financial advice required

[Mel49]

Tough one but in my view boils down to what his Granny's instructions were. Was the money paid to you to help out with day to day expenditure or for you to put away for his future. If she gave it to you to save for his future then I think she will be expecting you to give him a lump sum on her behalf for his car or deposit on a house or similar when you feel the time is right.

If this is a "true dilemma" you need to discuss it with your Mum but get ready to pay for his car

[Nimbus]

Originally Posted by mickey house

When ever I have a problem (financial, marital or medical) I immediately turn to my dibb family for advice.

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Yeah, because rather than turning to a qualified professional or at least a close trusted friend, we all know that splashing personal financial/marital/medical problems on an open public internet forum full of relative strangers hiding behind anonymous usernames who like to express their judgemental opinions based only on anecdotal evidence is most likely to provide the best outcome.

And by "best" I mean "most entertaining" of course.

Originally Posted by mickey house

The facts are as follows: My son is in his 20s and when he was born my mum started giving him £50 a month which she paid directly into my bank and she continues to do so until this day.

I am kindly loaning my son money to replace his car at a generous rate of 5% per annum (that was subject to another thread).

Now this is where there is some conflict because my son asked where the £50 a month plus interest was his nan had given to me. I explained that the money was used to buy him toys and also take him to Florida (club seats aren't cheap). My son thinks that me and my wife should have paid for his toys and Florida trips out of our money and not his money as he should have enough to buy a new car with it including the interest.

Is my son being unreasonable?

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No, your son is not being unreasonable and the money paid by his nan could be used to pay for a new car.

However, if your son wishes to use the money in that way, point out that he would need to take out another loan with yourself to pay for all the toys and trips to Florida that you paid for over the years. As a goodwill gesture, I suggest you say to him that he doesn't need to pay for the retrospective interest on this loan that has accrued over the last 20 years; instead the 5% interest rate on this new loan will only start from today*.

(* you will, of course, be adjusting the amounts paid based on inflation to reflect today's costs)

[shack69]

Legally she gave you the money on the understanding you would pass that on to your son. Under the age of 16 I take your point you made decisions on what to do with the money. However once he turned 16 you are no longer legally allowed to make his decision. So I would say any money she has given you since then should goto him. Which would be about £2,400.
If anyone else if considering giving money to a grand child then the best idea is to open a childs savings account which is administered by an adult until they turn 16.

[bonnies mum]

Some children just don’t appreciate all their family has done for them.

[mickey house]

Thank you all so much for confirming that I have spent my sons savings wisely and he's being unreasonable to expect me to give him the money that has been spent on things that he's enjoyed.

I do have a marital/medical issue (relating to my non performance - limp lessness issue) that I need to run past my dibb family but I don't want to burden you with all my problems at the same time.

Thank you

[Labboy]

This is what happens when you are too generous Mickey, spoiled child thinks it should get more and more and more, shame on him. Tell him to try living in the real world without your more than generous help.

[Sandra & co]

Tell him to call childline, my kids always threaten me with childline but at 18 and 24 I don’t think they can call them. I ask them to empty the dishwasher and they want to call childline, kid of today eh!

[cornishfrogboy]

Originally Posted by mickey house

Thank you for confirming that he's being unreasonable because that's exactly what I told him (I don't think Oprah will be interested though).

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Actually, I wouldn’t be so sure on that one. Many posters on here regard you as ‘DIBB ROYALTY’ in much the same way as we look up to Kerry (Katona), Jordan (of many kids), Cheryl (of many names), Gemma (Collins) and Meghan (Markle).

This could be extremely newsworthy!

[Sandra & co]

Originally Posted by mickey house

Thank you for confirming that he's being unreasonable because that's exactly what I told him (I don't think Oprah will be interested though).

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Jeremy Kyle maybe!

[EssexSue]

Originally Posted by Sandra & co

Jeremy Kyle maybe!

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And she's back in the room. 😂