Interest

[DebsyDoo]

Has anyone an idea how much interest could be expected on �100 which has been sat with a solicitor for 15 years ? I found a letter which states that this amount of money was left to my daughter in1993 ! Phoned same solicitor & was informed that it would have been 'invested' for her.

[Ethel]

Average at 6%

�145 interest, �245 total

[DebsyDoo]

Thanx - very helpful !

[factor-fiction]

I hope it wasn't invested in Bradford&Bingley or Northern Rock shares

[Whoever]

What an unsatisfactory answer from the solicitor. I certainly wouldn't have been satisfied with it. "Would have been invested" implies that the solicitor assumes it had been rather that "has been invested" which confirms that it has. As the mother of the juvenile daughter in question I would go back and demand some more information.

Ask what specifically it was invested in.
Ask why you haven't been sent regular updates on this investment.
Ask for its current value.
Ask when it is due to be paid out.
I suspect this money is probably being held in trust until you daughter reaches a certain age. If she was a 7 year old when she inherited it, it's possible she has already attained the age at which is due to be paid over. I know �100 is not a huge value but when solicitors act as trustees they have certain obligations to manage they administer efficiently and it sounds as this one hasn't been doing that very efficiently if you haven't heard anything for 15 years.

[DebsyDoo]

I think that the difference between "would have been" or "has been" invested is a somewhat moot point.
As to where, or what, the money was invested in - the person I spoke to did not have the file "to hand" - quite understandably - considering the time-lapse, but I am assured it will be retrieved from the archives and looked into this week.
We will then be told of it's current value, as it is well past the due date for payment.
The only thing I agree is strange - is why we were never contacted again regarding this, after a period of time.