Useless Boy stole Miss KT's money

[KTMom91]

When Miss KT was about four months old, we got life insurance policies that, when she turned 18, would have the projected cash value to cover four years of state college for Miss KT. I knew there would be no saving, Useless Boy being...well...useless, and I wanted to be sure she wouldn't have to take out loans for her undergrad work. The premiums came out of my checking account, so I knew it was kept current, and he reimbursed me for the premium amounts, after I took him to small claims court.

He cashed in the policy last month. I called the agent when the premium wasn't taken out this month. She graduates from high school in June, and starts college in August. Half the money that my kid needs for college is gone, and I know there's no way to get it back for her. I've told her all her life that we had money set aside for her college, that tuition and books were covered, no problem. Now this. And I had to tell her.

She is furious, and even though I assured her several times that Hubby and I would take care of it, we'd get her through, she's angry, and I don't blame her. She feels betrayed by her father, that he's lied to her, and she's the one who said he stole her money. He better watch out when she gets hold of him. She is PO'd and loaded for bear. I'm just sick about it. I tried so hard to protect her, and I wasn't able to keep her college money safe.

 

[mstang67chic]

I don't blame the poor girl one little bit.

Can you press charges against UB? I don't know about those things but it would seem like you would need BOTH parent's signatures to cash it in. How did he manage that without you? I know you won't get the money back but he definately needs to face some consequences for this.

What an arse!!!

 

[susiestar]

I am so very sorry. This is just TERRIBLE!! I hope she is able to find him and tear him a new one!

Now comes the hard part. She must run a complete credit check on herself. All 3 bureaus. (and that Free Credit Report at "www.freecreditreport.com" is NOT free. You have to sign up for some service that charges a fee.)

More and more kids and their parents are finding that one parent has taken out credit cards and loans in their child's name. It IS illegal, but there have been some reports on the news about it - one man even bought a HOUSE using his daughter's social security number and signing her name.

So PLEASE work with her to check all of that. Because it could create huge problems. And he sounds like the kind of guy who would do that.

 

[Big Bad Kitty]

That is just awful. I agree, can you press charges?

 

[Star*]

WHAT a COMPLETE JERK......and that is being polite.

 

[Jena]

Mary I'm so sorry. ugh that's just disgusting. I don't blame her for being mad and wanting to plant him bigtime. I bet your trying to breath thru this one right now.

i'm sorry

(((hugs))

 

[donna723]

I completely agree with Susie ... check all three credit reports! You just never know, and if there is something on there that shouldn't be, the longer it goes on, the more difficult it gets to fix!

My ex did that to our son. When his own credit was ruined, he just started giving our sons SSN instead of his own and used just the first initial which is the same as our sons instead of his own first name. There is so many of his unpaid bills on our sons SSN that in one of the three credit bureaus, if you put our sons number in, his fathers name comes up! It's so bad, my son can't even open a bank account - he can't even be on a joint account with me! If I were you, I'd check her credit bureau reports and continue to check them regularly ... just in case.

 

[Marguerite]

Do the credit check - and since it's because of his actions that you need to, stick HIM wirth the bill, retrospectively.

Marg

 

[ML]

I'm so sorry this happened to Ms KT. What a selfish jerk!

 

[Andy]

Do you have the papers of the initial investment? You should be able to get a copy from the agent. Read through it carefully - what are the terms of termination? I didn't look to see how old KT is. Is she 18? As mstang stated, there is a chance that both parent's signature would be needed. If KT was 18 at the time he withdrew it, then maybe only she would have been allowed to sign. Also, was his name even on the policy? I would think that since you were making premiums that your name should have been on it. If either of these are correct, then the agency gave over the money illegally and still owes it to KT. They can give her the money and they get to go after UB for fraud in getting the money.

After reading through the papers, ask the agency under what grounds did they allow UB to cash in the funds. If they do not match the policy, talk to the supervisor of the agency and let him/her know that they need to put that money back into her account. Put into writing what you need to show the agency will make the case stronger

 

[gcvmom]

Grrrrrrrrr!

What a total

 

[flutterbee]

O. M. G. *blink* I'm just speechless. I think I'd be conferring with an attorney on this one.

This is beyond horrible. This is absolutely unforgivable. Wow.

Give KT a hug for me. And ((((hugs)))) for your hurting mommy heart.

 

[Hound dog]

Just shaking my head here. The things some parents do to their kids just leave me speechless.

I'd go over the policy with a fine tooth comb, consult a lawyer. Isn't it theft? Once she was 18 that money was hers. Yep. Definately would look into it.

Stepdad's kids stole Nichole and my neices college funds set aside by stepdad when they were born. Only 2 grandkids not to get them. It wasn't a fortune by any means, but it was their money, in their accounts, in their names. Right before stepdad died they convinced him to switch it to a different account.......which they emptied within an hour after his death.

It took Mom 3 lawyers to get her in heritance. But the college money she was never able to get back. I hope karma smacks them a mega good one. grrrr

Same for useless boy. OMG

((((hugs))))

 

[Lothlorien]

I've heard of cases where a child sued the parent (like your ex) for college tuition and won.

How in the world did he have access to it? I would sue him for the money. That is just so wrong.

 

[trinityroyal]

Mary, I'm simply stunned, and I don't blame Miss KT for being furious with her dad.

I agree with Susie and Donna's advice that KT should check her credit rating and make sure that he hasn't been misusing her ID for any other purposes.

Also, that if it's possible to press charges or get legal recourse, you should.

What a $%^&#$%#$%!

Trinity

 

[katya02]

Oh, no. What a disgusting thing for UB to do. People have already given great suggestions re checking credit reports and consulting a lawyer, I second all that. I really hope you'll be able to recover the money. And that other things aren't going on!

So sorry.

 

[hearts and roses]

Definitely agree that you should get out the original and have a lawyer look at it, do the credit check on Miss KT, and then sue the SOB. What a LOSER.

I am so sorry - it amazes me what a parent will do to their own child. Ugh, disgusting.

My exh wanted easy child to take out her college loan in her name and he would co-sign it and then said he would make the payments. I adamantly told easy child not to do it. She agreed. He was forced to take out the loan and have his mom co-sign for him. And guess what? He's defaulted on the payments and is in arrears - that could have been easy child's problem if I hadn't stepped in. You did all you could to protect her money and he ruined it - I am so furious for you and KT!!

 

[WhymeMom?]

Agh..... what a total creep! I would definitely be looking at the policy...... if he did it illegally, get the insurance company on your side and help with the case...... seems only right that they get involved even if he committed fraud to get the money.......

 

[cadydid]

What he did is wrong on so many levels I don't think one could count them.

I definitely think legal action is in order. Even if what he did was technically legal, all the parties knew that money was for her college, and he should be made to pay for it

Good Luck ! I hope he gets what is coming to him.

 

[KTMom91]

Thank you for the suggestions.

These were life insurance policies, UB and I each owned our own. Technically, he could do whatever he wanted with it. The premiums were automatic withdrawal from my checking account, because that was the account we had at the time. I can't believe I've had that account for 18 years! After we separated, he was paying me the amount of his premium each month. I was still the beneficiary on his life insurance, and I used to say to Hubby that if UB would just drop dead, it would be better, not only would Miss KT have some closure, but I'd have $100,000 to get her started in life. He was worth more dead than alive, and now he's not worth anything at all.

I hadn't thought about checking her credit. They have the same first initial. Cr@p. That will be next on my list.