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My son has recently turned 18, he had a Savings Fund that was not due to mature until October this year, paying out a substantial maturity bonus. However, he has suddenly given instruction to close the savings, despite the fact that he is losing about 30% of the final value by doing this early.
I am concerned that he has been forced into closing the account.
I've tried talking to him but he actually appears scared when we suggest that he waits even a couple of days to fully consider his actions?
What can I do?
Let him make his own stupid mistakes?
He might need the money urgently for something he doesn't want to or can't tell you about?
All you can do is show him how much he will lose - if there is a lot at stake, why not advance him some of the cash if you are able to until October?
What really concerns me is that it appears he has been forced into withdrawing the money and passing it onto someone else.
I see your point and if that’s the case it’s a criminal matter.
You either speak to him or report this to the police.
It’s so difficult when all we want to do is to protect our children, but as he has passed the age of 18 I fear that you will find he is classed as an adult that can make his own decisions... if he refuses to point the finger or acknowledge that there has been coercion from another party, the police are unlikely to act.
Here's link to a thread in the finance section, where you can get 121 support and advice about all things financial from our finance Moderator, Samantha Downes. She may be able to offer further advice.
Best of luck
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