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personal injury trust

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20 hours 17 minutes ago #315598 by ostia
personal injury trust was created by ostia
Hello. Does anyone know of an institution which would be able to hold a modest PI payment for under 10,000? So few banks etc seem to do it now,
10 years ago my trustees and I opened a Trust PI account with Metro bank, instant access. A small amount of interest p/a and no withdrawals. Had to countersign lead trustee change of address form recently and was infomed by Metro that this was the wrong account for the PI (after 10 years and no notice). They want me to open another account with them with a slightly different name still called a Trust account, pay them £150 and £5 a month to run it as is was a small deposit! I think this is really odd as well as unfair. Metro have also been an unhelpful and abrupt company to deal with.
However if the money can be moved to another bank/b society, would I need to notify the DWP (again) and would the money then count as savings....hence pushing me over the £6000 limit allowed by the DWP as discounted towards benefit calculations?
Could I argue with Metro that the account I have was missold and has been in effect a Holding Account since they have changed the Terms and Conditions without notifiying me first? Thanks

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1 hour 2 minutes ago #315607 by David
Replied by David on topic personal injury trust
Hi ostia

We are a Benefits Forum and cannot advise on missold accounts.
However I can say that the DWP examines the trust deed for validity. The legality or otherwise of the trust deed is not determined by which bank has been credited the funds.
You could ask Citizens Advice or Community Money Advice for help.

David

Nothing on this board constitutes legal advice - always consult a professional about specific problems

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