help, bank account, compensation cheque

helen6

Hi, I hope someone can help. I have a Bank of Scotland current account which they have allowed me to keep open although I owe about £6000 on a visa card. I have not heard from them for at least 3 years about this debt. I have a compensation cheque which has to be split between myself and 3 brothers. what I want to know is will the bank stop me being able to distribute this out to my brothers, I do not mind if they were to keep my share which would be just under £3000 but as we are not a close family they do not know of my financial position and I do not want to have to tell them. Can the bank keep the amount I owe them off this cheque?

simongregson

I would open a basic account at another bank and deposit the cheque there, otherwise they could take the money to pay off your outstanding debt.

helen6

Thanks, I thought that would be the case

Salazar_2

helen6 wrote: »

Thanks, I thought that would be the case

Yes, the fact it would go into your account means they could offset it against what you owe. Too risky. New bank account required.

helen6

could I pay the cheque into my son`s account in another bank ?

jonesMUFCforever

No if the cheque is payable in your name then it has to go into an account in the same name.

If this is compensation for you and other people why did the solicitors/company not make out separate cheques? This seems very odd to me.
The other people will have no guarantee of ever getting their money.

helen6

The reason it was made out in my name is because my brothers were my dads first wife sons, she died in childbirth and the boys were still young when my mum and dad married because my dad died before my mum because of inheritance laws I receive all the compensation, but I couldn`t live with myself if I took it all