Investment advice please help!

hezzor

8 months ago I was awarded £115,000 in compensation for a hospitals negligence. I was advised by my solicitor to see a financial adviser, as I would lose my benefits if I did not put my compensation pay out into a trust fund.

After 8 months I have now been told that my money is in Ulster bank earning no interest. I have to apply in writing if I want to withdraw any money.

Due to the neglect of the hospital I have been left very depressed . I suffer from psychogenic non-epileptic seizures. I am unable to work, so I get DLA, incapacity and Housing benefit. I have lost Income support and carers premium and have to pay for my dental care prescriptions. Due to my ill health this costs me £45 per week. Approx £195 per month

I don’t know who to turn to, after 11 years of fighting in a court case and winning. I am no better off.

With the banks the way there are at the minute I am unsure of whether to take my money out and invest it in a normal bank.

Please help.

dunstonh

the solicitor told you to see a financial adviser to set up a trust fund. Why havent you?

Ulster Bank is a normal bank.

amcluesent

> I was advised by my solicitor to see a financial adviser,<

And did you? How did the cash end up in Ulster Bank?

tom188

Is it in your bank account?

hezzor

The money is in the trust fund that was set up by my financial adviser. Although I have been told the trust fund is in Ulster bank earning no interest.

hezzor

This is not my bank account. I have to apply in writing to withdraw any money out.

hezzor

This is not my bank account. This is the trust fund account. I have to apply in writing to withdraw any money out.

dunstonh

The only account they would have at Ulster bank that wouldnt pay interest is a current account. Financial advisers cannot set up current accounts (unless they happen to work at a bank). If it is a current account you would have a cheque book.

Why dont you go back to this financial adviser and get clarification on what it is you have and what has been done. At the moment it is impossible for us to even guess what you have based on what you have said so far.

srichards

I am no better off

Au contraire, you have 115k sitting in the bank.

halight

Hi,

If i were you then i would go and take to another financial adviser and see what thay can do for you. If i had a trust fund i would wont it to pay intrest or divadends.
Also go and see your local cab. As thay should be able to help you sort out any money that you might be able to claim. Also get them to fill out the forms for you as thay know what thay are doing and theay know what to put and how to put it.
I wish you all the best with this good luck