Is there such thing as a anonymous bank account?

Primrose

If Jay is currently receiving Disability or other State benefits as a result of his accident, then I imagine these will be withdrawn once he is in possession of a large compensation sum. If this is the reason why he is asking for anonymity I would ask him to consider whether in all conscience he can go on receiving State benefits to which the rest of us hard pressed taxpayers are contributing. Of course if this is not the case I apologise for mentioning it. But as others have pointed out, the Inland Revenue will know because banks have a duty to report all interest paid on all their accounts. But if he simply doesn't want his existing bank to know about the compensation received, he can simply open another account for it with a different institutuion.

B.E.N

[Jay] wrote: »

The request to see if their was an account out there was to pay any monies received from my compensation into this account that would of given me considerable time to get myself in order and pay of creditors slowly and accurately

Simple! Open a bank account (basic bank account if you're credit rating is shot), with an institution that you don't have debts with! Be careful about subsidery banks, e.g. Natwest is owned by RBS, Halifax by Bank of Scotland. It may be best opening an account with a small building society, perhaps.

runciblespoon

[Jay]. you might want to take some advice about injury payouts and benefits. I know very little of this field but there seems to be a thing called a Personal Injury Trust which means your compensation is ignored when benefits are assessed. I'd find an IFA or accountant with specific knowledge of injury settlements.

http://www.spinal.co.uk/pdf/maximisingpipayments.pdf
has some details of how it works. I have no idea if it's the right thing for you, which is why getting some advice would be important.

System

Primrose wrote: »

If Jay is currently receiving Disability or other State benefits as a result of his accident, then I imagine these will be withdrawn once he is in possession of a large compensation sum. If this is the reason why he is asking for anonymity I would ask him to consider whether in all conscience he can go on receiving State benefits to which the rest of us hard pressed taxpayers are contributing. Of course if this is not the case I apologise for mentioning it. But as others have pointed out, the Inland Revenue will know because banks have a duty to report all interest paid on all their accounts. But if he simply doesn't want his existing bank to know about the compensation received, he can simply open another account for it with a different institutuion.

As i have said... I'm receiving disability allowance which will all be repaid in full when i receive any such settlement. So the pressed taxpayer is not affected. :mad:

I would say that after receiving such settlement i wont no longer be entitled to disability benefit which is just fine and to be honest i would be glad.

And even more glad to pay off all my creditors.

System

runciblespoon yes your right about the IFA and also a Trust account which my solicitor has informed me about.

Many thanks for the link, will have a read.

napoleon

[Jay] wrote: »

Hi all,

Just looking for a little advice.
Is there such thing as a anonymous bank account?

I'm in line for a large amount of money from a no fault accident and wondered if their was such thing.

As i don't want other banks or others to know what i have and keep it hidden away.

Any advice would be appreciated.

Many thanks.

Regards
Jay

Yes, join Al Qa'eda. they'll sort you out with one

baby_boomer

napoleon wrote: »

Yes, join Al Qa'eda. they'll sort you out with one

Do you mean an account or a cave on the Pakistan/Afghan border

napoleon

[Jay] wrote: »

As i have said... I'm receiving disability allowance which will all be repaid in full when i receive any such settlement. So the pressed taxpayer is not affected. :mad:

I would say that after receiving such settlement i wont no longer be entitled to disability benefit which is just fine and to be honest i would be glad.

.

Why would you need to repay Disability Living Allowance as you are /were entitled to it. Also DLA isn't means-tested so you could continue to claim it even if you got a million quid.