Personal injury trust fund

greenface

atush wrote: »

But the debts are growing thru interest (and faster than any income from the trust) so i would have them pay off the debts first.

I hardly think the trustees would have a problem if the debt was incurred due to the injury accident?

All of which is purely guess work as you know nothing ,even if the OP dad has any debts .But you are right IF there are debts the potential interest will PROB be more than the potential interest from a trust .IMHO

atush

We are all guessing here are we not? That always happens in forums where we are not given all the facts.

xylophone

http://www.lindermyers.co.uk/personal-injury-trusts---some-faqs_754.html
http://www.personalinjurytrusts.co.uk/what-is-a-personal-injury-trust.html
These seem to set out the facts?

lisyloo

But the debts are growing thru interest (and faster than any income from the trust)

Do you know that for a fact? or is it just a general statement?
My investments are growing faster than my debts. Some people have debts at very low rates at the moment. It's not necessarily the case anymore.

atush

I presume you are talking mtg debt (which is the only debt i have and yes it is very low indeed). The type of debt described (and the ones in debt as described) is usually CCs, personal loans or even worse things like payday loans and the like.

Of course I don't know for a fact, as we haven't been given the facts. But this is something the OP can check isn't it?

blinko

http://www.lindermyers.co.uk/personal-injury-trusts---some-faqs_754.html#b1q11

Q: What can I spend my money on?Until fairly recently there were restrictions on what you could and couldn’t spend the money on. It was a strange situation where you could buy a plasma TV but not food and you could not buy ordinary clothes but extravagant clothes were OK!
This has now changed. You can spend the money on anything you like.

greenface

Very good simple to understand website from a firm of solicitors thanks

Gael55

I had my trustees withdraw the interest on my personal interest trust fund which was a bit over £1,000 and deposited it in my regular account in the same bank. I made sure it did not total up to exceed the necessary amount which would affect my benefits.

My question is, was the acceptable to do as I didn't use it for a specific purchase, but rather to supplment my main account which was dropping down below £4,000.

Also, if someone wanted to purchase a home with money from a personal injury trust how would that affect benefits and how exactly should you remove the money. If it went into the main account then benefits would be lost, but if it was then used to purchase the home shortly thereafter would that be acceptable? Thanks very much.

atush

You need the benefits forum.