Personal Injury Trusts - can you set one up without a lawyer?

ticktack_2

skintandscared wrote: »

Yes they can, as long as they do it immediately!

Or they don't apply for HB until after the age of 60.

ticktack_2

FCA wrote: »

I have looked at the Statutory Instruments that modify the 2006 Act and cannot find any supporting the RR2 comment - which specifically references paragraph 6.17 as above.

Does that create a problem for you?

FCA

It means I may have to pay up to £1,000 to a solicitor to set up a PI trust.

ticktack_2

FCA wrote: »

It means I may have to pay up to £1,000 to a solicitor to set up a PI trust.

You could try asking on the Turn2us website. They may be able to tell you what legislation to look at.

http://www.turn2us.org.uk/

rogerblack

skintandscared wrote: »

Yes they can, as long as they do it immediately!

This may or may not be the case for pension credit - I haven't read the rules in detail.
You cannot however do this for all working age means-tested benefits.

If it's in your bank account for seconds, and you move it over to a trust, you will be counted as having deprived yourself of that capital, and treated as if you still have it.

epitome

rogerblack wrote: »

This is shorthand, and is incorrect.
It is not counted as capital for 52 weeks (till 24 years ago).
However, then it is counted as capital, unless at the time you got the compensation, it was put directly into a trust.

Once it has gone into your bank account - it can only ever be ignored for 52 weeks - and putting it into a trust later does _not_ equal a 'personal injury trust' which is exempt, even if the initial source of money was the personal injury payout into your bank account.

rogerblack wrote: »

This may or may not be the case for pension credit - I haven't read the rules in detail.
You cannot however do this for all working age means-tested benefits.

If it's in your bank account for seconds, and you move it over to a trust, you will be counted as having deprived yourself of that capital, and treated as if you still have it.

For anyone reading this thread I happen to disagree with this advice. If you read this thread
https://forums.moneysavingexpert.com/discussion/3965701
You will see why I disagree. Ignore the bit about spending it, we are concerned here only with putting it in a trust.

Unless there is case law which clarifies Regulation 113 to be narrowly interpreted in Roger's definition then I cannot see how Roger can be so definitive in his advice.

sleepless_saver

OP, are you sure the £14k makes a difference to your entitlement?

If you put the figures into turn2us benefits calculator with and without the £14k you can see what difference it makes to your situation.

Jimmymc50

Hello.
I'm interested in finding out about a Personal Injury Trust.
I am in line to receive £20,000 from my previous employer and I am currently in receipt of housing benefit.
I know that this will mean that when I receive the money my housing benefit will be stopped, however I do actually owe roughly £15,000 in credit card debts and a loan.
My question is: If I were to pay all my debts, leaving me with roughly £5000 would I still have to inform the DWP of my compensation payment and would my housing benefit still be stopped?
Cheers.

rogerblack

Jimmymc50 wrote: »

Hello.

See answer on other thread.
Dredging up old threads is rarely helpful.

Shabbybex

I need to find a bank that offers a personal injury trust account but finding it difficult as staff all seem a bit clueless when it comes to this. Information on the internet is confusing.
I have the deeds for the trust all set up by my solicitor but have been told that I will now need to set up the bank account. Does anyone know any banks offering this service because I can't find any through Google.