Help cashing ppi cheque

Steret

Hello.

Need some sound advice please.

Have received 2 cheques from successful ppi claims. One for £700 and one for over £3000. This is great news but the problem is I don't want to put it into my bank account. Various personal reasons. The bank that issued it won't cash it and won't issue another cheque allowing me to cash it. Is this right? If so what advice would you have, if any, about cashing it in?

Thanks in advance.

Fruit_and_Nut_Case

Open a new current account with a different banking group or building society. You don't have to close your existing account.

DevCoder

If the cheques are marked Account Payee then its correct that they must be cleared into a bank account in your name.

As mentioned, you could open another bank account or use a cheque cashing service as some of them will accept a crossed cheque (although at a charge).

Why don't you want to put it in your existing bank account?

Steret

My wife is in an Iva and there is a good chance I would have to give some of the money up due to this. I don't want to run the risk of this happening.

DevCoder

If its a single iva rather than a joint iva (and the ppi was due to a single loan etc, i.e. not a joint loan), then your assets are protected.