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PPI settlement cheque - HELP!!
traceyp67
Posts: 7 Forumite
Hi, Wonder if anyone can help. We have recently received a settlement cheque for PPI in joint names but no longer have a joint account. On phoning Tesco, I informed them that the cheque needed to be re-issued in a single name as we no longer have a joint bank account which they were happy to do. We have now received a letter to say that of the £8000, only £1300 can be written to me and the remainder to my partner as he was the first named on the other two joint loans (3 in total). My partner no longer has a bank account and is happy for me to receive the full amount, and will even put this in writing, can you please inform me as to why Tesco are not allowing this to happen? Is this something we have to take to the financial ombudsman again, as we did to receive the settlement to begin with? Seems ridiculous when we were both on the loan and he is agreeing to it?
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Comments
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Why not just get a joint account together, pay the cheque in, let it clear, take the money out and close the account.
Simple.... and will just take a few days.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
My partner no longer has a bank account and is happy for me to receive the full amount, and will even put this in writing, can you please inform me as to why Tesco are not allowing this to happen?
Legal entitlement. A joint account is easy but with sole accounts then money needs to be split and shared correctly. Using bank accounts is part of the anti-money laundering check and ensures the correct legal owner gets their money. It also reduces fraud.Seems ridiculous when we were both on the loan and he is agreeing to it?
Almost as ridiculous as an adult not having a bank account.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Easier said than done as he is previous bankruptee (over 6 yrs now) but also an incessant gambler, hence not wanting to have any bank accounts or money in his name, even for a temporary period!0
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Don't give him a card, don't let him keep a record of the account number.Non me fac calcitrare tuum culi0
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just go to the bank together and open the account but make sure both signatures are required to take any money outBlessed on 18th February 2014 at 0814 with little Sarah xxx0
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