Personal injury trust bank

leopoldo_2

It turns out it was because she was the victim of fraud last year (someone used her card details to purchase goods)...despite showing them that she was the victim rather than the perpetrator...anyway, she will try Skipton, thanks.

el4

leopoldo_2 said:

Hi, I hope that I'm putting this in the right part of the forum.

This is a question on behalf of my sister. She was recently awarded a sum from a medical negligence claim and was told that she should open a personal injury trust to protect her disability benefits (a disability that is a result of the medical negligence).

She has found it hard to find a bank that is offering them currently, but Metro Bank gave her appointment to submit an application.

She has now been told that the application was rejected because of her credit rating (I'm not familiar with the specifics)...which makes little sense to me as she will only be depositing and withdrawing funds, not borrowing anything.

Anyway, is there an alternative arrangement she can use for this trust rather than depending on a bank's discretion? Or alternative banks?

Cater Allen and Barclays are not currently accepting any new trusts apparently.

Thanks in advance, she is very stressed and hoping I have give her some good news.

Hi, I'm currently going through this same process with my solicitor. I'm needing to decide between Metro bank and Cater Allen. Both banks only protect £85k, however these are the only two banks for personal injury and to protect benefits. Benefits are only protected for 52 weeks. 
Barclays unfortunately stopped doing trust funds August 2022.

With Cater Allen, you need a solicitor/ law firm thats been affiliated by them, as I've been told this is the only way they accept new clients. However they also a credit check, so if your sister has already been rejected by Metro bank for that reason, it may be abit harder. 

Your best bet is contacting solicitors for advice  and see if anyone works alongside Cater Allen. There is a big fee which ever path you go down. Mine is costing £480 and £1200 depending what solicitor I choose and if I want them to do all the paperwork/ correspondence or not. Either way you need a solicitor to write a trust deed and that's what costs!