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    "If you've been injured through no fault of your own you could be entitled to compensation. If you're unsure if you could claim, I recommend you call Accident Advice Helpline."

    Esther Rantzen

    Your injuries compensation money

    Your injuries compensation money

    What should you do with your injuries compensation money?

    Of course, the money has been awarded to you to cover the costs directly resulting from your injury. These would include, for example, private medical treatment you have sought in addition to or instead of NHS treatment, say rehabilitation therapies that the NHS would not normally provide. It would also cover your loss of earnings and care and support services you need whilst incapacitated. The point is you may not need to spend it all at once and your “award pot” needs to be earning interest, if possible, until you draw it down.

    Savers have been kicked into the long grass over the last five years, clobbered by the double whammy of dismal interest rates and a biting inflation rate. Inflation is a real concern, because the injuries compensation award you have just been paid will progressively drop in value and you will notice it. However, there are some options which soften the blow to some extent.

    Some current bank accounts and ISAs are paying as much as 3% and the average is 2%, so shop around. The advantage is you still earn interest while your cash is available to you.

    Savings accounts are paying between 2% and 3% but you have to lock your money away. If you are certain that you are not going to need some of that injuries compensation award for 12 months, you could do this.

    NSI Government-backed Premium Bonds hold out the promise of a win, but you earn no interest at all. However, any win is tax free. The return for the average PB holder is between 1% and 2%, and of course, you might hit a big one. You can cash in your bonds at any time.

    Open Claim Calculator

    Peer-to-Peer lending is a new financial instrument set up as an alternative source of lending to the banks. Investors looking for higher returns can achieve as much as 8% p.a. interest on a loan. The downside is that the capital is not secured, so the loan carries a risk. Some lenders do offer certain protective strategies, but it is wise to check out exactly what the deal is and not to risk more than you can afford. The bottom line is to remember what your injuries compensation money is for and to invest it accordingly.



    Date Published: March 12, 2013

    Author: David Brown

    Accident Advice Helpline (or AAH) is a trading style of Slater Gordon Solutions Legal Limited. Slater Gordon Solutions Legal Limited is a company registered in England and Wales with registration number 07931918, VAT 142 8192 16, registered office Dempster Building, Atlantic Way, Brunswick Business Park, Liverpool, L3 4UU and is an approved Alternative Business Structure authorised and regulated by the Solicitors Regulation Authority. Authorised and regulated by the Financial Conduct Authority.

    Disclaimer: This website contains content contributed by third parties, therefore any opinions, comments or other information expressed on this site that do not relate to the business of AAHDL or its associated companies should be understood as neither being held or endorsed by this business.

    No-Win No-Fee: *Subject to insurance costs. Fee payable if case not pursued at client's request.