If you successfully use the services of accident injury lawyers in St Agnes to sue a negligent party for compensation after suffering an accident that was not in any way your fault, you’ll need to consider how to use the pay-out you landed. As this might amount to many thousands of pounds, you’ll need to spend some time thinking about how the money you’ve won is going to affect your financial position.
The first thing to be conscious of is that you will not be liable to pay income tax on any damages pay-out you receive. However, your payment could affect your entitlement to any benefits you receive. In fact, you may even be asked to pay back some benefits you’ve already been paid if some of your compensation was awarded to cover expenses such as lost income that benefit payments had already partially covered.
Before going out and spending your money, you would be well advised to inform the agencies that pay you your benefits to find out exactly where you stand. You won’t want to wind up in court as a defendant fighting a charge of benefit fraud.
What to spend an injury pay-out on
You can find out how much your accident injury lawyers in St Agnes solicitor could wind up winning you by using the 30-second claims calculator on the right-hand side of this web page. This will give you a ball park figure of what you might end up walking away with. You could stand to win an amount ranging from the low thousands to a six-figure sum, depending on the severity of your injuries.
You could stand to win a lot of money, so it will be worth considering what you would do with it. You could invest it or pay off your debts. As a rule of thumb, it will typically be prudent to pay down your debts first, unless you can find an investment vehicle that guarantees returns that are higher than the amount of interest you pay to service your debt. If the only debt you have is a mortgage that charges a low interest rate, you might be best off sticking your windfall into an investment fund.
Call for free advice and to hire accident injury lawyers in St Agnes
If you have suffered an injury as the result of an accident that was not your fault and are looking for some free advice, call Accident Advice Helpline (AAH) on one of the phone number in the top right-hand corner of this web page. You’ll be connected to one of Accident Advice Helpline’s friendly and professional claims advisors who will be able to talk through the ins and outs of launching a personal injury claim with accident injury lawyers in St Agnes.
Call Accident Advice Helplines accident injury lawyers in St Agnes on either 0800 689 0500 from a landline or 0333 500 0993 from your mobile.
Date Published: 8th November 2013
Author: David Brown