If you were to win a compensation pay-out after being injured in an accident that was not your fault, you will need to consider a few points before you set about spending your money. While you’ll be able to find out about this in detail by seeking out claims advice in Chelmsford from a decent 100% no win no fee personal injury law firm such as Accident Advice Helpline, the basics are laid out below for your perusal.
Spending your compensation and claims advice in Chelmsford
Firstly, you’ll most probably be relieved to hear that you will not have to pay any income tax on any amount of personal injury compensation you were to secure after being injured in an accident that was not your fault. However, this won’t mean that you will automatically have no other commitments as far as your settlement is concerned.
If you were claiming benefits during the period between when you had your accident and the time that you received your compensation award, you might have to pay some of your money back to the agency that paid you the money you received from the state. This is important, as you could get yourself into a great deal of trouble if you failed to do this.
You might also be bound to hand over some of your money if you are in debt or have recently been declared bankrupt. Again, you could land yourself in a lot of bother if you were to fail to do this, so contact your creditors or the official receiver to find out where you stand.
Once you’ve made sure that you’re covered with regard to these issues, it will be time to set about deciding what you want to do with your cash. You may decide that you’d like to spend it, use it for the deposit on a property, or set it aside to use for your child’s education. The choice will be yours.
Talk to Accident Advice Helpline today
If you would like to get more claims advice in Chelmsford about what you may need to think about before spending any settlement you were to receive after being injured in an accident that was not your fault, you would be well advised to pick up the phone right now and call Accident Advice Helpline on either 0800 689 0500 from your landline or 0333 500 0993 from a mobile. Making just that one call could save you an awful lot of bother further down the line. It really could save you an absolute fortune.
Date Published: 14th June 2015
Author: David Brown