Injury solicitors in High Bentham
If you’re fortunate enough to successfully claim personal injury compensation with the help of good 100% no win no fee injury solicitors in High Bentham after becoming embroiled in an accident that was not in any way your fault, don’t be too hasty in making plans for what you’re going to spend your money on. If you’re in one of a range of financial positions, there will be certain things you’ll need to consider before you start to earmark your windfall.
Failure to make sure you’re actually free to spend your compensation on exactly what you wish can have serious consequences, up to and including a large fine or even prison. The chances are that you will be able to go ahead and spend your compensation on what you please, regardless of whether you want to lock it up in a long-term investment vehicle or go on a bit of a spree, but taking some time to make sure you haven’t got other commitments could save you some rather large headaches further down the line.
Payout limitations and injury solicitors in High Bentham
You may have to offer up some or all of the compensation that your 100% no win no fee injury solicitors in High Bentham won on your behalf in a number of scenarios. We’ll consider a few below.
There is a good chance that you might have been awarded state benefits if you were unable to work after you were injured. If this was the case, you may be required to pay these back after receiving compensation, depending on how your award was comprised. As benefits law can be extremely complex, it will be wise to get in touch with the agency that paid you any benefits you received before you spend any of your money. You would also be well advised to get independent advice from the Citizens Advice Bureau.
Recently been declared bankrupt and have yet to be discharged? Then you may well have to pay some of your windfall to your creditors. Contact your official receiver to find out. In the case of both overpaid benefits and an undischarged bankruptcy, you could face a fine or prison if you fail to declare your windfall, so it will be in your interests to act.
Debt payment arrangements
You should also inform any creditors that you hold past-due accounts of your windfall, especially if you have payment arrangements in place. If you spend all your money and they find out, they could ask you to repay all that you owe immediately, forcing you into bankruptcy.
If you think you have a personal injury claim because you have been injured in an accident that was not your fault, call Accident Advice Helpline today on 0800 6989 0500.
Date Published: 4th January 2014
Author: David Brown