Injury solicitors in East Boldon
If you manage to win a personal injury claim pay-out with the help of a decent injury solicitor in East Boldon, you’ll be able to spend your compensation on whatever you like. When you consider that your award could amount to many thousands of pounds, depending on the severity of your injury, the amount you receive could be life changing.
You might like to pay off your mortgage. If this is something you would consider, it might be worth taking a step back before doing so. If you’re paying a very low rate of interest on your mortgage, it will make sense for you to put your money into an investment vehicle that pays out more than your mortgage costs you, if you can find one. When mortgage rates are low, savings rates inevitably are too. Nevertheless, if you can find an investment that does pay more than your mortgage costs, you’ll be making your money work harder for you.
Spending a pay-out
Rather than saving, you might decide to just spend any sum your injury solicitors in East Boldon win for you. Before you do, it will be worth bearing a few facts in mind. If you claimed any benefits between the time that your accident occurred and the date you received your money that were linked to your injuries, you may be asked to pay this back.
You should always inform any agency that you claim benefits from of any personal injury compensation that you win. If an agency later found out that you had been compensated for any expenses that benefits you had already received were supposed to cover, you might be asked for the money back. If you were unable to pay it back, you could be prosecuted for benefit fraud. As well as being extremely embarrassing – you case might appear in the press – you could face a large fine or even prison.
You’ll also need to inform your official receiver if you’re an undisclosed bankrupt. You may have to pay any money you receive before your discharge back to your creditors, Failure to inform the official receiver of any personal injury windfall is illegal and, as with benefit fraud, could land you with a fine or a prison sentence.
Before you think about how you’re going to spend a personal injury pay-out, you’re going to need to use the services of good injury solicitors in East Boldon to help you take action against a person or organisation whose actions have resulted in you becoming injured in an accident that was not your fault. Get the ball rolling by calling Accident Advice Helpline.