If you’ve suffered the very unpleasant experience of being injured in a road accident in Amber Valley that was not your fault but then go on to win a decent personal injury compensation pay-out from the negligent party that caused it, there will be a few things to consider before you start thinking about what you’re going to spend your money on.
In certain circumstances, you may not be free to do whatever you please with your windfall. Even if you can spend it as you wish, it will be wise to put no small amount of time into thinking of how best to do so.
Spending compensation after suffering a road accident in Amber Valley
It’s likely to be a little while from the time that your road accident in Amber Valley took place until you get any compensation from the party that caused it of their insurer, even if your top 100% ‘no win, no fee’ personal injury solicitor manages to negotiate you a decent settlement before your case makes it to court.
As such, it will be possible that you might have had problems meeting any extra expenses you needed to shell out for as a consequence of being hurt, especially if your injury resulted in you losing income because of time off work.
For example, if you were paid benefits from a public body to meet expenses that part of your pay-out was supposed to cover, you may have to pay this back when you get your compensation. Failure to do so could result in you being prosecuted for benefit fraud, so you won’t want to leave this to chance. Check with any bodies that paid you benefits before spending your road accident in Amber Valley windfall.
You might also need to be careful if you’re in debt. If you’ve defaulted on any credit agreements and have set up payment arrangements with lenders, you will need to let them know about your compensation pay-out. If you do not and they get wind of your court success, they might end any agreement you have come to and ask you to repay what you owe in full.
The same applies if you are an undischarged bankrupt. Let your official receiver know how much you get and when you get it. If you do not, you could face a fine or even imprisonment.
Get some advice from the experts
If you feel as though you need further advice on how your personal circumstances might affect what you will be able to do with any compensation you were to win after being involved in a road accident in Amber Valley, call Accident Advice Helpline free on 0800 689 0500 or 0333 500 0993 from a mobile phone. Calls from mobiles will be charged.
Date Published: 22nd March 2014
Author: David Brown