How to cope with a sizeable compensation payout – solicitor in Banham
Obviously if you go for a compensation claim then you are hoping that it will be successful, and have ideas of how you need to spend the money before it even comes in. But if you are awarded a lot of money all at once, and more than you expected, then the money can actually come as a little bit of a shock, and this can be difficult to cope with. Any time you get a lot of money at once you need to be careful with it, so here are some tips for how to cope.
Keep it quiet
Any time you find a large sum of money going into your account at once, it can be tempting to tell everyone the good news. This is the last thing you should do as it can lead to all kinds of trouble, with friends and family asking you for money or treating you differently. Only tell those who will be affected by the money.
Make a list of what to spend the money on
Start with everything that was affected by the accident, such as your car, personal possessions and medical bills. Once all of this is paid for you can start to think of other essentials such as rent and household bills whilst you are getting back on your feet. Finally, non-essential and luxury items should be last on the list, and you should think carefully before you buy anything.
Hire an accountant
You will generally need to pay tax on large sums of money that you are awarded, and this can be tricky and mess up your accounts for the year. It is safest to hire an accountant, even if just for a short time, so that you can be sure your accounts will be up to date, and that you’ve paid everything you should have.
Finding a solicitor in Banham to make your claim
If you still want to go ahead with filing a compensation claim against the person or company who has caused an accident or injury which has affected you, then you can find a good solicitor in Banham and begin your claim through the Accident Advice Helpline.
Accident Advice Helpline has over 10 years’ experience with personal injury compensation claims, and works with experienced and dedicated injury lawyers who can work with you to get you the compensation you deserve.
Call the helpline on 0800 689 0500 or 0333 500 0993 from a mobile phone to speak to the team, who will talk you through the claims process and, if you are comfortable, pass you over to an in-house solicitor in Banham. Your solicitor in Banham will work on a 100% ‘no win, no fee’ basis to process your claim, and will also work entirely on your behalf, so you shouldn’t have to go to court.
Date Published: 9th March 2014
Author: David Brown