Today, life is lived at such a fast pace. Because of this, accidents can and do happen. However, if you have been the victim of an accident that was not your fault, you do not need to simply accept what has happened. While you cannot reverse the clock, it is important to launch a claim for Compensation to help you deal with the injuries and the expenses that arise because of this. However, as is the case with anything in life, you need to consider the financial implications of making a claim before you get started. With that in mind, read on to discover everything you need to know about the financial elements of making a claim for compensation.
There are two types of compensation
The first thing you need to recognise is that the personal injury lawyer you work with will aim to seek two types of compensation. The first is known as general damages. This is a term that is used to describe the payout you Receive for the pain and suffering you have been subjected to. This is calculated based on the injuries you have sustained, your prognosis, and the recommended course of treatment. Your doctor’s notes will be used to determine how much you will get from this. The second part of the compensation is known as special damages. This is the money you will receive to cover any of the costs you have been subject to because of your injuries. After all, an injury can result in many different expenses. Not only do you have healthcare to pay for, but also you may suffer a loss of income. You may also need to pay for a childminder to look after your kids while you recover, and then there is the cost of home adaptations as well as travelling to and from the hospital every day. You can claim for all of this, but you are going to need proof, so make sure you hold onto receipts and such like.
It is impossible to predict how much compensation you will receive
Lately, there have been many different tools that have appeared online, such as compensation calculators, which claim to tell you how much money you will get if you make a claim. It is vital to stress that these tools will only ever give you a rough estimate. This is because it is impossible to determine how much you will receive until you are actually awarded it. Every case is different and there is not a set list of payout amounts. While this can be a bit frustrating, it is actually beneficial, as it means you will get the payout you deserve because your case is handled on an individual basis.
Lawyers work to different payment structures
Last but not least, the final financial element that needs to be considered is how you re going to pay for the legal services you receive. This is a great cause for concern for a lot of people because they fear that they could spend a lot of money on a lawyer and then they could lose their case, meaning they are out of pocket. However, if you go for a No Win, No Fee solicitor, this is not necessarily the case. This is a lawyer that works to a payment structure whereby they receive a percentage of your payout as their fee. This means that you do not actually pay anything if the case is unsuccessful. Nevertheless, you do need to be mindful when going down this route. Read the terms and conditions carefully. While a lawyer may claim to offer a No Win, No Fee service, there are some that do enforce charges when the case goes sour. So, the moral of the story is to always fully understand how payment works and make sure there are no hidden extras.
Hopefully, you now have a better understanding regarding all of the financial elements of making a claim. This should give you a better understanding of what to expect when you go into making a case for compensation, not only in terms of paying for the legal service itself but in terms of the compensation you could receive. While your chances of getting compensation largely lie in your solicitor’s hands, it is always wise to know a bit about the process yourself.
The post A Guide to Financial Elements of Making a Claim appeared first on Pro Finance Blog | Personal Finance and Money Management Tips.