Money Saving Tips For Dealing With Compensation Payments
After being injured at work or through the actions of other people or organizations, you should expect some compensation. However, as with everything else in life, it isn’t quite as simple as making a claim and winning what you deserve.
As I mentioned in my recent post on the financial impacts of a personal injury at work, there is a lot that can go wrong - and today, I thought I would go through some of the things you need to consider if you want to save some money and try to maximize your compensation at the same time. Let’s take a closer look.
You should always use a lawyer
Lawyers are expensive, and there might be a temptation to do without them and represent yourself. But unless your injury is an open and shut case -which few are - there is no way you will get what you deserve without the help of an attorney. Let’s say you are making a claim against a big company.
When it comes down to the court case, the likelihood is that the big business will have an entire team of lawyers trying to limit their damage, and without any experience of being in court, you will struggle to get your points across.
So, while spending money on a lawyer might be expensive, ultimately you are far more likely to win bigger when it comes to your settlement.
Don't go for a lump sum
If you are worried about receiving a lump sum and spending it all, there are other ways of getting your compensation paid. You don't have to get it all in one hit - structured settlements are a way of getting your compensation paid at intervals over a particular time frame. And they can work out well if you are worried about wasting lump sum payments.
But, as mentioned in this Strategic Planners structured settlement review, sorting out a structured settlement is not always an easy task. You and your lawyers will have to be able to predict the future in the long-term and plan payments appropriately.
For example, if your injuries mean you need an operation in 5-6 years time, your structured settlement should include allowances for it, which will, in turn, affect the rest of your payment structure, too.
Wait for your medical treatment to conclude
If you go for your compensation straight away, you might be missing out on a lot of money. The fact is that when you get an injury, some symptoms might not show up for a while. And the best - and most financially sensible - thing to do is wait until you have had all your medical treatment.
Your bills and medical records will be great evidence when it comes to your case, and will all add up to a bigger compensation settlement.
A lot of people make the mistake of trying to settle their case before they have received all their treatment, but the quicker you receive treatment, the better in the vast majority of cases.
I hope these tips help you out should you ever have to pursue a compensation claim. With the right lawyer by your side, you should be able to get more from your settlement - good luck!