How To Get Financial Help With Personal Injury Claim | Clearwater Solicitors
13th March 2014
Financial problems can be one of the most serious aspects of a personal injury claim. Claimants might be able to handle the pain and suffering that the injury led to, but may be unable to cope with the lost wages and medical expenses they face as a result of the injury. This problem can be particularly serious when the injured person is a family’s main breadwinner, or if the breadwinner dies as a result of the injury.
One of the common factors seen in all personal injury claims is that the claimant has a range of different financial requirements, from short-term immediate problems to long-term concerns. With the help of a skilled and specialised personal injury solicitor, they should be able to achieve a satisfactory resolution to these problems.
General and special damages
While general damages – or ‘hedonic damages’ – compensate a claimant for the ways the injury has impacted their quality of life, special damages are designed to help a claimant deal with the financial problems they have had to endure due to the injury. These consist of direct economic losses, such as the cost of medical equipment or any other expenses the claimant faced to mitigate any problems the injury caused, as well as consequential losses, such as the loss of wages or employment.
Claimants can also receive speculative damages, which will cover them for any losses reasonably likely to occur in the future. It is possible for people to receive personal injury compensation in instalments for a number of years or even for the rest of their lives, which they can use to pay for long-term care and treatment.
No win no fee solicitors
However, the cost of legal services can also be too high for some people to be able to afford, which is why many personal injury solicitors offer no win no fee claims services. This enables people of all financial backgrounds to access high-quality legal representation, and if they don’t win in their claim, then they won’t have to pay a penny.
No win no fee solicitors will be unlikely to take on any compensation claims they do not believe have a good chance of success, and may advise their clients to take out an insurance policy to cover their costs if they are unsuccessful. The cost of these insurance policies will not be recoverable.
Some solicitors also offer cash advances to their clients, with the advance repayable on conclusion of the compensation claim. This money can be used to pay for the claimant’s legal representation or could be used to cover other immediate financial problems. There may be terms and conditions attached to this advance – for instance, the claim may have to be initially assessed by the personal injury solicitors, the defendant may have had to admitted liability or causation, and the value of the claim may have to reach a minimum sum, which will be higher than the size of the advance.
Free, independent advice and financial planning
Many solicitors understand that claimants will be unsure about their eligibility to make a claim and uncertain about whether or not they should go ahead with their case. Therefore, claimants can receive free, independent advice at no obligation by contacting solicitors to discuss their case. If the claimant still feels unsure about pursuing their claim, they can pull out without any problem without losing out on a penny.
If the claimant succeeds in their claim, solicitors may be able to offer assistance in financial planning or recommend a financial planner to the claimant. Financial planning can be essential in higher-value compensation claims, as investing the money improperly could easily lead to the claimant running out of cash and being unable to afford medical treatment or other expenses.