Tuesday, April 16, 2024

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Tips to Manage Your Expenses in a Personal Injury Case

Clearing out costs and expenses with your personal injury solicitor is something you should consider doing in the beginning, before taking the case to court.
The reason behind this is that often the expenses are so high, you end up giving up the whole process.

Even though laypeople often don’t separate the term ‘’fee’’ from the term ‘’cost’’, these two are different in the legal world.

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Fees and Costs

Fee implies paying to your solicitor the amount that he/she requires for handling the case.

The contingency fee is the recovery percentage used as compensation which goes to the plaintiff’s solicitor for working on a personal injury case.

On the other hand, costs include everything else. Expenses that are considered to be costs are costs for the court, administration, expert witnesses, deposition and investigation.

A key factor is to balance your expenses – here are some tips on managing them in a personal injury case!

An agreement – contingency fee

Solicitors and lawsuits often mean you’ll have to start spending your savings. Considering that people usually don’t have enough to pay for a solicitor, the system brought up a possible solution.

As a client, you don’t have to pay anything upfront! However, the amount of compensation you get at the end, you’re going to share with your solicitor.

The percentage they take varies around 35 – 40%, which is not a small amount, but you get to keep all of your savings!

This is an option most suitable if you’re in a situation where your estimated damages are large, but the insurance company refuses to pay the compensation – then it’s time to hire a contingency fee solicitor!

Avoidable and unavoidable costs

If a necessary option is filing a lawsuit by your solicitor to protect your rights, you won’t be able to avoid this cost.

Also, if the early negotiations don’t result in a settlement and lawsuit must be proceeded, you can end up paying dizzyingly amount for experts and recording deposition.

Set the limits

Avoidable costs are something your solicitor should talk to you about before incurring them.

You need to be familiar with special court meetings, depositions and paying for some experts in advance, so you can make the right decision based on your financial situation – define your maximum budget.

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Contact the bank

A good option for anyone going through the lawsuit is to contact your landlord or bank.

Getting to know the details of your accounts can sometimes end up in saving some additional money. For example, we’re often mis-sold packaged bank account which we’re not even aware of, but we’re paying for additional benefits.

Make sure you’re only paying for the things you know of!

Also, make sure you don’t face penalties – request payment extensions.

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In Addition

Except communicating with your solicitor and making an agreement on fees and costs, try to cut spendings in other areas, just to be sure.

When deciding which solicitor is the right one for you, don’t spend time on researching – Optimal Solicitors in Manchester are experienced and professional solicitors specializing in personal injury cases!

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