Interim payments are an important part of serious injury claims. They help you and your loved ones by giving you financial assistance during the lifetime of your case.
Serious and catastrophic injury cases often take time to reach settlement, leaving a gap between when the injury occurred and when the final compensation settlement award is paid to you.
An interim payment is an advance or a payment on account of your final compensation award, paid for by the other side’s insurers.
This means that the total of any interim payments you receive will normally be deducted from your final compensation award.
How interim payments benefit you
After a serious injury, it’s common to encounter increased financial demands.
Depending on the severity of an injury, income streams can be hit (or stopped altogether) if you and the people you care about are unable to work. It could even mean that the injury makes it impossible to return to the workplace.
From our experiences in serious injury cases, interim payments can improve your chances of recovery by both funding and giving you early access to vital medical assistance.
You can set up a care plan, purchase aids and adaptations, or repair and replace damaged property or vehicles.
They also allow you to continue to pay your household bills and any expenses such as your mortgage or rent, heating and water, and all other essentials.
We understand how important it is for you to keep on top of your affairs during such a traumatic time, and securing interim payments is one way in which we help you.
How we secure your interim payments
At Serious Injury Law, due to our proud history of success in serious injury cases, we have built strong working relationships with many of the country’s leading insurers, and we are in a position to be confident of obtaining interim payments for you as soon as it is clear that you need them.
And due to our experience in this field, should the defendant’s insurers attempt to deny releasing interim payments, we will fight for you and make sure that they are issued as soon as possible.
In such instances, we may need to make an application to the Court for a court order that forces the defendants to make an interim payment.
To be successful, we persuade the Court that if your case was brought to trial, your claim is likely to be successful and that you would be awarded a significant amount of compensation.
However, in our experience, the defendant’s insurers pay out the vast number of interim payments voluntarily.
How much you receive in interim payments
The amount of interim payment you receive depends upon the nature of your case and both your immediate and long-term needs.
Serious injuries usually command a high value compensation award, so we make sure that the amount of interim payments you receive never exceed a reasonable proportion of the likely final value of your case.
We use a wide array of assistance and resources to assess your situation, and we work with you to decide what purchases need to be made to help you and your loved ones.
Interim payments are usually paid in a lump sum, though in rare cases they can be made in periodical instalments.
To make a serious injury claim or to discuss your situation in confidence, please contact us today.