29 November 2019
Interim and Periodical Payments
In many cases, when a claim settles successfully, you receive a one off amount of compensation and upon payment of this compensation, the case closes.
However, in more complex cases, there are other payments that can be made. These are known as interim payments and periodical payments.
What are interim payments?
There's an element of delay between sustaining a serious injury and receiving financial compensation. Yet during this time, finances can be one additional worry you could do without. Interim payments can be requested from the Defendants prior to settlement of your case to help ease any financial burden and meet any immediate costs.
When can interim payments be requested?
You can only request interim payments when the Defendants admit they were responsible for the injury/illness. The Court can also order that an interim payment be made if certain criteria are met after the case has been issued at court.
What can interim payments be used for?
Interim payments can be requested to pay for private treatment, aids and equipment, adapted accommodation and loss of earnings. They therefore help to maximise recovery and improve quality of life.
What are periodical payments?
Periodical payments are regular tax-free payments which are guaranteed for the life of the injured person. They form part of the compensation claim and are therefore paid by the Defendants.
Why are periodical payments necessary?
Periodical payments were introduced because it was widely felt that lump sum compensation payments were unsatisfactory in some cases where the injured person would have on-going costs as a result of their injury for the rest of their lives.
When would you receive periodical payments?
Periodical payments don't apply to all cases. It depends entirely on the circumstances of each case. They apply in cases which include future loss, for example, if on-going care is going to be required.
How much are the periodical payments?
The amount of periodical payments received depends on the circumstances of the case. There's an element of 'crystal ball gazing' as predictions have to be made about the injured person's life such as life expectancy and future needs. When negotiating periodical payments, our lawyers ensure that the best possible outcome is achieved to secure the financial futures of our clients.
If you've suffered a serious injury, please contact here for specialist legal advice.
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