When a personal injury claim is settled, you and the insurer will generally enter into a Deed of Settlement.
A Deed of Settlement says that the insurer agrees to pay the settlement amount to you within 30 days. But the total settlement amount is not what you get to take home.
Before the insurer pays, certain costs are deducted from the total settlement amount:
It is important that you identify the amount of these costs well before the settlement negotiation (in addition to calculating the legal, medical and barrister fees payable by you, up to and including the date of settlement).
Without knowing what you owe, there is no way to know how much a settlement offer is really worth – what we call your “back pocket dollars”, or the amount that you get to put in your back pocket after all expenses and refunds are paid.
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