The Personal Injury Victim's Dilemma

 

Issuance of settlement money to family, friends and other people

The Personal Injury Victim's Dilemma
The results of a September 2019 poll published by Bankrate.com found that 60% of Americans helped a friend or family member by lending money pending payment, while 17% loaned their credit card and 21% jointly. -Designed for a financial product such as a loan or lease. 35% of those surveyed who took part in at least one of these activities suffered from negative impacts, which led to the loss of money, a deterioration in the credit rating or disruption of relations. [Source: Bank rate Lending Money Survey 2019]
 
An article published in The Independent in May 2015 cites research that shows Brits transfer billions annually to benefit friends and family and that relationships are strained. A StepChange poll found that 56% of clients in debt to family relationships said their relationship had deteriorated. While the Independent article does not explicitly say that you should always refuse to lend to people close to you, it is important to understand that most disputes and quarrels tend to occur when money is in arrears. The moment you ask him to return, the tension starts to build up. You must have clarity on how to repay your loan BEFORE you lend money. “
The settlement is not an accident
 
If you have received or will receive compensation in the event of an injury, the settlement is not unexpected, even if it is the largest amount of money that has ever been in your bank account, or if it is the longest “work” guarantee you have ever received (structured settlement) Take a minute to think about the reason you received (or receive money) money and what you went through to get it.
  • You have received physical injury or illness and everything related to it, including physical, emotional and financial losses, as well as pain and suffering, some of which may continue in the future;
  • Or you have lost your spouse, life partner, parent or child, or both parents;
  • Or you have faced discrimination, harassment, civil rights violations, or illegal imprisonment.
  • You may have taken a bleak rollercoaster ride through years of litigation, including invasive discovery requests, testimony you attended, mediation, attended testimony, and were frustrated with many stops and attempts.
  • These are just a few reasons why you should not be accused of lending. Money.
 

Saying no to family and friends can be difficult.

Please note that your settlement money can be everything you have. If you have structured settlement, structured settlement payments can be your main source of income, or even your only source of income. Even if you don’t have financial problems, but you receive requests from the same person, you must nip it in the bud before it becomes an ongoing problem. If you never stop, they may start relying on you as a steady stream of money simply because you never refuse them.
  • Don’t be unprepared for your own financial situation.
  • It is not recommended to tell friends or family members about your settlement, income or assets. Your settlement agreement may include a confidentiality clause that prohibits you from talking about the settlement agreement.
  • Your calculation may seem to many others in dollar terms, but they probably did not take into account life care plans
    if you are seriously injured, or that you may have agreed to less than the full cost because the other party did not have adequate insurance to cover your losses, or for other reasons such as liability issues.
Should I cash out a structured settlement to help someone?

If you have a structured settlement

it is unwise to sell your structured settlement payments (or any part of them) to lend money to someone because you are getting hit from both sides.
Selling your rights to structured settlement payments means selling your future payments at a significant discount. No matter which company you turn to to buy your payment rights, you will only receive pennies for the dollar. If you turn around and then lend money from the proceeds at a discount (to a friend or family member who thinks you are helping (but knowing that the relationship is more than 50% likely to deteriorate), what will it leave you?
 

 

Quotes about loaning money to friends

 

  • “By lending money to an enemy, you will gain it, a friend, and you will lose it: Benjamin Franklin
  • “PPL will never give you money back in the same mood in which they borrow your money …” Unknown
  • “You are lending money to a friend. You see them again, they don’t say anything about money. “Hi, how are you? How are things mom? »How are you doing with money? “Chris Tucker, comedian
  • “If you need them, don’t give them. It is in the nature of most people to want to help, but if you really need money back and you cannot afford to lose it, it will be in your best interest, not to create for yourself “Stephanie Lahart,” The Irreconcilable Refined Black Queen and writer, poet and motivational speaker.
Create solution Free zone (“DFZ”)
 
The use of a flash money protocol called the no-decision zone can be useful for a new settlement. recipients as a pressure relief valve.
 
The decision-free zone is about making only those decisions that need to be made. And you need a process for defining those decisions. It is very important to recognize that while you may have the feeling that there is a long list of things you must do and the decisions you make, in many cases reality is not reflected in that perception. One way to help you get rid of the burden of confusion or noise in their head is to listen to your concerns and then sort, organize, and prioritize with you. To begin to calm and clarify overwhelming and confusing experiences, you must be able to devote space and time to whatever bothers you. As a certified financial transition specialist, I respect the experience you have and help you navigate it. Without actually defining the problems, it is difficult to determine which ones are most important.
 
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