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3 Ways to Overcome Your Financial Struggles After a Car Accident

It is never easy to deal with financial issues following a car accident.  However with sensible planning, raising funds from surplus items and reducing your outgoings whilst your injury claim payment comes through, and you get back to you; it is all possible.

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We have put together our 3 top tips to help you reduce financial stress:

  1. Reduce your outgoings and keep the roof over your head

Let your employer know that you have been involved in a car accident and the extent of your injuries.  Depending on your contract of employment, some employers will allow you paid sick leave. If you are self-employed and unable to return to work, you may need to ring your bank and explain what’s happened.  They may be to give you a couple of months of mortgage holiday or reduce your mortgage to interest only for a few months.

Remember always pay your mortgage first.  If you fall behind on your mortgage payments, there is a strong possibility of a foreclosure, and you could be homeless.

If you have substantial equity in your property and you are unlikely to return to work for some time, you may wish to sell your property fast.  This will raise some money to allow you to live whilst you claim for your injuries.

Make list of all your income and expenses, and cancel any gym memberships or subscription services that you no longer require.

  1. Put items you no longer require on eBay, Craig’s List or Gumtree

You can sell any items that you no longer on eBay, Craig’s List or Gumtree. This will have two benefits.  It declutters your home whilst raising money to bill for essential bills such as utilities and mortgage payments.

  1. Get the right advice

Make a list of all out of pocket expenses that you have incurred whether it was hiring taxis or car rentals or a rise in your medical insurance premiums following your accident.

This is where a great injury lawyer like us can help you.  We are specialists in getting the maximum compensation for your injuries. We understand what financial and emotional challenges you face and we are here to support you.  We are quick to deal with presenting your case to the defendant’s insurance and claiming the maximum compensation for you.

 
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