This is understandably one of the hardest decisions you would need to make in your personal injury claim. Regardless of whether it’s a car accident claim, workers compensation claim, medical negligence claim, public liability claim or even a TPD claim, deciding when to settle is important.
It is important because you of course want to know you are getting the maximum compensation you are entitled to but at the same want to settle it as quickly as possibly for the least cost as possible.
Although each claim is different and depends on your claim, you first need to ask the following questions:
- Is this the final offer?
- How long do I have to accept the offer?
- What does the offer comprise of?
- What deductions need to come out of the offer?
- What happens if I don’t accept?
- What are the risks?
- How long will my claim take to resolve if I do not accept?
- How much am I entitled to?
- How much more will legal costs be if I don’t accept, and my claim goes to determination?
- What do you think as my lawyer, about the offer?
An example of the importance of asking just one of the above questions is what happens if your claim is worth more, but the legal costs mean the same or even less in your pocket? Then what is the point? You could have achieved a better result if you settled at that point instead of proceeding all the way to determination which will take more time, cost you more and put your claim at risk in receiving the same or less. At the same time, it does not mean you should accept any offer or even a final offer just because. In many cases we have seen a much better result when a claim proceeds to determination than the final offer. What matters most is not just when you settle your personal injury claim but rather why you are settling your personal injury claim at that point. The last thing you want is to settle and then regret the settlement when it is too late.
At Withstand Lawyers we pride ourselves in giving you straight forward and easy to understand legal advice. We will provide you with the clear answers so that you are in a better position to decide on what steps you would like to take regarding your personal injury claim and when you want it to settle. We have offices conveniently located in both New South Wales & Western Australia.