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Financial concerns following major trauma

Major Trauma Group have partnered with Nestor, a team of highly experienced independent financial advisers who specialise in working with personal injury solicitors and their clients. We spoke to Nestor about what individuals could do to alleviate financial worries following a major trauma.

Suffering a major trauma injury can have a huge impact on your life.  Recovery from your injuries may be a long process, from receiving treatment at a Major Trauma Centre, to being able to return to the life you led pre-accident, and sadly, in some cases, this may not be possible.  Major trauma injuries can be life changing, and inevitably bring with them various concerns.

Whilst time spent in a Major Trauma Centre may be focussed on treatment and recovery, it is important to consider other aspects of life, such as finances, especially in cases where the person who has suffered major trauma is the main breadwinner. Concerns about paying the mortgage or rent, household bills, and future job security can add to an already stressful time.

Major Trauma Group have partnered with Nestor, a team of highly experienced independent financial advisers who specialise in working with personal injury solicitors and their clients.  We spoke to Nestor about what individuals could do to alleviate financial worries following a major trauma.

If someone has suffered a major trauma and has concerns about paying their household expenses, what would your advice be?

Firstly, we would suggest carrying out a budget review. This is especially important if the person who has suffered injury is the main breadwinner and their income may be affected because of an extended period of absence from work whilst they recover from their injuries or because they are self-employed.  A budget review, in simple terms, looks at your monthly income and prioritises your outgoings to what is essential to maintain an acceptable quality of life. This review reduces expenditure by cutting back on luxuries that you may be able to do without for a while.

Essential expenses are generally mortgage or rent, utility bills, essential shopping such as food, clothing and toiletries and minimum payments on credit such as car loan, credit card payments or store cards.  These should be your priority to ensure payments are maintained.  If someone feels they will struggle to pay their mortgage, rent or repayments then they should contact their bank, building society or provider as early as possible to discuss options.

Would someone who has suffered a major trauma be entitled to claim benefits?

Secondly, is a welfare benefits review. We always recommend a welfare benefits review and here at Nestor we have a dedicated welfare benefits adviser who can carry out a review with the injured person or their family.  Possible benefits that could be claimed include:

  • universal credits
  • employment & support allowance
  • disability living allowance
  • personal independence payments
  • attendance allowance

It is important to ensure you are claiming all the benefits you are entitled to. Major Trauma Group can help with the application process.

After suffering major trauma and perhaps having to take a lower paid job, how can people increase their monthly income long term?

Some people who suffer major trauma may never fully recover and would be unable to return to their previous job. Subsequently, this may mean taking lower paid employment or a part-time role.

If money is tight, there are various things that could be considered:

  • renting out a spare room in your home;
  • selling unwanted possessions; or
  • recycling old phones and technology. 

Additionally, there are insurance policies which replace a proportion of income if someone is unable to work, examples include:

  • payment protection insurance
  • mortgage payment protection insurance
  • short-term income protection insurance

Injuries sustained as a result of an accident, which was someone else’s fault, may also qualify for an interim payment. Interim payment, which is an early payment of part of a compensation claim, can help through a financially difficult period. As such, it is crucial that this is discussed with a specialist solicitor.

How can people access the services of Nestor?

Nestor are proud to be working alongside Major Trauma Group. Working together assists people who have suffered major trauma, to obtain the expert help they need, on their recovery journey.  By instructing a member of Major Trauma Group, the individual will receive access to our range of services, the cost of which will be included as part of their claim for compensation.

How can Major Trauma Group help?

If you have suffered injury as a result of an accident which was not your fault, and would like to find out more about Major Trauma Group and how our member firms can help you, get in touch via:

Major Trauma Group is a not-for-profit community interest company, set up in November 2020. Major Trauma Group’s purpose is to enhance the rehabilitation journey and provide specialist legal assistance to those suffering major trauma.  We do this by providing access to experienced legal advice in this specialised area. Crucially, our law firms have rehabilitation at the core of their services, emphasising recovery and ensuring financial security.

Please note, the contents of this article are for information purposes and do not constitute individual advice

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