Settlement Question

Binding

Hi,

Recently settled a personal injury claim out of court for a 5 figure sum. The opposing party has agreed to cover costs of my solicitor fee's also.

Is there a time frame set down on how long the money will take to reach me or is this just another how long is a piece of string.

My own counsel said 6-8weeks which i'm not disbelieving but I have a habit of not taking anything on face value. Also at what point would it be reasonable to start pushing about it,a few months etc?

Thanks

ResearchWill

Depending on the insurance company (I am assuming insurance company) it relatively fast to get the settlement well from a couple of weeks to a few months. If no sign in 8 weeks get on to your solicitor for an update.

Binding

ResearchWill wrote: »

Depending on the insurance company (I am assuming insurance company) it relatively fast to get the settlement well from a couple of weeks to a few months. If no sign in 8 weeks get on to your solicitor for an update.

Yes as far as I'm aware its their insurance company.

Thats great thanks a million.

McCrack

I find 4 weeks or thereabouts is the usual time for settlement cheques to issue and land in your solicitors desk. It's the costs cheque that take far longer to land!

Slyderx1

McCrack wrote: »

I find 4 weeks or thereabouts is the usual time for settlement cheques to issue and land in your solicitors desk. It's the costs cheque that take far longer to land!

prob cos the costs cheque is much larger than the settlement lol

ResearchWill

Slyderx1 wrote: »

prob cos the costs cheque is much larger than the settlement lol

No it's because the costs have to be agreed or taxed, the settlement cheque is a quantifiable amount and can be cut straight away.

Slyderx1

ResearchWill wrote: »

No it's because the costs have to be agreed or taxed, the settlement cheque is a quantifiable amount and can be cut straight away.

not all costs are taxed and medium range settlements certainly are not. An excellent example of costs cheques far exceeding settlement cheques was the mass deafness claims during the mid nineties.

ResearchWill

Slyderx1 wrote: »

not all costs are taxed and medium range settlements certainly are not. An excellent example of costs cheques far exceeding settlement cheques was the mass deafness claims during the mid nineties.

I never said all costs are taxed what I said was, "costs have to be agreed or taxed"

Neither did I say that a cost cheque never exceeds the amount of the award, I was only explaining why a settlement cheque is sent before a costs cheque.

collie0708

a few month ago I was in at rta my car was written off and I had to go to a and e.... Insurance company made me an offer very soon after accident but had not recovered so I wasn't interested they have made a second offer as hopefully I will be finishing Physio and have made a full recovery. Is there much room for negotiation as I feel what I'm being offer is very small???

ResearchWill

collie0708 wrote: »

a few month ago I was in at rta my car was written off and I had to go to a and e.... Insurance company made me an offer very soon after accident but had not recovered so I wasn't interested they have made a second offer as hopefully I will be finishing Physio and have made a full recovery. Is there much room for negotiation as I feel what I'm being offer is very small???

Have you a solicitor?

collie0708

ResearchWill wrote: »

Have you a solicitor?

No not yet I would prefer to sort it out myself if possible...

ravima

Under Central Bank Compliance Code, insurer must draw cheque within 10 days of settlement. It will take another few days to arrive with your solr. I'd say solr should have cheque in a fortnight at the latest.

Now bear in mind, that you may not get 100% of the cheque from your solicitor as there might be costs owing, or potentially owing, if insurance company do not pay all the costs charged.

ResearchWill

collie0708 wrote: »

No not yet I would prefer to sort it out myself if possible...

Well hope it works out well.

nuac

collie0708 wrote: »

No not yet I would prefer to sort it out myself if possible...

May be OK if you have relevant experience and knowledge.



Otherwise, you may be making a brave decision.

Binding

ravima wrote: »

Now bear in mind, that you may not get 100% of the cheque from your solicitor as there might be costs owing, or potentially owing, if insurance company do not pay all the costs charged.

How could this happen if they co signed an agreement saying they would pay the costs for both sides?

I'll admit heard of this from a relation on different cases but he said I should raise hell if they touch it as they agreed to pay for all costs?

Thanks for the advice so far.

** I meant to say their insurance is paying but its an ex-employer, not road insurance company.

ResearchWill

Binding wrote: »

How could this happen if they co signed an agreement saying they would pay the costs for both sides?

I'll admit heard of this from a relation on different cases but he said I should raise hell if they touch it as they agreed to pay for all costs?

Thanks for the advice so far.

** I meant to say their insurance is paying but its an ex-employer, not road insurance company.

There are two types of costs, 1 party and party costs and 2 solicitor client costs. The defendant will pay the first type. But your solicitor may have incurred other costs on your behalf which may not be covered by the first type.

2 examples, you solicitor can only claim certain set amounts for reports, say your GP wants €500 for a report but only €250 is allowed then your solicitor/you owe the extra amount.

Another example you solicitor can only claim a certain number of consultations with you, but what if you needed 2 more consultation than allowed then that money is owed.

So they have agreed to pay party and party costs, there may be no difference and you may get 100% of the award on the other hand there may be extras not covered.

Binding

ResearchWill wrote: »

There are two types of costs, 1 party and party costs and 2 solicitor client costs. The defendant will pay the first type. But your solicitor may have incurred other costs on your behalf which may not be covered by the first type.

2 examples, you solicitor can only claim certain set amounts for reports, say your GP wants €500 for a report but only €250 is allowed then your solicitor/you owe the extra amount.

Another example you solicitor can only claim a certain number of consultations with you, but what if you needed 2 more consultation than allowed then that money is owed.

So they have agreed to pay party and party costs, there may be no difference and you may get 100% of the award on the other hand there may be extras not covered.

Is it the insurance company that give the limits or is there a set amount for each type of expense?


I actually thought when they said they will pay the costs it meant 100% but now I see I may be liable for PIAB. I know I wasn't told I would foot the cost.

I know we had our own engineer,medical specialist and vocational expert. I presumed these would be covered in the costs?

Or would you have a link to what could be recoverable for a solictor after getting awarded/agreeing to comp plus costs?

I know its all academic as it happened only about a week ago so hopefully they I don't get charged too much.

Thanks

ResearchWill

Binding wrote: »

Is it the insurance company that give the limits or is there a set amount for each type of expense?


I actually thought when they said they will pay the costs it meant 100% but now I see I may be liable for PIAB. I know I wasn't told I would foot the cost.

I know we had our own engineer,medical specialist and vocational expert. I presumed these would be covered in the costs?

Or would you have a link to what could be recoverable for a solictor after getting awarded/agreeing to comp plus costs?

I know its all academic as it happened only about a week ago so hopefully they I don't get charged too much.

Thanks

If it is the High Court then the Taxing Master of the High Court sets out what he believes a prudent person should pay.

Binding

ResearchWill wrote: »

If it is the High Court then the Taxing Master of the High Court sets out what he believes a prudent person should pay.

Thanks for the information and quick replies.

McCrack

I wouldn't get too bothered, shortfalls in solicitor/client costs (if there are any) normally amount to a few hundred. In the grand scheme of things its drop in the ocean.

Binding

Hi,

I was talking to my solicitor last week just for an update on how this was proceeding and to ask about the client v solicitor costs.

It all seemed to follow what I've been reading but there was a question I thought of after the phone call was ended and before I ring again I wanted to see if anyone had experience in this.

Basically he said,
They will receive the settlement cheque. Then the way most people and I could proceed is to get a loan from a credit union to cover the client costs. He would provide me with documents stating that I have this cheque with X amount that will be released once the fee's will be paid,taking a day or two at most,which will help secure the loan. Then we basically swap cheques.

My question is does this seem normal?
He told me that they are currently in a back and forth over the party v party costs. If they do not know the agreed figure how can they charge x amount?
Will it be a case of they estimate how much the client v solicitor costs are then if its less send me a cheque or are they talking about taking the full amount of fee's up front (client + other sides) and giving me the remainder and then sending me another cheque once they receive theirs?

At this point the settlement cheque still had not arrived.

Sorry if its a bit confusing, I would ring him back but I just wanted to see if anyone had an idea of the standard practice first.

jippo nolan

collie0708 wrote: »

No not yet I would prefer to sort it out myself if possible...

Get a solicitor soon.