Setanta Insurance, an expensive end in sight?

DrPhilG

I am one of many caught up in the never ending Setanta saga. In my case I am the one with a claim against me.

I've had an update from them this morning and this is the summary.

• The Supreme Court overruled the decision that the MIBI were liable so the ICF are definitely getting most of the bill.
• They will cover 65% of the claim total.
• The liquidation process will cover as much as they can, expected to be around 20%.
• The remaining 15% of each claim will fall to the individual (unless the government decide to step in and help).

In my case the injured party who (according to their medical report) sustained minor abrasions and soft tissue damage, has managed to get €30k payout while running up a €17k legal bill.

This means I'm facing a personal bill of around €7k unless the government steps in to help.

Liam McPoyle

DrPhilG wrote: »

I am one of many caught up in the never ending Setanta saga. In my case I am the one with a claim against me.

I've had an update from them this morning and this is the summary.

• The Supreme Court overruled the decision that the MIBI were liable so the ICF are definitely getting most of the bill.
• They will cover 65% of the claim total.
• The liquidation process will cover as much as they can, expected to be around 20%.
• The remaining 15% of each claim will fall to the individual (unless the government decide to step in and help).

In my case the injured party who (according to their medical report) sustained minor abrasions and soft tissue damage, has managed to get €30k payout while running up a €17k legal bill.

This means I'm facing a personal bill of around €7k unless the government steps in to help.

I'd be very confident that nobody will be forced to pay out of their own pocket.

DrPhilG

Yeah I'm optimistic too, but it's a scary thought and I'll certainly be putting some cash away in the off chance!

Most of the news reports say that Setanta liquidators expect to have enough to foot 30% of the bill but the guy I've been in contact with is saying 20%.

Hopefully he's just giving a worst case scenario.

Sue Pa Key Pa

DrPhilG wrote:

Yeah I'm optimistic too, but it's a scary thought and I'll certainly be putting some cash away in the off chance!

My advice would be to have no visable savings.

DrPhilG

Sue Pa Key Pa wrote: »

My advice would be to have no visable savings.

That's hardly going to deter a solicitor with a chunk of cash to find. I'm not going to declare myself bankrupt to avoid the bill!

Sue Pa Key Pa

DrPhilG wrote:

That's hardly going to deter a solicitor with a chunk of cash to find. I'm not going to declare myself bankrupt to avoid the bill!

That's not what I advised. Best of luck

DrPhilG

Sue Pa Key Pa wrote: »

That's not what I advised. Best of luck

Well I found your advice a little vague but thanks anyway.

I'm not saying you suggested declaring bankruptcy but you recommended (I think) concealing assets so I'm not sure what you you were suggesting or why.