Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Interest?

  • 03-11-2005 2:21pm
    #1
    Amsterdam
    Closed Accounts Posts: 71 ✭✭


    Back in 1999 i was awarded a large sum of compensation because of an accident i was nearly killed in, and it was to be given to me when i turned 18! I have now reached that age and i was just wondering if the compensation will have earned interest in the 6 years? I was told by a relative that it was index linked which i have no idea what that means, or to be honest i dont think he even knows what he is talking about! Any advice appreciated...
    Cheers


Comments

  • #2
    CCOVICH
    Closed Accounts Posts: 240 ✭✭CCOVICH


    Index linked would generally mean that it has grown in line with inflation (the consumer price index). This suggests that it may have been invested in a Post Office investment, or possibly managed by the NTMA, on the direction of the Court. Otherwise, the insurance company who were liable (on behalf of their client) may have guaranteed to pay out an index linked amount when you reached 18.

    I have no experience of this type of thing, I'm just speculating. Was there a solicitor involved in the original case? If so, try and get in contact with them.

    It certainly seems reasonable that if you did not have access to the funds that they would be invested at a 'fair' rate of return to protect the original award against inflation.


  • #3
    Amsterdam
    Closed Accounts Posts: 71 ✭✭Amsterdam


    Thanks for your help, so if inflation is running at 4.5% the money will also have earned 4.5% interest??


  • #4
    CCOVICH
    Closed Accounts Posts: 240 ✭✭CCOVICH


    That would be my understanding, but you'd really need to consult a solicitor, or maybe even the Courts Service to see what the bottom line is in relation to interest. Better still, do you know where the money is invested, i.e. do you have an account number etc.?

    Be aware that a solicitor may charge for their time, but if there was a solicitor representing you in the original case, then they should be able to tell you over the phone (if they're still around etc.)


Advertisement