When you’ve suffered an accident or been injured due to someone’s negligent or reckless behavior, it’s only natural to want to be compensated for your injuries. Developing a personal injury case to get you the total amount of compensation you deserve often takes time. You may have a flood of doctor bills and hospital expenses pouring in, as well as dealing with a loss of income as you recover from your injuries. The financial pressure can leave you feeling vulnerable and worried about your financial future. If you’re dealing with the effects of a personal injury , you need to be aware that while the promise of quick money is tempting, it’s usually not in your best interests.
Insurance Company Settlements
Whether you’ve been injured in a car accident where another party is at fault, or in a slip and fall accident, or even in a product liability or medical malpractice case, you’ll likely be getting a call from an insurance company offering to settle your claim. While South Carolina does have laws regulating the insurance industry , the bottom line for the insurance company is still saving itself money. Insurance companies will typically offer a dollar amount early on in personal injury cases in an attempt to get the injured party to settle. They know you’ve been hurt, that you have bills and expenses piling up, and that you want money now, rather than having to wait. Unfortunately, these early settlement offers may put money in your pocket immediately, but can cost you money in the long run by undervaluing the amount your injury will eventually cost you. Once you’ve settled, you forgo any opportunity to be compensated in the future. While quick money can help to cover your immediate expenses, most personal injury cases involve injuries that require long term care, and have lingering effects. There is a good chance that once the insurance money is gone, you will be continuing to pay out of pocket, without any hope of financial recovery.
Lawsuit Lending Companies
Another way that victims of personal injuries become targets is through lawsuit lending companies. These companies offer to advance you money based on the value of your personal injury lawsuit. The money is advanced to the injured party, with the agreement that it will be paid back once the lawsuit has settled. The problem is that the fees these lawsuit lenders charge can be exorbitant, with interest rates as much as 100%. Lawsuit lending companies have been able to utilize these predatory practices due to the fact that they don’t fall under the umbrella of being a traditional lender. As the result of consumer complaints regarding lawsuit lenders, the South Carolina Department of Consumer Affairs ruled in November 2014 that these companies would be considered as lenders, and subject to the same laws and regulations. This doesn’t mean they can’t charge exorbitant fees and interests to people who have suffered personal injuries; they just have to disclose it now in their fine print.
Contact an Experienced Personal Injury Attorney Today
If you or a loved one has been involved in an accident or suffered an injury as the result of someone’s negligent behavior, contact a skilled South Carolina personal injury attorney right away. At the office of Lauren Taylor, we understand the lingering effects these types of injuries can have on both your health and your finances. Before speaking to the insurance company, ensure your rights our protected by contacting our office for an initial consultation. We serve clients in Upstate South Carolina and we can help you immediately.
South Carolina divorce attorney Lauren Taylor practices family law in Charleston and Greenville. She graduated from the Charlotte School of Law, and has been practicing for more than ten years.
Since the firm’s inception in 2012, Mrs. Taylor has helped hundreds of people navigate the uncertainties surrounding the family and criminal court process.
She has cultivated a team that ensures each case has a strategy crafted specifically to the clients needs and desires.
Her commitment to top notch service has led her to open two additional offices in the low country where she now resides with her husband Michael and her golden retriever, Buster.