Workers Comp & The Holidays: 4 Ways To Get By Before You Reach A Settlement

Posted on: 14 August 2015

One of the more frustrating parts of a workers comp case is the waiting. If you feel like you've been offered an unfair amount for your claim, then an attorney will fight for your rights and seek a better payment. In the meantime, you have to wait it out without any active income. Even if you have a savings account, this can be challenging, especially through the holidays. Through a lot of planning, there are four ways you can cope through the holiday season until the settlement is reached. Each idea can apply to different situations and various settlement dates scheduled around the holiday season.

Layaway Plans

Do not lose out on some of the best holiday shopping deals just because you do not have the cash on hand. If your lawyer is estimating a settlement just before the holidays, then you can place items on a layaway plan. Many large stores offer free layaway plans with just a small deposit needed to put towards the items. This type of planning can help you shop during big holiday sales and will allow you to lock in great prices.

Once the settlement is reached, you can pay off the items and have them in time for holidays like Christmas.

Store Credit Cards

As an alternative to layaway plans, you can check out credit cards from various stores. During the major shopping season, these stores offers cash back deals with new accounts. As you decide on various options, one of the more important things to look for is a 0% interest rate for multiple months.

This allows you to purchase items at their sale price and not have to worry about the charges going up due to interest. With free interest for six months to a year, you will have to ability to pay off your purchases once the settlement arrives. Even if a single store card limits you to one store, you will still have the ability to get a lot of holiday shopping done. If the store includes a grocery section, then you can also use it to help purchase holiday meals.

Consumer Legal Funding

When working with an attorney, the professional has the ability to give you an estimated total for your expected settlement. With this information, you can apply for consumer legal funding. This is a loan that will help match your possible lump sum workers comp payment. Also known as a pre-settlement payment, you can receive the cash instead of waiting through the delays of a court system.

Once you receive your actual settlement, the money will be paid back to the loan company you borrowed from. Instead of taking as big of a loan as possible, it's important to really budget and plan before getting your cash. Determine the exact amount that is needed and take the least amount possible. This will ensure that you can easily pay back the loan while still having extra money to get your life back on track.

The New Christmas

Sometimes settlement cases may go straight through the holidays, leaving you with little extra spending money along the way. Instead of celebrating on the exact designated holidays, you can determine your own family holiday celebration on any day you choose. For example, if you receive a settlement in early January, then you can deem January 25th as the "New Family Christmas" for that year.

Not only will the excitement and anticipation build for another month, but you can take advantage of many post-holiday deals. In the weeks following Christmas, you can find major discounts on items like wrapping paper, gift bags, and tree decorations. This will help you save a lot of money and not blow through your recent settlement. You can also check out Christmas tree farms and locations for a discounted tree.

While waiting for a settlement, there are likely to be a lot of adjustments, but it's important to know that this is just a temporary change. By the time the next holiday season rolls around, you can go back to your normal holiday traditions. For more legal information, check with professionals at firms like Prediletto, Halpin, Scharnikow & Nelson, P.S.