rustyarchs
Member
Registered: 29th Aug 04
Location: scotland
User status: Offline
|
im i missing something here? if you get 15000 over 70 years in a lump sum, and im assuming your 20ish if your driving a jag so say 40-45 years you would be working before retirement anyway...doesnt that work out to something like 25 grand ish a year over the working life?
kinda just scanned through the topic so maybe i missed something out
anyway buddy hope all ends up ok for you 
|
Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
|
If Dan was on 22k a year remember that is 22k before tax, but if this is 15k a year that isn't taxable it won't be a massive difference.
But then you have to factor in that in 40 odd years 15k a year is going to be peanuts.
If you get it in a lump sum it should help, get a nice house for 200k and then speak to an IFA to sort out what to do with the rest.
|
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
|
The money wont be a lump sum I wouldnt of thought, not saying it will be each and every year but think it will be paid in instalments.
And Im certain it would be taxed, although as I said he'll no doubt be able to claim incapacity benefit given he cant work so will probably claim a lot of it back.
|
DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
|
quote:
Originally posted by Cosmo
The money wont be a lump sum I wouldnt of thought, not saying it will be each and every year but think it will be paid in instalments.
And Im certain it would be taxed, although as I said he'll no doubt be able to claim incapacity benefit given he cant work so will probably claim a lot of it back.
Generally it goes into trust..
And Its tax free.
|
dangsi
Member
Registered: 9th Oct 08
Location: Berkshire Drives: lexus gs300/ vauxhall corsa b
User status: Offline
|
thanks every one for you help and support
had a phone call 2 day from solictors they have a offer from the company of
£22.000 a year for 70 years
they have advised me to turn down the offer as they say will not benifical to me to accept the offer
the company have been on the phone to my solictors all morning and want to settle amalicby out of court settlement
no press and no court and no hassle but not sure if i should accept
i have a few more things to get sorted
i have physio , a sleep theripsit and clinical psycoloights to see in the nxt few weeks and s specialist to do with black outs
they said get that out the way and see what the specialist suggets recovery wise if i will recovery full or not
|
dangsi
Member
Registered: 9th Oct 08
Location: Berkshire Drives: lexus gs300/ vauxhall corsa b
User status: Offline
|
then decide weather i want the settlement or not
|
AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
|
Is that sum tax free though or not?
|
a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
|
hope you get it all sorted and get a fair amount that you deserve
alot of men and women come back from war and get diddly squat so think yourself lucky, it could be alot worse
|
dangsi
Member
Registered: 9th Oct 08
Location: Berkshire Drives: lexus gs300/ vauxhall corsa b
User status: Offline
|
im not sure if it will be tax free or not i wil find out
|
DannyB
Premium Member
Registered: 6th Feb 08
User status: Offline
|
Reject it, ask for more.
|
dangsi
Member
Registered: 9th Oct 08
Location: Berkshire Drives: lexus gs300/ vauxhall corsa b
User status: Offline
|
quote:
Originally posted by a_j_mair
hope you get it all sorted and get a fair amount that you deserve
alot of men and women come back from war and get diddly squat so think yourself lucky, it could be alot worse
cheers pal i hope to get every think sorted out aswell
|
johnhara1
Member
Registered: 19th Oct 06
Location: Newcastle upon Tyne
User status: Offline
|
Over the 18months, is your condition improving at all?
What i mean is, do the doctors\you think theres much chance of you getting back to your old self, 100% like?
I wish you all the best mate, take them for as much as you can.
|
dangsi
Member
Registered: 9th Oct 08
Location: Berkshire Drives: lexus gs300/ vauxhall corsa b
User status: Offline
|
the doctors have said i wont get back to 100%
black outs will still happen wen they want to
headaches can be contorled by tablets to a certain degree
basicly if i take loads of tablets they will help cotrol but not fully control my problems
|
Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
|
People who say they couldn't live on 15k a year etc...
If they do give it to you as one large sum...
Say you took 22k * 70 years = 1.54 million...
if you can push them for say 25k * 70 = 1.75 million.
Then I'd take it, buy a house, then give a large proportion of it to investment companies, if you get say 4% interest (when the bank rates eventually recover you'll get this just having your money in the bank)...
Then you'll be getting 60k a year pre tax. on 1.5 million invested / in bank at 4% interest.
Rather than just '15k' / '22k' / '25k' a year.
[Edited on 06-10-2009 by Paul_J]
|
pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
|
Whats the story on the licence?
|
nathy_87
Member
Registered: 14th Aug 08
Location: West Mids. Drives: koda Fabia VRS 5J
User status: Offline
|
quote:
Originally posted by BarnshaW
the crash must have ruined your spelling too mate?
That's a bit harsh aint it Barndoor?
If this accident has effected his movements in left arm etc (only read part of the post) don't you think that it may have something to do with that?
|
SVM 286
Member
Registered: 13th Feb 05
Location: pain
User status: Offline
|
quote:
Originally posted by Colin
quote:
Originally posted by Paul_J
1 million may sound like a lot, but once you have a house, that's half of that gone... 
If you start living like the pools have come in then it would, 150k would get you a decent house in most places!!
Not round here it wouldn't Col. Nigh on double that for a shit, new build, 1 bedroom flat on a main road. 
|
Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
|
Jim, this exact issue is being talked about in house day, the prices up north are just far more realistic and I think those above Luton sometimes forget that we have to pay for the privlage of living down south.
|
SVM 286
Member
Registered: 13th Feb 05
Location: pain
User status: Offline
|
So, so true Ollie. It's so unfair.
A large house around the corner of the top of my road was bought by property ''developers''.
They tarted it up and sold it minus a very large chunk of it's gardens. They built half a dozen or so small detached properties in the grounds and the starting price for the smallest (3 bedroom IIRC) of the houses was £635,000.00.
Just ludicrous.
|
SVM 286
Member
Registered: 13th Feb 05
Location: pain
User status: Offline
|
Dan, i'm so sorry to hear of your misfortune. I hope you recover as well as can be expected and I hope you can drive again.
Such a shame you have to sell the Jaguar.
If the payments are not in one or two lump sums and are likely to be weekly/monthly/annual payments, I would definitely make sure that they are index linked to the cost of living if possible, i.e., they increase at the rate of inflation at least. 
Oh and deffo follow your solicitors advice if they say to decline an offer.
|
Neo
Member
Registered: 20th Feb 07
Location: Essex
User status: Offline
|
To the OP, Thats such bad luck, fingers crossed you will get a good pay out and be back on your feet asap
To everyone else, You all saying you couldnt live on 15k a year after tax may not be looking at it in the right way. If thats post tax, thats just under 19k before tax.
Remove all costs for your car, insurance, running and commuting costs, money you pay to pension or for any benefits you receive in work for your year from the amount you recieve after tax.
Unless your on 28 - 30k before tax, it'll be about the same amount after those amounts are removed. (Or your in a lucky situation and have no commuting costs etc). Obviously this wont apply to some people, but probably to a fair few.
|
dangsi
Member
Registered: 9th Oct 08
Location: Berkshire Drives: lexus gs300/ vauxhall corsa b
User status: Offline
|
quote:
Originally posted by pow
Whats the story on the licence?
still waitin to hear from the dvla should now by end of the week i hope
|
dangsi
Member
Registered: 9th Oct 08
Location: Berkshire Drives: lexus gs300/ vauxhall corsa b
User status: Offline
|
quote:
Originally posted by SVM 286
Dan, i'm so sorry to hear of your misfortune. I hope you recover as well as can be expected and I hope you can drive again.
Such a shame you have to sell the Jaguar.
If the payments are not in one or two lump sums and are likely to be weekly/monthly/annual payments, I would definitely make sure that they are index linked to the cost of living if possible, i.e., they increase at the rate of inflation at least.
Oh and deffo follow your solicitors advice if they say to decline an offer.
cheers pal im hopein not to sell the jag but have to wait and see what dvla say
|
Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
|
quote:
Originally posted by Neo
To the OP, Thats such bad luck, fingers crossed you will get a good pay out and be back on your feet asap
To everyone else, You all saying you couldnt live on 15k a year after tax may not be looking at it in the right way. If thats post tax, thats just under 19k before tax.
Remove all costs for your car, insurance, running and commuting costs, money you pay to pension or for any benefits you receive in work for your year from the amount you recieve after tax.
Unless your on 28 - 30k before tax, it'll be about the same amount after those amounts are removed. (Or your in a lucky situation and have no commuting costs etc). Obviously this wont apply to some people, but probably to a fair few.
Mike, I think it's the fact that... ok now that'd be fine for most... but say in 20 + years... in his 40s, does he still want to have only enough money to 'survive on'?
Most people earn crap money when they're young and slowly work up the pay scale as they get older, putting their money into houses / savings or whatever...
imo 15k a year for rest of your life even post tax, is not going to be a great standard of living, especially if you have to pay a mortgage / rent.
|
Dec-Rossi
Member
Registered: 28th Sep 09
Location: Wiltshire
User status: Offline
|
cold world hope your back on track soon mate
|
