Rightly or wrongly, the no-win, no-fee system has proven a success - at least for personal injury solicitors and the companies created to support the ever increasing compensation culture developing within the UK.
There are most definitely benefits for the customer as compensation claims are now escalating to frightening financial levels costing insurers and policyholders more than £1.5 billion per year.
Companies set up purely to offer Accident Management and compensation recovery from guilty parties is big business and many solicitors, having recognised the lucrative earnings on offer, spend a great deal of money setting up such companies and advertising across all media’s.
However, no matter how good an idea, it is important to ensure you read the small print of any contract you sign up to.
Whilst acknowledging that these accident management companies and solicitors will work through a table to establish the likelihood of recovery before pursuing a case, the “no win, no fee” offer may not always ring true.
What they mean is that if they don’t win, you will not have to pay them anything. However, this doesn’t mean to say that you will not be responsible for the other person’s legal fees if you lose and everyone knows, this can be quite substantial.
The recommendation therefore is explore the possibility of insuring against liability for any third party legal costs just in case you lose your case otherwise you could end up even worse off. Most solicitors or accident management companies should be able to offer such insurance or point you in the right direction.
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