What happens if my case settles for less than expected?
If your case settles for less than you expected, the result can be both an emotional and financial setback. Depending on the specific circumstances of your situation, this reduced amount can have a very real impact on your life and your finances. Understanding why a case might settle for less than expected, as well as strategies for dealing with the financial implications of a lower settlement, can help you come to terms with the result and move forward.
When a Settlement is Lower Than Expected
Settlements rarely come in at the exact amount people expect, for a variety of reasons. Your lawyer may make mistakes in determining the potential payout value, or the opposing party may offer a significantly lower amount relative to what you expected. In some cases, insurance companies or other defendants may assume that plaintiffs are bluffing when they place a higher-than-expected value on a settlement, so they make a lower counteroffer intending to force a settlement of less.
It is also important to note that while you have control over the amount that you initially seek in a settlement, you have no control over the amount of the offer that the other party makes, or the amount that you ultimately agree to. In short, a low settlement offer is sometimes simply the product of chance, and there may be nothing you can do to change the amount.
Dealing With Financial Implications
One of the most important things to remember immediately after settling for less than expected is to not be too hard on yourself. It is very common to feel disappointed with a settlement, especially if you were expecting significantly more money. However, it is important to remember that you did the best you could under the circumstances to obtain the most favorable outcome possible.
It is important to look closely at the settlement figure that you did receive in order to analyze the financial implications. If the settlement amount is significantly less than the damages you suffered, then it is very likely that you may need to look for other forms of compensation in order to fully cover your losses. This could include filing an insurance claim or taking out a loan in order to pay for any remaining costs.
When considering other options, be sure to carefully weigh the pros and cons of each option before making a decision. For example, some loans may come with high interest rates, while insurance claims may be subject to limitations and/or may require additional paperwork and waiting periods. Additionally, you should also consider if any of the additional costs can be included in the initial settlement offer, as this may help reduce your larger financial liabilities.
Finally, it is important to recognize that a reduced settlement amount can have an impact beyond simply a financial one. For example, it may be upsetting to feel as though the court’s decision did not take into account the extent of your suffering, or that justice has not been served. In these cases, it may be helpful to talk to someone about your feelings so that you can come to terms with the reduced settlement amount and begin to rebuild both your emotions and finances.
Conclusion
Settling for less than you expected can be a difficult and overwhelming experience. However, it is important to remember that it is not always preventable, and that the best course of action is usually to accept the settlement and make the most of the amount you did receive. By understanding why a settlement might be less than expected, as well as taking a proactive approach to compensating for any remaining costs, you can move on and ensure that your finances are in the best shape possible.
