compensation - life changing amount. How have/did you they handle(d) it ?

[richbitch2be]

Am a regaular MN but couldnt figure out how to name change so registered again.

Just wondering if anybody has or knows people who have been paid out substantial amounts in compensation, life changing amounts.

It is very likely we get paid over 1.3m (even writing it down is crap)in compensation (loss of income the main factor of the high sum) and we dont really know what to do,how to handle it to the outside world.

We were a very happy family reasonably well off with good future prospects. Great friends and family.Still have great friends and family but not very good future working potential to say the least.

This money is to cover for all future earnings and costs for ongoing treatments. We see it as lifelong salary paid at once so it is not going to be for splashing out on.
How will people react if they know we have been given the money?
We are very tempted to be quiet about it, even lie about amounts if asked directly, but dont want to feel we cannot do anything (buy a new car or extend the house)as people will judge us. Yes we could move to a bigger better house but we just like it where we live! Dont think the money will go to our head iyswim

I know some people might say Oh I would love to be in your shoes, why are you ungrateful but believe me : It is so not worth it! Health and normality is worth much more then money.

Thanks for reading so far and would really appreciate any advice

regular even!

I haven't been in your shoes, and know no-one with that sort of amt compo, BUT, I would keep it quiet. It's no-one elses business, let them speculate away. If they rudely ask directly, just say you'd rather not say, or ask why they want to know.

thanks BS, loads of people (not friends) have alreay said Ohh you will be a millionaire etc..

Yes maybe one day we will but rather have my old life back tbh. It is another complication to our lives, flipping politics!

I guess they don't understand compensation is not a prize, it's an exchange for giving up/losing something very precious.

I know of 2 people (friends/family of friends) in this situation:

1. in a wheelchair lives in a lovely wooden house and doesn't work
2. recovered from breast cancer lives in a nice house and doesn't work

Discussed I suppose as it is in a way a different lifestyle but not ever mentioned negatively, just with a lot of understanding that they would not get payout except for the fact they have been through a load of crap.

Not anyone's business really but would be sad if you cannot trust your family and friends to appreciate that this money is your home, your pension, your children's education etc.

I agree.
tbh 1.3 million over 30 years...well...as you say, it's 'just' a salary in advance.

No-one else's business, just say 'it was a fair settlement, thank you for asking'.

Take stock, take advice form people with no vested interest in envy, and since you do now have the flexibility to plan a little in advance, plan the longer-term life you ould best like within your means.

Good luck.

£1.30m is a nice sum, but will not last long if you don;t take proper tax efficient advice over how to make it last long enough to be your income during your working life, and your pension afterwards. Compensation is not a lottery win, it is in lieu of earnings. I hope your friends and family are sensitive enough to view it as such.

My friend got 1 million compensation due to her mothers labour being mis managed. She bought a lovely/wheelchair unfriendly house and had it adapted. She works but her living expenses are higher than they would have been as she has to pay people to do things that she can't manage. Its not a lot of money over a lifetime.

thanks all for your help! I think what we are afraid of is that we will stay the same but people tend to change around you once they know you have money and try to suck up to you as they think we can miss a couple of hundreds/thousands etc...!

Thanks for the tips re finacial planning. We have a fairly good idea as to what to do with this as it will give us indeed some flexibility we never would have had. Also think sollicitor will refer us to financial advisor at later stage

Once again many thanks

You are totally right about health being better than all the money in the world. You sound so down-to-earth.

How would I handle it? I'm a list-lover, so I think I would look at what I wanted from my life, the things I like to do/was able to do on a day-to-day basis, factor in the extra help and long-term needs, kids' education, help at uni' and then, add some magical moments - holidays/treats. Then, armed with what I wanted to achieve, go to the Financial Advisor and see how best I could make this happen.

I had a colleague whose son has CP because of a mishandled labour - the judge released immediate funds for the family to go on holiday, when he set the compensation - he explicitly acknowledged the stress the family had gone through.

i wouldnt worry

in 2008 i dont think £1.3m is that much.

(maybe i have wortked for many very wealthy families?)

BUT its not that much really.... it certanly wouldnt buy me the hosue / car / boat i want (in my dream world lol), let alone spending money to live as well.

(TBH it would only just cover my boat! )

1066- that is a very good idea! Will actually do that and map out future. Now the end is in sight it is really difficult to actually think about the future as our lives have been on hold for well over 3 years now.

Re holiday, we will certainly go on holiday once this is all settled! This kind of stress on a personal health level is totally different to work stress for example as it will never go away and very difficult to forget, you can adjust or work around it but it never goes away.

In a way we should think ourselves 'lucky' that is was somebody elses fault so we can actually claim compensation and maintain current income level (ish)

but I fully understand when people say it wasnt worth the money!

I agree, get good advice.

I wouldn't tell anyone. If asked, I would say "Enough for X to have a good standard of care" or something vague. If pressed you could say "about 20,000 a year" (1mill/50 years?)

I'm sure no one NICE would begrudge you the money

I don't think you are lucky - you have paid such a high price, in health-terms and then, having to go for compensation. Letting go of your previous life and aspirations must have had an impact. Saying that, you come over as such a positive person that you will make the most of where you are now.

I'm glad you can now get on with your lives. Have a wonderful holiday, enjoy planning and booking it, too. Have you got anything in mind?

Thank you both, is really nice hearing all those kind words!

Will start planning holiday when we know when we will get the compensation which might not be till the end of this year but at least now we know substantial is roughly 1.3m and what year will be getting it which good enough at the moment! And as said we both enjoy planning where we going to spent some of the money on, think dreaming about it is the best bit!