What Is An Interim Payment?

What is an interim payment? If you’re making a compensation claim after a personal injury or medical negligence and you need help covering things like rehabilitation, medical costs, or childcare, you might have heard this term before. But what does it mean?

In this guide, we’ll talk about everything you need to know regarding interim payments. First, we’ll address the definition and how these kinds of payments work. Then, we’ll talk about how they can help you, especially after suffering a serious or life-changing injury.

Finally, we’ll discuss how a personal injury or medical negligence expert could help you. For example, we’ll discuss how our panel of No Win No Fee solicitors could assist you in pursuing a personal injury or medical negligence claim and how an interim payment could fit into this.

Should you wish to discuss a potential claim, please contact us for your free no obligation advice using the details below:

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What Is An Interim Payment?

So, what is an interim payment? An interim payment is a payment that you can request from the defendant whilst the claims process is still ongoing.

When you request an interim payment, this means you are requesting part of your personal injury or medical negligence compensation before the claim is finished. These payments are designed to help people who may have suffered serious injuries and may need assistance in order to pay for immediate costs such as:

  • Medical expenses
  • Rehabilitation costs
  • Childcare fees

To learn more about the costs that could be covered by this kind of payment, get in touch with our team of expert advisors today.

How Do Interim Payments Work?

You might be wondering how interim payments work since it involves receiving compensation before the claim is finished. Because of this, interim payments are only awarded in claims that have a high likelihood of succeeding, and you need to prove that the payment is necessary.

For an interim payment to be approved, at least one of the following needs to be established:

  • The defendant accepts liability for your injuries
  • A judgment is obtained against the defendant for damages to be assessed
  • The Court is satisfied that the claimant would receive a substantial amount of money should the claim go to trial

These are only a few of the conditions that can be met to help you qualify for an interim payment. Contact our team today to learn more.

Why Claim For Interim Payments After a Serious Injury?

Interim payments are often used in cases dealing with serious injuries. This is because a life-changing injury can come with severe financial consequences, ranging from lost earnings to the cost of full-time, professional care.

However, personal injury claims can be complex, and some take longer to conclude than others, which means you may not have your compensation by the time you need to pay for things like prosthetics, rehabilitation, or physical therapy.

This is where an interim payment can help. If your request is approved, then you can use this money to pay off immediate charges, like the cost of a prosthetic leg or private medical care.

Contact our team today for more information on the question, “What is an interim payment?” Or, keep reading to learn more.

How Many Interim Payments Can I Claim For?

You are able to request more than one interim payment if required. However, you’ll need to prove that more than one payment is necessary in order for it to be accepted.

It’s also important to note that interim payments can’t exceed your final payment, and the total that you receive in the interim has to be within a reasonable proportion.

This can vary from case to case. Contact our team today to learn more about applying for multiple interim payments.

Do Interim Payments Impact My Final Compensation Amount?

As mentioned above, your interim payments must not exceed the amount of your final settlement figure. This is because they’ll be deducted from your final compensation award when the claim is finished.

For example:

  • Your compensation payout was £150,000
  • You received two interim payments, totalling £30,000
  • The total you receive would be £120,000  

To learn more about how an interim payment could affect your final compensation, get in touch with our team today.

Can Personal Injury Solicitors Help Me Claim Interim Payments?

Yes, a personal injury solicitor can help with every aspect of your claim, including pursuing an interim payment. In fact, our panel of solicitors have years of legal knowledge and experience that they can use to help you:

  • Understand each step of the claims process
  • Negotiate a settlement that takes all of your losses into consideration
  • Collect evidence to support and strengthen your claim
  • Communicate with the defendant and the Courts
  • Prepare to go to trial if this becomes necessary

Our panel of solicitors can do all this for you and more without taking any upfront or ongoing fees for their work. This is because they work with their clients through something called a Conditional Fee Agreement (CFA), which is a kind of No Win No Fee arrangement.

If you make a successful claim, then a small success fee will be taken from your compensation. This is deducted as a percentage which comes with a legal cap, helping to ensure that you keep the majority of what you receive.

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If you’re ready to learn more about the question, “What is an interim payment?” get in touch with our team today. They can answer any questions you might have for free when you:

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Thank you for reading our guide. We hope we’ve answered the question, “What is an interim payment?