If you’re a road accident victim and have claimed or are in the process of claiming from the RAF you might be aware that your RAF money will not be available immediately. The period of time that RAF takes to pay out after settlement is 6-12 months. The irony is that RAF payout is supposed to be an emergency fund, to assist you in your time of need.
There is a way to make your RAF money appear in your bank account faster, but is it a good idea to fast track your RAF payout?
So if you’re wondering; “should I get my RAF money faster?”, then ask yourself:
- Do I need the RAF money right now?
- Will it improve my financial position if I get my payout now?
- Will it impact my life negatively if I wait for RAF to pay out?
- Does the benefit of getting my RAF money now outweigh the cost of getting it sooner?
If your answer is yes to any of the above, you might want to consider RAF bridging finance.
Here are a few examples of why it is a good idea to get your RAF money immediately:
Medical treatment and medication
Injuries from a road accident often needs medical treatment and medication. Emergency treatment in the case of severe road accidents can be especially costly when not admitted to a state hospital. If you fast track your RAF money, your medical treatment and recovery process can continue and is not dependent on when the RAF pays out your money.
Serious injuries from road accidents often require medical rehabilitation that can last for months or even years after the accident. Vehicle accident rehabilitation are facilitated by medical specialists which are quite costly. As part of your claim settlement the RAF might give a medical undertaking for future medical expenses. You must however first incur the medical expense and then claim it back. It is therefore advisable to get RAF money sooner to settle medical accounts and then claiming it back from the RAF if you have a medical undertaking from the RAF.
Travelling to obtain essential medical treatment and medication after a vehicle accident is one of the costs you might consider a “now” expense. You cannot negotiate a down payment on travelling costs. To avoid travelling costs taking chunks out of your current funds, it is a good idea to speed up your RAF payout.
Cost of assistance
You might need to hire domestic help, nurses, and assistants due to the road accident injury that incapacitated your ability to perform everyday tasks. This is also a “now” expense and the sooner your cash flow is replenished, the better. It is smart to investigate ways to get your RAF money sooner.
Loss of earnings
Depending on the nature of the injuries incurred during a road accident, you might be unable to work for a period of time or even permanently. This is crucial to your and your family’s survival, especially if yours was the main income of the household. If you’re in dire straits and your family is suffering due to a loss of income after a road accident, you might not have time to wait for your RAF money when the claim has been settled.
Loss of maintenance or support
As with loss of income, the death of a main provider due to a road accident will be result in dependents having no income to live from. The sooner the RAF money is available for these families, the better. In this instance you can explore the option to use bridging finance to get your RAF money sooner.
Although the RAF claim process does make provision for funeral expenses, the money might not be available in time. It is often possible to arrange down payment for funeral costs, but requires you to be credit worthy. If you have not been working for a while, the option to incur funeral debt might not even be available to you. RAF money in your account immediately means that you can proceed with the funeral as planned will not have to stress how to cover the funeral costs any longer.
In some instances it is a good idea to fast forward your RAF money to cover basic or emergency needs. RAF works on a first settled, first paid basis. When you seek out professional services from RAF attorneys, they will take care of the RAF application process on your behalf and ensure it is done in a much faster and less stressful way than claiming directly from the RAF.
For more info on how to fast forward your RAF money, talk to one of our friendly consultants at WeBridge.