Life’s disasters often aren’t just emotionally challenging, but financially challenging too. Whether you’ve just had your home flooded or been in a car accident, you’ll likely need to pour a lot of money into your recovery. Here are some tips that can help you to fund recovery costs whether it’s home repairs or medical treatment.
Know your legal rights
In certain disasters, you may be legally entitled to compensation, either through an insurance claim or a legal claim. In the case of insurance claims, you should contact your insurer as soon as possible – some companies may not accept claims that are made a long time after the disaster. Legal claims are often more flexible, but may only be useful in the event of a natural disaster or burglary in which you have no identifiable person to sue. You may be able to find a specialist lawyer in the case of specialist cases such as a dog bite lawyer in the case of a dog bite injury or an aviation law firm in the case of an air accident. Many lawyers charge on a no win no fee basis, so you won’t lose any money if your claim isn’t successful.
Consider charity aid
Dealing with a flood and its aftermath can feel overwhelming. It helps to have the support of an emergency plumber who knows what to look for and who can help you avoid future problems. For example, performing a drain pipe cleaning is a good way to ensure you’re getting a fresh start, and that you likely won’t be dealing with blockages for a while. There are also charities set up to help provide relief to those that have suffered disasters. You may only receive money in extreme cases and if you’re under a certain income, but it’s still worth enquiring. Look for specialist charities that specialise in your cause whether it be hurricane damage or medical treatment costs. Even if you can’t find any charities out there willing to donate, you can always start a fundraising campaign of your own on social media. Friends and strangers alike will donate money to you if they sympathise with your case.
Contact your creditors
If the disaster has made it impossible to pay the bills, don’t just ignore your bill payments – instead take efforts to contact your creditors. Many creditors such as loan lenders, energy bill providers and even landlords may take sympathy in times of hardship and may agree to temporarily freeze payments or come up with a more affordable payment plan by first conducting a Credit Repair Analysis. You may also request for loan modifications to help you prepare your finances and plan your payments. Provide some form of proof so that your creditors believe you. Don’t wait until arrears have built up, as your creditors will be less likely to sympathise at this point.
Look into interest-free loans
Borrowing money to pay for disaster recovery generally isn’t recommended, but if you’re desperate there are loans out there available for specialist causes that are interest free, saving you from paying extra in the long run. For example, there are companies that offer 0% interest medical loans, which could be a huge saviour in the case of expensive medical treatment.
Sell your story
You may also be able to sell your story to a local journalist. Disasters are often news-worthy occasions and people will be interested as to how you pulled through. Consider contacting you local paper or a niche magazine that you think might run the story.
Financially prepare for future disasters
Whilst the damage may be done, it’s always worth safeguarding against the future threat of another similar disaster. Victims of burglary are often more likely to be burgled again, whilst being the victim of a flood could be a sign that you live in a flood-prone area – in other words disaster can strike again! In some cases, you may be able to take out insurance – such a travel insurance to pay for a disaster such as sickness abroad or lost baggage, or home insurance to cover you against fire, burglary and storm damage. On top of this, you could start saving up an emergency fund, which could help to go towards future disasters. Also consider investing in preventative measures such as burglar alarms or jabs when going abroad – whilst these may seem like an extra expense, they could prevent much bigger future costs.