Financial compensation – to put you in the position you would be in if you had not followed bad advice.
This can be financial losses, lost time and lost opportunities. They can include future losses. It can therefore cover:
✔ Financial losses you have suffered as a result of the advice or actions of the professional.
X Financial losses you would have suffered anyway – these cannot be claimed.
✔ Missed opportunities - where you can prove you would have taken the opportunity if you had received the correct advice. You then can claim the financial value of your lost opportunity. Examples include:
- the lost financial value of an investment
- the lost profits of growing a successful business (perhaps it has been set back several years by the negligent advice).
X Missed opportunities where you cannot prove that it is ‘more likely than not’ that you made this financial loss because of the bad advice or mistake.
- Perhaps there is evidence you would not have made the investment anyway (for other reasons – such as not being able to raise the money) you would have taken this opportunity.
- Perhaps there is evidence that your business would not have been successful or grown even if you had received good advice.
- Where it is decided you only had (for example) a 60% chance of benefiting from the missed opportunity, then you will only be awarded 60% of the financial loss.
✔ Wasted time and inconvenience – especially if it has made you unwell. But the amount that the court awards is limited.
X The value of the time you spend in preparing your claim.
✔ Repayment of expenses you have had to pay because of the negligence – but these will be limited to what it is felt was reasonable for you to have paid.
X Losses and expenses that are considered excessive. For example if the negligence meant you lost or cannot use your property then it may be reasonable for you to rent a replacement. However if you rent a very grand alternative property – that is better than the one you lost or cannot use, you will only be able to claim for the cost of equivalent property.
X Your legal costs and expenses - if your successful claim results in a settlement or award of £10,000 or less. Claims under this amount are treated as a small claim and only very limited legal costs can be recovered.
✔ The bulk of your reasonable legal costs and expenses - if your claim is successful and results in a settlement or award to you of over £10,000. There are complex rules covering what legal costs you opponent must pay on top of your compensation – we can advise you so you get back all that you are entitled to.