Long story ahead, but had to tell somebody...
Well folks, as some of you know, I was involved in an accident nearly eight years ago (January 28th, 1998 at exactly 5:05PM, to be precise) and sustained injuries that prevented me from working in the full capacity as an auto mechanic. I was rear-ended while driving my old Volvo 740 winter beater, and the force of the collision ripped the driver's seat out of the floor and deposited me in the back seat. Numerous injuries were received, including whiplash, bruises, a sprained neck, and a dislocated spine - the physiotherapist found THAT little gem, andf let me tell you, having two vertebrae out of place are not NEARLY as painful as having them put back in! Let's just say the scream could be heard for miles.
The previous eight years have been sheer HELL, including several failed attempts to return to the job I loved, deep depression, anxiety attacks, near bankruptcy and even having to move back in with my parents. I had been a ship without a rudder, trained for a job I could no longer do, with no idea what was going to happen in future. For awhile I had even become a bit of a recluse, scarcely leaving the apartment. Lack of funds prevented retraining, and sales of the sequential signal lights, while a help, were not exactly a living. I ended up taking a job assembling cop cars at about half the pay I would have received as a licensed technician. Between the low-pay job and the sequencers I managed to keep things together and fend off bankruptcy. It has not been easy, getting to the point I got an unlisted number to keep creditors from pestering me.
Well, folks, it is finally all drawing to an end. After eight years of fighting with an uncaring insurance company (they refused funding for retraining, refused funding for fitness programs recommended by the physiotherapist, even refused to spring for an orthopaedic mattress) I have finally reached a settlement agreement with them:
$215,000 ($5k of which was paid out six years ago as an advance to prevent me losing my apt). My lawyer will get 25%, there will be 15% tax on the lawyer's fees, and there are about $15k in costs and doctor's bills that have to be paid, so I imagine I'll end up with about $130-$150k.
Sounds nice, doesn't it? Well, before you think I got a great deal, let's look at the numbers. In 1998 I had a $55k/yr job. Since then I've worked at approximately $25k/yr. For eight years I lost $30k/yr. There's $180k. right there. Then there is the future income I'll lose for the next 32 years (assuming retirement at age 65). That's another $960k. Over this 40 years from the date of the accident to age 65 years I will have lost more than a million dollars worth of earning capacity. The courts use some sort of math system that essentially halves that, so my claim was a half million.
Then there's the pain & suffering and general damages, and believe me, there was much suffering, most caused by the utter indifference to my predicament that the insurance company had. Canadian courts generally don't allow much for this (which I partially agree with), so I had claimed $40k. With other costs, the total claim was $560,000. I knew from the moment I submitted that claim that I'd never get anything close to it, but that's the nummber my lawyer came up with.
For some reason, a few months ago the insurance company suddenly decided to take the case seriously, but their first offer, an insulting $10,000 (!) was, well, insulting. We bickered back and forth for a few months, them finally coming up to $110k and me going down to $275k. Finally, we agreed on arbitration (a non-binding independent "judge" looks at the case, talks to both sides, and comes up with a recommendation). After several hours of deliberating yesterday we came upon the $215,000 agreement.
So after eight years of hell, a derailed career, and all that, I end up with about $150k in my pocket. Sounds like a lot of money, but I'd never do it again for any amount.
So, my plans? First off, a car. A nice car. I'll keep the T-Bird forever, of course, but it is not a practical daily driver and I feel guilty about putting 40k kilometers on it over two and a half years (a figure that is even more impressive considering that it's winter stored). The Dakota - well, it's just pure garbage. No radio, 300k miles, wooden box, reluctant heater - it does not have much going for it. It will be retired at the family cottage, where it will spend the rest of its days carting firewood, accessing hunting spots, etc.
I'm looking at a '99 Volvo V70-R AWD wagon, that I hope to own by Christmas or shortly thereafter. It's fast, practical, safe, all wheel drive, and ed shagy.
The T-Bird will, of course, get some much needed attention. I'm setting aside about $5k for it: A new paint job, an HO/T-5 swap, a TC rear, a TC header panel, and maybe some wheels. It will finally become the pampered, occasional use toy that it deserves to be.
The rest of the money will go toward buying or building a house in the country. I will then live there mortgage free, where I will be able to live without worrying about rent, mortgages, etc. I figure not having to pay a thou a month will help make up for the $55k-$25k difference. And I will have a garage, dammit, if it kills me.
Sorry for the long story, but believe me, it's not nearly long enough to accurately describe what I've experienced, and finally, I can get on with my life. You can not imagine how much of a load this is off my shoulders.
Thats quite a hard thing to respond to! I have never even been close to a situation like that in my life. I'm humbled by your perserviance and determination to get through it.:bowdown: also can't wait to see what will become of your tbird:D
No way...but it sounds like you can start over now. What are your plans for a future career?
sounds like you got screwed, but at least you'll be able to get yourself to a comfortable debt free point where that 25k/yr will at least get you further.
Nothing can ever really make up for an injury like that. Good luck with your plans and can't wait to see the bird!
Its good to hear somebody got something out of blood sucking insurance companies and lawyers... its also nice to hear it ONLY took 8 years, I say only because my dad's been in the same type of situation for about 20 years. On the job accident that cost him his knees, hips, back, and wrists. He went from a guy who ran miles in the morning to a guy who needed help putting on pants. Iv seen first hand what kind of mental stuff you go through and it aint pretty. Good thing is you two stuck it out, and didn’t turn to alcoholism or being a drug addict to cope with it like I'v seen before to. good luck with it, and make sure you invest some of it. and buy me a nice expensive christmas present:D
well its better then nothing. But it dont make up for whats lost and all in all its more a slap on the face. If the insurance company put 1 mill in a trust for when this case was closed it would have made money off you being hurt. The only resion they drag there feet is in the hopes you will give up and take what you can get.
Now with this over and done will you be giving away the sequential signal lights to members.
Just bugging i do hope the moeny helps to get you back up to speed
Glad to hear you got something decent out of it. Invest some and you'll be doing fine for a long time. And that no tax house in the country will help out a lot too:D .
INVEST THE MONEY! It may not have been as much as you wanted I'm sure but, having that much in one lump sum can have it's advantages.......
What's the going rate for a house where you are? Sounds like the funds would be a sizable down payment on something with 3 beds and 2 baths....that is if you can swing the payments on your salary.
If that isn't a feasible route I would talk to a financial advisor and find thae best way to make this money work for you.
I know if I suddenly got that amount of money after I'd been living without it and it was never guaranteed to begin with I would find a way to turn it into more. Perhaps a business venture is in your future....Who knows!?
Whatever you do, don't use the money to move down here. An empty lot on this block alone costs $45,000-50,000 now. :wtf:
I figure I can get a fixer-upper on a few acres about a half hour from the city for $50-$60k. If I can't, I'll buy the vacant lot next to the family cottage for about $4k (two acres) and build one.
A house within the city limits is pretty much a non-starter - real estate has exploded around here and has doubled housing prices in the last five years thanks to low interest rates. 5% interest is great if you want to borrow the money, but is bad news if you want to buy debt free.
Future: I plan on sticking with the cop car mechanic bit for now - it's about the closest thing I can get to doing what I like to do, it's a good place to work, and my hands stay clean :D I also hope to expand the Thundercat Electronixx thing. I can't be big right now because I don't have the marketing money or the money to invest in supplies, but with this money and living mortgage free it'll free up some fundage for that.
Drugs/Alcohol: That was actually a very big part of the litigation, in that I refused antidepressants. The insurance lawyer tried to argue that I didn't "mitigate my losses" because taking anti depressants would have made those 8 years a little less unbearable. I argued that the reason that I didn't take the drugs was the same reason that I didn't take up drinking: The drugs might make me forget about my problems, but tomorrow morning they're still there when I wake up. The phsychologist i saw six years ago actually agreed with my reasoning, and the mediator was quite impressed with my resolve to stay away from drugs.
Investments: I certainly do intend to invest some of it, but priority one is a house. If I can get a house mortgage free I will never again have to worry about not having a roof over my head. If I get laid off it'll suck, but I'll still have a home. If I run into financial difficulties it'll suck, but I'll have a home. You get the idea. I will buy a house with no debt - simply having a down payment will not cut it. Even if I have to buy a trailer. I'm not fussy. I just wanna move the hell out of here.
The thing is, I was not really living without it. I was sing along, bouncing from bill to bill, driving shiznitty vehicles and living with my parents.
Will all due respect to my Thunderbird, it is still an 18 year old car, and the ltiile things that break on it that are hard (if not impossible) to find parts for make it a very impractical daily driver. The fact that we only have two seasons: "Winter" and "Winter will be right back" add to the impracticality of the 'Bird. I know RWD cars can be driven in winter (I drove my MN12 and the old '87 Sport), I do not want road salt to destroy this 'Bird like it did the MN12 and Sport. The 'Bird will become the toy I've always wanted it to be. I'm not going over the top with it, I just want to create the Thunderbird GT that Ford should have made in '88: HO, 5-speed, 11" front brakes, disc rears, 8.8" rear, 3.73 gears. In other words, just like everyone else has done :p
As for what I want, here is the car I will be going after:
(http://www.mobilityautosales.com/Cars/1999%20All%20Wheel%20Drive%20R.jpg)
That's great man! Believe me when I say, I feel your pain. I'm dealing with a 3" compressed spinal cord right now except it's the US Military that injured me. I see a fat chance in hell of ever getting anything. Keep us updated, you have no idea how good it feels to know that somewhere, someone actually won.
Don't know if it'll make ya feel any better, but:
My father had a disability claim with the VA for years. They finally settled it early in 1996, if I recall. Sent him a back-payment lump sum of around $100,000.. then put him on 100% disability payments. Unfortunately, he died that November. Wasn't related to the disability claim, though. At any rate, it IS possible to get something out of them. It just isn't pleasant by any stretch of the imagination.
I'm glad to hear you got a settlement. I bet it is a lot easier to sleep at night now, knowing that you at least have a ray of light piercing the darkness. It'll be a great start having a mortgage free house, and a car without payments. I'd love to see what new cool gadgets and gizmo's you come up with for the T-bird Electronixx. Maybe light up cruise control buttons eh? Well anyhow, seeing as how I live in AZ and pretty much every car here remains rust free, let me know if there are any parts you need for the bird, and I can hit up local yards for ya.
Well, atleast you got something decent. Obviously as you put in your first post, there is no dollar amount that can be exchanged for living your life the way you want. It sucks when you put everything into perspective and find that you are still way behind after the settlement. It's not just the money loss but the loss of physical activity and ability to do the things you love to do. Thats the real kicker.
Good luck getting yourself a home and good choice with the Volvo.
Looks like you have everything planned out well.
Oh, BTW a buddy of mine at work has a turbo charged version of that car, or at least another Volvo wagon, it's sleek looking, and it's fast. Good choice.
That is by far the biggest thing. You have no idea how much it hurt me (both financially and mentally) to actually pay someone to install ball joints into my old Sport, and the gas tank into the '88, and so on. Having it done at the shop I work in building RCMP cars helps (great discount), but it still sucks to let somebody else work on my baby. It's gonna hurt to let somebody else install the T5 and HO conversion, etc as well...
At least I can still do electrical work, so I did install my own stereo, TC cluster, remote starter, overhead console, tripminder, etc...
This one is not only the turbo version, it's the R version, meaning 247 horsepower and AWD. I shouldn't get my hopes up though - with my luck it'll sell the day before I get the check...
Wow Carm, Crazy story. I'm glad you see the light at the end of the tunnel. I can see your reasoning with just buying a house. If you could still put away 4000 you could trade on the stock market and make some money.
Also is it this way to us yanks?
215,000.00 USD United States Dollars = 248,789.11 CAD Canada Dollars
The settlement is in Canadian dollars. At current exchange rates that's $185,705 US. Remember, though, that the $215k is the gross amount. I'll likely only see ~$150k
Well carmen I think you should still put aside some money to play the stock market with.
I hope you get all of that money and spend it well. I havent ever seen anyone win a claim like that. If you need any parts, and paying for shipping dosent bug you, post in the wanted adds, and I will watch out for your posts in particular.
Good luck.
I went to a customizing shop and asked for a quote on the H.O. conversion, the guy came out had me pop my hood, and laughed, and said that there is no way that a mustang engine would work in it :brick: love people some times
And the custom exhaust shop wont put duels on my car, even when I tell them its an off road only car(wont be licensed, at least as far as they are concerned)
They tell me........86 no it wont fit. I say can you check and the do, and they say there's no way. So I bring in the 87 v-6 the next day, and they say yeah and we have v-6 headers in stock and everything and have a quote for me before I even explain what I want. Gotta love stupid people.
tomorrow we'r gonna see pix of carm with a enormious tiger skin pimp hat, platnum teeth, silk zoot suite, and albino alligator skin boots. maybe a chinchilla coat for that cold canadian weather. :p
And spent every dime on it ;)
Don't forget the white 76 Caddy Eldorado convertable with a red leather interior and 20" gold wire wheels :giggle:
Glad to hear you finally got something out of the suckin insurance co... I do agree about investing the money, in the right funds it can get close to 8%( at least here in the states).... Let's see .08 x 125,000(yea ya got to get the V-wagon and spend some money on the Tbird) that's close 10,000 a year. That would pay approx $800 a month. Ought to be able to make a mortage payment on that, and still have the $125,000...
Think about it...
...Or I could buy a house and pay myself a "mortgage" of $800 a month into a high interest savings account (this is my plan). Then I have the house and the money, and if times get tough I can sell the house and have the money back :D Plus, if I have a bad month and miss a payment I won't kick myself out of the house...
Don't forget - even if I could get an 8% return, I'd be paying 5-7% interest on a mortgage. A high interest savings account pays about 3.5% at my bank with no minimums, no fees, and no penalties for withdrawing money. That 3.5% is more than enough to make up the difference between mortgage interest and return on investment. Plus, if I should decide to sell the home at any time it's 100% prinl, and chances are the house will have gained in value (real estate seldom goes down in value)...
As for the Caddy Eldorado: SCREW THAT!!! TIFFANY COUGAR ALL THE WAY, BAYBEEEE :ies: :ies: :ies:
...Oh, and there's one major factor everyone is overlooking: After eight years of near bankruptcy and avoiding creditors it would be nearly impossible to get a mortgage with my credit rating, and even if somebody would be fool enough to lend me the money it would be at a high interest rate. Even if I pay off everything (again, my intention) it would take years before I could get a mortgage. If I want a house right now (which I most sincerely and deeply do - living with the 'rents at age 34 is the shiznits) I will simply have to buy it outright.
So glad to hear your hardships have been sort of... decreased, I guess. It's a real heartwarming story, even in if the money doesn't make up for the lost potential income and the pain & suffering.
Now, the coolest part of this whole thing, I think, is going to be where you go into the dealer and pay for the Volvo in CASH! *Remenisces Wayne's World Moment*... "Do you accept.... CASH?"
Yea that does put a kink in my plan...
I just PM'ed carm that same idea...
plus I suggested he see a financial advisor. There may be a way around the bad credit thingy.
Again, don't make any firm decisions until you talked to someone who really knows about money and how mortgages and investments work. :2c:
You had an accident and the insurance didnt want to pay for, battling with your health forced to left the good job at GM,and survived 8 years at nearly bankupt, living with your parents, and all the pain and suffering due those time....
And Now, you have won....
I`ll propose Mr. Carmen to be the Man of the Year....
(http://teaca.iespana.es/cougar/cat2.jpg)
Sequentials for everyone! :D
jk, man. I'm glad you got something out of them. We managed to get a few G's out of the insurance co. when we were rear-ended in our Tercel by a 5-tonne (flat deck with a full load of concrete bags). That took two and a half years. By the end of it, we were wishing we had never even tried.
I have a better idea. If you need a pair of hands and a back that still works, I could always use the training. :hick: I'll see you in April. I'll bring the beer.
I just may take you up on that. So you're gonna "Come home to Nova Scotia", as the song goes, are you?
Yup. And it's a done deal this time. :grinno:
Ange's EI (maternity leave) will be up in April, and with just my income, we won't be able to afford the mortgage. At least this way we are forcing ourselves to move home. We need to get Coira out of Alberta, before she turns into a flat-lander. ;)
The house is going up just after Christmas, and with the market upswing, we should be able to start clean when we get home.
Wow, I hadn't been around enough to know that happened to you. All I saw was a guy who knows how to do a heck of a lot more than I could do... makes his own trailer, pick up bed, and sells the tail light stuff of which I now feel even more fortunate, and a little guilty for winning one for free. (It works GREAT by the way!)
With Volvo's safety conscious designs, that must have been one heck of a blow to rip the seat from the frame. I can't imagine what you have been thru.. But I'm glad it left your mind & soul entact, as the little I know you, your efforts with the forums and seeing your projects are so much positives for me.
I wish that settlement was larger than that for all that you have been thru. Whatever you decide to do with the settlement, good luck and I hope it makes your life better.
I know more about electronics than cars, so if you need any electronic help for your ThunderCat ideas, I'd be more than happy to help!