Re: VAC lump sum strategy

by **bigrex** Sat 10 Aug 2019, 23:52

That is only if it's a claim that was approved after April 1st. If they gave you a reduced PFL, for a condition that you had already received a lump sum award for, it does not apply to you.

by SDSNJF Sat 10 Aug 2019, 06:07

Am I understanding this right??

Pain and suffering amount can be cashed out? Contact VAC and request payout form? If you do that you'll no longer recieve P&S award each month?

by propat Thu 18 Jul 2019, 07:08

thats correct rusty .

propat

by Rustytheviking Sun 14 Jul 2019, 11:36

The psc is the new system that disability awards fall under. As stated before it can be a lump sum or monthly payments figured out through black magic. The apsc is the replacement for the cia levels. If I’m wrong I’m sure Rex or someone will clarify further

by Unknown Soldier Sun 14 Jul 2019, 11:07

sports1977 wrote:https://www.veterans.gc.ca/GCWeb/pdf/Factsheets/Factsheet-PSC-EN.pdf

Payment and delivery
You may choose from two different payment methods:

A monthly payment for the remainder of your lifeThe maximum monthly payment is $1,150 for life. The amount you receive depends on the extent of your service-related disability. The greater the extent of service-related disability, the larger the payment would be, to a maximum of $1,150 per month.

A lump sum cash out
The highest possible lump sum payment of the PSC would be $ 374,169.60 for 2019.

is there a difference between Pain and suffering compensation and “ additional “ pain and suffering, are they 2 different things, or just another way of saying that pain and suffering is being added to a veterans disabilities.?

by sports1977 Sun 14 Jul 2019, 09:59

https://www.veterans.gc.ca/GCWeb/pdf/Factsheets/Factsheet-PSC-EN.pdf

Payment and delivery
You may choose from two different payment methods:

A monthly payment for the remainder of your lifeThe maximum monthly payment is $1,150 for life. The amount you receive depends on the extent of your service-related disability. The greater the extent of service-related disability, the larger the payment would be, to a maximum of $1,150 per month.

A lump sum cash out
The highest possible lump sum payment of the PSC would be $ 374,169.60 for 2019.

by Rustytheviking Sun 14 Jul 2019, 09:12

It is not mentioned in the pfl about a payout. My comments are about the new pain and suffering compensation that started on April 1st.

by bog6 Fri 12 Jul 2019, 21:59

Where is it mentioned that the PFL can be payed out as an option?

by Rustytheviking Fri 12 Jul 2019, 21:51

Johnny- just for disability awards awarded after April 1st.

by johnny211 Thu 11 Jul 2019, 19:32

Rustytheviking - so Yr saying if a Vet already started to get the manly PFL since Apr, they can contact vac and get a lump sum payment. I take it that’s calculated to age 80 something. Wonder why that option was not offered in Apr..VVV

by Rustytheviking Thu 11 Jul 2019, 18:00

They’re quoting a 6 week turnaround if you decide to cash in your payout right now

by 2Truck Mon 08 Jul 2019, 10:30

I am going through this right now.
You are automatically given the PFL.
IF you wish to convert it to a lump sum you have to contact VAC and request it.
They will send out a form with the lump sum payment amount minus any monthly PFL payments you have received.
You can convert it at anytime.

DFW2T

by sports1977 Sun 07 Jul 2019, 21:46

From the information i heard from my CM, She advised me we will have the option as before. Lump Sump or PFL.

by Unknown Soldier Sun 07 Jul 2019, 21:44

Ex Member wrote:VAC Lump some strategy.

We all no now how messed up this lump sum payment from the NVC/VAC has messed up and changed the lives of Veterans for the worse. Everyone with a bit of insight of what they went thru could you please comment on a positive or a type of strategy they used with VAC to get a positive out come or at least helped their decision. My last post made me think of this in regards to wait times and what you could do help your file move along hopefully faster. As I stated I called every month and even called a managers number and called that staff member a lot.

As for a strategy, I did have a ace in the whole in regards to my last claim. I had a 5% to 10% claim that was bullet proof with a punctured ear drum. When I l was released 3b and had already did a few claims they had asked me to put in this claim, I advised them I would do it later. Well it is a shame that the lump sum payment program makes one think like this but it does. I knew at some point I would need some cash because of my situation. Giving a lump sum when your injured and have mental health issues is not always the best situation, yes I paid my bills and bough a car, blew some away of course. So I wanted 6 years to put my final claim in, and I am actually glad I did. Not sure if this would fit everyone's situation but I did it with sone sort of foresight, I should have shared this earlier. But hopefully the PA will be brought back and we will not need to do things like this.

If anyone else has ideas or strategy of some sort share will the forum to help others in their claims.

I apologize in advance for not knowing the answer, and the question doesn’t totally apply to the above statement, but, now that the PFL is under way, if a veteran had a disability claim since before April 1 and it is finally approved, let’s say tomorrow for 10%, is there no longer a lump sum option for that 10%, will the veteran automatically get $35,000 , or will that $35000 be divided into monthly payments that will take them to 80 years old, or can the veteran still choose between the two plans.?

by Ex Member Sun 22 Jan 2017, 11:27

VAC Lump some strategy.

We all no now how messed up this lump sum payment from the NVC/VAC has messed up and changed the lives of Veterans for the worse. Everyone with a bit of insight of what they went thru could you please comment on a positive or a type of strategy they used with VAC to get a positive out come or at least helped their decision. My last post made me think of this in regards to wait times and what you could do help your file move along hopefully faster. As I stated I called every month and even called a managers number and called that staff member a lot.

As for a strategy, I did have a ace in the whole in regards to my last claim. I had a 5% to 10% claim that was bullet proof with a punctured ear drum. When I l was released 3b and had already did a few claims they had asked me to put in this claim, I advised them I would do it later. Well it is a shame that the lump sum payment program makes one think like this but it does. I knew at some point I would need some cash because of my situation. Giving a lump sum when your injured and have mental health issues is not always the best situation, yes I paid my bills and bough a car, blew some away of course. So I wanted 6 years to put my final claim in, and I am actually glad I did. Not sure if this would fit everyone's situation but I did it with sone sort of foresight, I should have shared this earlier. But hopefully the PA will be brought back and we will not need to do things like this.

If anyone else has ideas or strategy of some sort share will the forum to help others in their claims.

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