Veterans ask us often about DVA fees and how it all works. We have put together a brief explanation for your convenience.
There are generally two occasions when veterans are given the opportunity to seek financial and legal advice prior to accepting their DVA offer. These include:
Permanent Impairment (PI) Offer
The PI offer is made to veterans to decide between a lumpsum versus an ongoing pension payment. DVA indicates the amount and timeframe (generally 6 months) that a veteran is entitled for financial and legal advice, prior to making their decision. Veterans are able to either pay for this financial or legal advice directly and then seek reimbursement from DVA, or alternatively the service provider can invoice DVA directly. Invoicing DVA directly ensures that the veteran is not out of pocket when seeking professional advice.
Special Rate Disability Pension (SRDP) Offer
Veterans who meet certain incapacity criteria are entitled to an ongoing SRDP payment. Due to its complexity, DVA offers veterans a 12 month timeframe to meet with a qualified financial adviser prior to making a decision. Veterans can choose to pay the financial adviser's fees and then seek reimbursement from DVA, or direct their financial adviser to invoice DVA on their behalf.
Some veterans may qualify for both of the above offers. DVA generally does not allow a veteran to review or change their decision once submitted. A qualified and experienced financial adviser can explain the impact of each offer and guide a veteran in making an informed decision.