In some cases, clients receive their compensation within a few days of settling. In others, it may take weeks or longer. Some of the factors that may affect when you receive your settlement cheque are explained later on. To discuss the specific circumstances of your case, consult with an injury lawyer today.
Signing the Release Form
In exchange for settling a claim, the insurance company will likely require someone to sign a release form. The purpose of this form is to relinquish their right to pursue further legal action in the case. Without a signed release form, the insurance company will not disburse their compensation.
The insurance company may prefer to use their own release form, which it may mail to them and ask that they sign and return it. Qualified lawyers will keep their client informed of the process involved in signing the release form so they can receive their settlement cheque in a timely manner.
Payout Process
Once the insurance company receives your release form, it should start to process your settlement cheque. From there, the company follows its own process to write and approve cheques. The length of this process or its efficiency is beyond your control for the most part. The insurer may process some cheques within a few days, while others may take weeks or longer to finally disburse to claimants.
Receiving Cheques
In most cases, the insurance company mails the cheque to your lawyer, whose law firm holds it in trust. When we receive a cheque for a client’s settlement, we hold it in trust until it clears. Sometimes this takes several days.
Occasionally, we have a client who has liens against their financial recovery from a settlement. This requires us to either pay off the lien or contact the lien holder and attempt to negotiate a settlement of the lien itself. This can further delay how long it takes to get your settlement cheque, but we aim to handle any such cases as quickly as possible.
Contacting a Lawyer
Skilled lawyers will work to get their clients the money they deserve as soon as possible after a settlement. If you have any questions or concerns about your case or how long it will take to receive your compensation, do not hesitate to reach out to a lawyer.
Experienced lawyers will do everything they can to ensure their clients get their compensation as soon as possible after reaching a settlement. If you have additional questions about your settlement, or if you need legal advice about a potential personal injury case, get in touch today.
