How Long After a Settlement Do I Get Paid?

Once you agree to a settlement for your personal injury claim or lawsuit, you should receive your settlement check in the next few weeks. The reason for this is because the defendant’s insurance company is required to pay you in a prompt manner. If they ignore you, do not keep you updated, or delay your payment for any reason, they could be acting in bad faith, which means they are being dishonest or trying to deceive you. When this happens, your lawyer can help you take the appropriate legal action against them to ensure that you receive your original settlement and to hold them accountable for their behavior.

How long does it generally take to settle a personal injury case?

Before you can receive your settlement check, you have to settle your personal injury case. This requires going through the negotiation process, which does not end until you are satisfied with the amount the insurance company offers and decide to accept. This usually involves several rounds of going back and forth until you hopefully reach a fair amount. To prove that you deserve the amount of compensation that you are requesting, your attorney will likely need to conduct an in-depth investigation and provide strong and compelling evidence, such as:

• Eyewitness statements
• Accident reports
• Photos
• Videos
• Expert witness testimony
• Medical records
• Bills, receipts, and invoices

Keep in mind that the negotiation process can take some time. While you may be under the impression that it will happen over a few hours or even a few days, it can take several weeks or months. Then, after you have agreed on a settlement, you will need to wait for your settlement check to arrive.

What is a waiver of liability?

A waiver of liability is a form that provides you with certain information and states that you agree to the specific conditions, have reached a fair settlement agreement, and that the insurance company no longer owes you for any other damages. The quicker you sign this waiver of liability, the quicker you will receive your settlement. If you hold onto the waiver of liability, take it home, and delay returning it to your attorney, the time it takes to receive your settlement will continue to be pushed further.

The insurance company will issue your settlement after your attorney turns in the signed form. However, remember that your lawyer will receive your settlement first. Then, they will take out the legal fees you owe them, pay off any other agreed-upon costs, and send you the remaining amount.

How long after a settlement do I get paid?

After agreeing to a settlement, you should get paid within a few days or weeks. In some cases, it can take up to one month to get paid. Therefore, if it has been anywhere from a few weeks to a month, you should not panic. However, it should never take months to receive your payment. If a few months have passed and you have not received your settlement, it is time to contact a Richmond personal injury lawyer for help and guidance.

Why is my settlement check delayed?

There are many reasons why your settlement check may be delayed. While you are generally expected to receive your settlement check within a few days or a few weeks, certain issues can arise and delay it, such as:

• Weekends or holidays: If it is a weekend or holiday, you may have to wait a little longer for your settlement check. This is because banks usually are not open on weekends and holidays, and if they are not open, they cannot process your settlement or send it to you.
• Bank delays: The bank could cause further delays because they may be unable to immediately release your funds. It is common for banks to wait several days to release large amounts of money as this ensures that the check issued is legitimate and valid.
• Insurance company delays: Employees working for the insurance company may also cause delays with your settlement check. This may happen if one of the employees is on vacation or has a family emergency that causes them to leave work. There could also be delays if the insurance company is short-staffed or only writes checks on certain days. In addition, if the insurance company is in another state, further delays may occur.

How do I know if the insurance company is acting in bad faith?

If the insurance company is acting in bad faith, they may do the following:

• Make promises that they do not keep
• Claim that there are issues or problems with the claims process or your settlement check
• Continue to pass your claim around to different adjustors
• Ignore you or fail to respond to your emails, phone calls, and messages in a timely fashion
• Lie about certain policy agreements
• Try to encourage or persuade you to accept a lower settlement

If you believe the insurance company is acting in bad faith, you should inform your Richmond personal injury lawyer immediately. You have the legal right to take action against the insurance company if they fail to uphold their duties and obligations.

Can I request more money after receiving my settlement check?

No, you cannot request more money after receiving your settlement check. Once you agree to a settlement and sign the liability waiver, you state that the insurance company no longer owes you anything for the accident, your injuries, or any other losses. Therefore, before you agree to a settlement or sign the form, it is crucial to consider the future and the possibility of your injuries or condition worsening and causing further losses. If you do not consider this before settling, you may leave much-needed money on the table and agree to less than you are entitled to.

At Phelan Petty Injury Lawyers, our team does not believe that accident victims should have to wait months to receive their settlement checks. We know and understand how important these checks are to our clients and how they need them as quickly as possible to cover their losses and get back on their feet again. If you have been waiting on your settlement check for more than a month, our Richmond personal injury attorneys can review your unique situation and circumstances to identify potential hold-ups. Please call our office or submit our contact form to schedule a free case evaluation to learn more about your options and how we can assist you today. We gladly serve clients throughout Virginia.