Are You Waiting on Your Settlement Check? Learn About Three Situations That Could Delay Your Check
Once you have settled your personal injury case, you might assume you will get a check immediately. Not so fast. There are a few issues that can slow down the issuance of your check. Learn about them below and then contact Law Offices of Fernando D. Vargas at 909-982-0707 if you have not yet settled your personal injury case and require the help of an experienced personal injury attorney.
- There is Paperwork That Still Needs to Be Completed Settling with an insurance company is faster than taking the case to court, but it does not happen overnight. You will still be waiting on several things, including delays related to the required paperwork. The first step is generally a confirmation letter that includes the details of the settlement that you, your attorney, and the insurance company have agreed to. Next, the insurance company will generally send you a release form. Make sure you read this carefully and discuss it with your attorney. If the terms are acceptable, then you can sign and return the lease. In some cases, you will get the release at the same time as the check, but in other instances you might have to wait up to 30 days for the insurance company to cut the check.
- There Could Be an Issue with the Check Clearing Once you actually have the check in hand, that does not mean that you will have instant access to the funds. Instead, it goes into a trust account for your attorney. If you are receiving a check issued by the same bank at which your attorney banks, then you can get the money faster. Otherwise, your bank might hold the check for up to ten days waiting for it to clear.
- There Might Be Liens to Pay If you have liens against your settlement, they must be cleared before you get paid. Your settlement is likely based on your total medical costs – including what your insurance company paid. They will want to be paid back for their portion of care you have been paid for. This will happen via a lien. Whether it takes a long time because your insurance company is slow in sending a final billing statement, or your attorney is working to negotiate a lower lien amount, there can be a delay here.
Your Attorney Should Keep You Updated at Every Step of the Process
You might not be able to prevent these delays but you can take steps to assure that they have as little impact as possible. The key is working with an attorney who will be honest and keep you apprised of every step of the process. You have found that attorney in Law Offices of Fernando D. Vargas. Call us now at 909-982-0707 and let us get started working for you.