A claim settlement lawsuit can trudge on for years. It is possible that it gets disposed off within months but in some cases and under certain circumstances, chances become bleak for an early resolution. That is why during the interim period after an accident in which you were the victim and the final settlement as granted by the honorable court, you may need money to meet your expenses.
Settlement Lenders Inc is one such lender in Canada which has years of experience in approving pre-settlement funding in the form of settlement cash advance loan. The process is simple and you will get your loan without even having to leave your home. Just make a call or apply online. You will not be subjected to credit checks and income verifications. The loan will be approved and credited to you almost immediately.
All you need is a lawsuit filed to establish the injustice you faced in case of a road accident, other forms of personal injury, medical negligence and malpractice and fix liability and culpability to the ‘guilty’ party. You may also get a loan if you are a beneficiary of a personal will or inheritance but you have not yet received your settlement or any other lawsuit due to which your settlement claim may have been frozen.
How long will you have to wait after a verdict arrives in your favor?
The settlement of claims process is not easy. Even after the claim is settled partially or fully, you may still have to wait before the cheque of payment is made. There are a number of factors which will determine the time and the speed at which you will receive your compensation.
- Signing of the release document: After a verdict is passed in your favor, you will have to sign a release document to free the defendant and his insurance company from any further liability and also promise never to file lawsuits in future accusing them. But, a release document may deal with specific claims rather than complete exoneration or freedom from all charges. Your attorney will then dispatch the document along with other documents required for the payment processing to the defendant or the insurance adjuster.
- Coverages that defendant’s insurance policy has: The length of wait may also depend on the type of policy coverages that the defendant’s insurance policy has. It will have to be established that you are liable for payment beyond what the insurance agency is willing to pay. Your attorney will also have to make the defendant a party and make charges against him if his insurance company refuses to pay for everything. The legal process may be lengthy and drawn out.
- Delay in receipt of the documents: After your attorney firm dispatches the release document and other related documents, they should make sure that the package reaches the insurer quickly. Ask them to pay for rush mail and also ask repeatedly if they have received the package. They may make an issue saying that they are yet to receive the documents. Also, sometimes the defendant and his insurer are asked to frame the release document in which case they take long. It’s best not to leave it to them. The negotiation will have to be such that the release document doesn’t need to be modified again and again. The payment process may go up to a month and beyond in some cases, especially if it involves a minor or an estate.
- Payment of liens: If you have taken a pre-settlement loan or some of your medical expenses still remain to be settled, they would stake claim on the compensation amount and if your attorney challenges their claim, the case can drag on for a while longer. You will only get the settlement money after all arrangements regarding payment of outstanding loans have been made.
- Time taken by the attorney: The final cheque is usually sent to the office of the attorney of record. He will put it in a special escrow account till the time the cheque is cleared or till the time all outstanding claims are settled. You may give him a partial power of attorney to take care of the cheque and make payments from it to settle bills as he deems fit. He will also deduct his own personal fees and other expenses that he may have born during the claims trial. It may take a few days to receive the cheque from him.
Conclusion
A settlement take long to mature for multiple reasons, most of which are beyond your control. However, you will have to settle bills for the expenses that you incur during this period. That is why a settlement loan is so useful, especially if you have lost your income, ability to earn, employment and you can’t immediately return to work. It is tailor-made for you.