How Long Does It Take to Get a Settlement Check?
You may choose to settle out of court with the insurance company after sustaining losses in an accident in Virginia. In this situation, how long does it take to get a settlement check to cover your losses?
The specific amount of time you’ll have to wait to receive your funds can vary. A personal injury lawyer in Richmond, VA, can provide precise information about your claim, though, typically, you can expect to wait several weeks.
Find out more by contacting our team at the Pendleton Law Team. Call or complete our online contact form to get information about your legal options.
How Long Does It Take to Settle a Personal Injury Claim?
Your lawyer must successfully settle with the insurance company before you receive a settlement check. The process of negotiating a settlement to make sure you’re happy with it may take a significant amount of time as lawyers and insurance agents go back and forth about possible damages.
Additionally, your lawyer may need to conduct a thorough investigation before beginning the negotiation process. Your lawyer may need to:
- Question witnesses who saw your accident
- Get a copy of your accident report
- Visit the scene of the accident
All of these processes take time. You may expect the settlement process to take several weeks or months to complete. Only once both parties come to an agreement can you receive a settlement check in Virginia.
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You May Have to Sign a Release Before Receiving Your Settlement Check
After your lawyer and the insurance agents agree, your attorney will provide you with this information. You’ll have to agree to the conditions and sign the form, returning it to your lawyer before the process ends.
Waiting to return the release can impact how long it takes to receive funds for your settlement. In some cases, releases require notarization, which can take some extra time.
After receiving your paperwork, the insurance company can issue the settlement check. Generally, your law firm receives the settlement check first, processes the payment, and then gives you the money.
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How Long Does It Take Your Lawyer to Handle Your Settlement Check?
We work quickly to issue you your settlement money after resolving your claim. Generally, we hold the funds only until the check clears. This process generally takes no more than five business days, though exceptions can occur.
Why Does the Law Firm Get Your Settlement Check?
Our firm handles personal injury claims on a contingency basis, meaning we only receive payment for our services after we bring you damages to cover your losses.
After resolving your claim, we receive payment for our services from your financial reward. We take our attorney costs and fees from the settlement before releasing the remainder of the funds to you.
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What Can Delay Your Settlement Check?
We understand the importance of getting your settlement check quickly after an accident. However, certain factors may delay the check slightly, even after you agree to a settlement with insurance agents.
The following issues may delay your settlement check:
Bank Holidays or Weekends
The banks can only process your check when they’re open. Therefore, we may have to wait until the banks open to process your settlement money and get the funds into your trust account.
Delays From the Bank
Banks sometimes decide to hold large amounts of money for a few days before releasing the funds. The bank may make this decision to check the deposit’s legitimacy. This process is often expected and may take up to seven business days.
Delays From the Insurance Company
The internal workings of the insurance company may end up delaying your settlement payment. For example, the company may only write out checks on specific days. If the company operates out of a different state, it may also result in delays.
We’ll keep you up to date about these potential issues.
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Will You Receive a Full Settlement Check or Payments?
Generally, the insurance company will provide a settlement check that covers all your losses, as agreed on through the negotiation process. However, some exceptions may exist that result in multiple payments.
We can discuss the timing of your payments when you contact us for help after an accident.
Speak to Us About Getting a Settlement Check After an Accident
How long does it take to get a settlement check in Virginia? The time frame to receive damages after an accident can vary significantly based on your circumstances. Our team at the Pendleton Law Team can review your situation and provide more exact information.
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