One of the very common questions that lawyers get asked most frequently more than any other question is; how long does it take to receive compensation after accepting an offer?
It’s not always an easy question with a straightforward answer because; in as much as lawyers put more efforts to try and push for the case, the compensation process isn’t predictable.
Additionally, it’s also important to note that personal injury cases vary from one case to the other, and the time taken to complete the compensation process varies from one case to another.
Why Compensation Delays After Accepting an Offer
Ideally, there are three major reasons as to why compensation for personal injury cases may take longer, and these reasons comprise of:
Release Form Problems
Filling a release form is normally the very first step towards receiving your compensation right after accepting an offer.
The release form normally pertains a statement that states you won’t pursue the case any further.
At times, the insurance company might not release your check-in case the release form is not presented to them.
In other instances, the defendant might be left in a precautious situation been forced to continue with the case, and for that, the compensation process is put on hold.
Complications in the Internal Processes
Generally, the internal process includes the engagements between the defendant and their insurance company.
In most cases, some states have specific deadlines by which the defendant has to provide the settlement funds right after receiving the releases form, and some of these deadlines are in such a way that once they have passed then the compensation process goes back to the drawing board.
In other instance, the insurance company might also take long on the approval process, causing the compensation process to be delayed.
In essence, an insurance company receives the release form but slowing takes its time to enter the information in the computer and by so doing, they end up slowing down the entire compensation process.
Ideally, there are instances when a delay may occur either as a result of the defendant, lawyer, or even the plaintiff’s doing.
An ideal example is when a defendant might also have a release form, and in by so doing, the lawyer will be expected to review the release form until its acceptable to both parties. This is to mean even after accepting the offer; compensation will be on hold as the lawyer revises the release form to the point of satisfaction to both parties.
Again, in another case, you might have a lien against your case, for example, you might have some medical bills that you haven’t cleared with your medical practitioner for medical services rendered to you after the accident.
All these among other are potential delays that might put your compensation into hold beyond the scheduled time.
In most occasions, settlements are normally sent to the lawyer of record to their clients, and your lawyer might be the reason for your delayed compensation.
A lawyer might hold the check or rather delay it for reasons known to them. For instance, they might hold the check so that you can agree to pay an extra fee for services that they provided.
In another case, they might also be of the idea of deducting their own share before passing it to you and that way delaying the compensation process.
How Long Does It Take to Receive Compensation After Accepting an Offer?
Ideally, right after accepting an offer the above scenarios on why compensation can be delayed can occur; nonetheless, the big question is, for how long does it take to receive compensation right after accepting an offer?
Generally, there are three major types of settlements through which compensation can happen, including out of court settlement, settlements involving foreign insurance companies and court settlement.
Out of Court Settlement
Out of court settlement normally occurs when the parties involved agree to settle their case without any involvement with the court; however, you need to have a lawyer for the purpose of negotiating for your compensation within a period of 14 days.
Legally, 14 days is the standard time for which compensation should be done if the parties involved agree to settle the case out of court.
However, the case may take a different form or rather an approach and take longer for the plaintiff to receive the compensation.
In any case, you can agree to move forward with court proceedings if at all, the payout is not forthcoming.
A court settlement occurs when compensation has been determined by the court. In most cases, the judge of the case will categorically state a specific day when the compensation cannot exceed, and if at all it exceeds, then there are some consequences.
Nonetheless, the standard timeline when compensation should be done is within a period of 21 days. If at all, there are delays on the compensation process, then the personal injury lawyer will push for further court proceedings to enforce action from the judge.
Claims Involving Foreign Insurance Companies
If at all, your personal injury case involves a foreign insurance company, then it might take you even much longer than you expected to receive your compensation.
In most cases, it might take you some weeks for you to receive the payment from the foreign insurance company.
Although there isn’t a standard timeline limit for the compensation process involving a foreign insurance company, some insurance companies work faster than others.
To this end, right after accepting an offer, compensation might take a while to be received by the end party, nonetheless, since some of the factors resulting to these delays are disclosed above, then you need not worry since you can perfectly and carefully navigate around your situation.
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