How to Track My Settlement Check
If you’re waiting for a settlement check, then you know the process can be stressful. As one of the leading legal funding companies in the industry with over 25 years of experience, Legal Bay has helped many individuals through this exact situation. The settlement process can feel long and confusing. Especially if you’ve been financially impacted by an injury or accident. The claims payout process can take years! Tracking your settlement check is an essential step in managing your expectations and planning for what comes next. Whether you’re dealing with medical bills, lost wages, or other expenses, knowing when and how you’ll receive your settlement check gives you peace of mind.
In this article, I’ll walk you through how to track your settlement check, the steps in the settlement process, potential delays, and what to do if you run into issues. I’ll also explain how Legal Bay can provide critical support if you need financial assistance while waiting for your settlement funds.
What Is a Settlement?
A settlement is an agreement between parties involved in a legal dispute, often following a personal injury, car accident, or other civil matter. Rather than going to trial, both sides agree on a specific amount of compensation to resolve the case. Once the settlement is finalized, the defendant (or their insurance company) will issue a settlement check, which your lawyer will handle on your behalf.
Settlements can cover medical expenses, lost wages, pain and suffering, and other damages related to the case. But even once a settlement is reached, receiving the actual payment takes time, which is why tracking it is so important.
How Long Does It Take for a Settlement Check to Come In?
After signing the settlement agreement, many people expect the check to arrive almost immediately. However, this is rarely the case. Several steps need to be completed before the check is issued. Typically, it can take 4 to 6 weeks or longer to receive your settlement check. Factors such as the defendant’s payment processing system, legal documentation, and even your lawyer’s bank clearance times can all impact how quickly the check arrives.
When Is a Settlement Check Issued?
The settlement check is issued after all legal documents are signed by both parties, including the release forms that officially end the case. Once the release is signed, the defendant’s insurance company will begin processing the payment. This step alone can take a couple of weeks, depending on the insurance company’s procedures.
How the Settlement Check Process Works
Understanding the settlement check process helps you set realistic expectations and identify any potential issues. Here’s a simplified version of how it works:
Settlement Agreement Reached: Once both parties agree on a settlement amount, the defendant (usually an insurance company) must process the payment.
Release Forms Signed: You and the defendant sign release forms that officially close the case and waive any future claims related to the lawsuit.
Payment Processed by the Defendant: The defendant’s legal team or insurance company processes the payment. This step can take a few weeks depending on their internal system.
Check Sent to Attorney: The settlement check is then mailed to your attorney, often by certified or trackable mail. This ensures the payment’s delivery can be monitored.
Attorney Deposits the Check: Your attorney deposits the check into a special trust account, which can take a few days to clear. After legal fees, liens, and other deductions are made, your attorney will distribute the remaining funds to you.
You Receive Your Settlement Funds: Once everything is in order, your attorney will either mail you a check or arrange for a direct deposit.
Get Pre Settlement Funding While You Wait
Pre-settlement funding is designed to bridge the financial gap between the time you file your lawsuit and the time you receive a settlement. Settlement checks can take a long time to receive and process. For most plaintiffs, this process can take years. This is where pre settlement funding can help you stay afloat. Here’s how it works:
- Application: You apply for funding based on your pending lawsuit.
- Review: The funding company evaluates your case and decides how much money you qualify for.
- Funding: Once approved, you receive the funds, which you can use for any purpose.
- Repayment: If you win your case, the loan is repaid from your settlement. If you lose, you owe nothing.
Types of Lawsuit Loans
There are different types of lawsuit loans available depending on the stage of your case and your specific needs.
Pre-Settlement Loans
These loans provide you with a cash advance while your case is still pending. They are the most common type of lawsuit loan and are used to cover immediate expenses.
Post-Settlement Loans
If you’ve won your case but are waiting for the settlement funds to be disbursed, a post-settlement loan can provide the financial relief you need in the interim.
How to Speed Up the Process
A well-documented case is a successful one. To speed up your approval process, have case details, relevant documents, and your lawyer’s contact information at the ready. The quicker and more neatly the funding company has this information, the better they can evaluate your case, and the sooner you can receive your funds.
How Your Lawyer Distributes Settlement Funds
Your lawyer will handle distributing your settlement funds. After receiving the check, they will deduct any agreed-upon attorney fees, unpaid medical bills, and any other liens against the settlement. Once the necessary deductions are made, the remainder of the funds will be sent to you.
This process can take additional time depending on how quickly the bank clears the check and any specific disbursement terms.
Potential Delays Before Receiving a Settlement Check
It’s not uncommon for settlement checks to face delays, which can leave you frustrated and wondering, “Where’s my settlement check?” Here are a few common causes of delays:
Processing Delays: Insurance companies often take their time processing payments.
Lien Negotiations: If there are unpaid medical bills or liens, your attorney may need to negotiate these amounts before distributing the settlement funds.
Bank Clearance Times: After receiving the check, your attorney’s bank must clear the funds before they can be disbursed.
What to Do If a Settlement Check Gets Lost
If your settlement check gets lost, it’s crucial to act quickly to avoid unnecessary delays in receiving your funds. Firstly, start by contacting the attorney or settlement administrator responsible for issuing the check. They can help track its status and, if necessary, initiate a stop payment on the original check. You may need to provide a written statement confirming that the check hasn’t been received or has been lost. Once the stop payment is processed, a new check can be issued, although this process might take a few additional weeks. It’s also wise to double-check your mailing address to ensure no errors occurred during the distribution process. If the check was sent through a courier service, tracking the shipment online can help pinpoint its last known location. To avoid future issues, consider setting up direct deposit or another secure payment method for quicker and safer access to your settlement funds.
Tracking Your Settlement Check
Now that we’ve outlined the settlement check process, let’s talk about tracking. While it may seem like a straightforward process, there are several ways to track the progress of your check.
Ask Your Attorney: The easiest way to track your settlement check is through your attorney. They can keep you updated on when the check is mailed, received, and deposited.
Certified Mail Tracking: Most settlement checks are sent via certified or registered mail, which allows for tracking. Your attorney will be able to provide the tracking number, so you can monitor when the check arrives at their office.
Follow Up on Clearing Times: After your attorney deposits the check into their trust account, it can take several days for the check to clear. Stay in communication with your attorney to track when the funds will be available. Banks differ on processing times as well. This can differ depending on the bank.
Ask for Direct Deposit: In some cases, your attorney may be able to deposit the settlement funds directly into your account. Moreover, this can reduce the time it takes for you to access the money.
FAQs
How do I borrow money from a lawsuit settlement?
Furthermore, you can borrow money from a lawsuit settlement through a pre-settlement funding company. After applying, the funding company will evaluate your case, and if approved, you’ll receive a cash advance that you can use for immediate financial needs.
Are lawsuit loans worth it?
For many plaintiffs, lawsuit loans are worth it. Subsequently, they provide quick access to cash when it’s most needed and come with no financial risk if you lose your case. Lawsuit loans are non-recourse. You only pay it back if you win!
Can I borrow money if I have a pending lawsuit?
Yes, as long as you have an active lawsuit and are represented by an attorney, you can apply for pre-settlement funding. Your case will be evaluated to determine how much funding you may receive. Essentially, lawsuit loans are treated as a cash advance against your expected settlement. If you win and receive your settlement, your lawsuit loan amount will be deducted prior to the funds hitting your account. After that, you are free! This alleviates the stress of having to manage this piece since your attorney will take care of this.
Apply Today
Even so, don’t let financial stress push you into a premature settlement. Get the financial backing you need to hold out for the compensation you deserve. Apply for a lawsuit loan with Legal Bay today, and let us help you navigate this difficult time.
Three Steps To Your Cash Advance
Getting lawsuit loans is a simple process designed to give you quick access to funds. Here’s how it works:
Step 1: APPLY for Lawsuit Funding
The first step is to fill out an application. It’s quick and easy, and we don’t require a credit check or proof of income. The application simply asks for details about your case and contact information for your attorney.
Step 2: REVIEW
Once your application is submitted, we review the strength of your case. Our team works with your attorney to assess the likelihood of a favorable settlement.
Step 3: FUNDING
If your case qualifies, you’ll receive your cash advance, often within 24-48 hours. The amount you receive is based on the estimated value of your settlement. You can use these funds to cover living expenses, medical bills, and other financial obligations while you wait for your case to settle.
Contact Us Today
Above all, waiting on your settlement check to come in takes time. It can be a lengthy process. And the financial burden can be overwhelming. This is why legal funding can help be a viable option for you. Legal Bay is a trusted provider of lawsuit loans, offering fast and reliable funding to plaintiffs. As one of the best pre-settlement funding companies, we’re committed to transparency and customer satisfaction. No hidden fees or complicated agreements. Legal Bay ensures that you get the financial support you need. If your case is especially promising, your pre-settlement funding could be approved same-day! Same day pre settlement loans are definitely an option if your case is promising. Check out some Legal Bay funding reviews to see how we have helped clients get the funding they need.
If you have found yourself wondering “can i get a loan against my pending lawsuit,” but aren’t sure, look no further. Whether you’re dealing with a personal injury, workplace accident, or another type of lawsuit, Legal Bay is here to help. Contact us today to learn more about our workers comp loans and take the first step toward securing the financial relief you need. Our expert team is standing by to answer your questions and help any way you need.
Ready to get started? Apply for Legal Bay lawsuit funding now and get the cash you need to keep your case moving forward. Contact us today to speak with a funding specialist and take control of your financial future.
