Usually, it will take up 14-28 days from the day of settlement to claim your compensation money after accepting an offer of settlement for your personal injury. However, this timeframe is not consistent due to these factors affecting the time of receiving your compensation money for your personal injury.
The first factor that can affect the time of claiming your personal injury compensation is the type of settlement you issued. There are two types of settlements you can agree with. The out of court settlement and the court settlement. If it is an out of court settlement, you may usually get your compensation within 14 days. On the other hand, if it is a court settlement, it takes up 21 days within the date of the order. This settlement is achieved when the court order of the judge states when the compensation money would be available for claiming. If you haven’t received your payment within the timeframe of 21 days, your lawyer can administer the judgment by taking court proceedings further. The next factor is the Foreign Insurance Companies. It usually takes a few weeks for your compensation money to arrive when it is made by a foreign insurer nevertheless the type of settlement you issued.
Insurance companies send compensation money as soon as they received confirmation that a settlement has been reached. Insurers usually send their compensation money within five working days. Also, make sure that you give your bank information so that the solicitors can directly transfer your compensation money to you. You can also receive your injury compensation via settlement cheque. However, it will take up more days for you to get a cheque due to the process of issuing and posting it.