At Silver Dollar Financial, we offer different funding options for those in an accident involving personal injury. We know how difficult it is to get back on your feet after an accident and that the financial burden of covering your medical costs can be heavy, especially when the accident was not your fault.
You may be excited to finally have that settlement check in your hands, only to have concerns cloud your mind regarding the number of medical bills waiting for you. When the funds come through, it’s up to you what you use them on, although many decide to use them first towards those bills. There are typically no legal strings attached to those funds.
Do I Have to Accept the Settlement Offer?
As expected, you will see that insurance companies will always try to pay the lowest amount possible for your injury claim. They will also make it seem very urgent, as if it were a limited-time offer, to try and pressure you into quickly signing it. It’s important to know all the settlement agreement terms before you sign it and whether you should sign it at all.
When you sign and accept one, you automatically forfeit the right to sue anyone for more money. In other words, the money you will receive from the insurance company is the only money you will get. Depending on the circumstances, you should know that you are never required to accept any settlement funds if you do not want to.
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What if It Takes Longer for My Injury to Show?
Sometimes, injuries take a little longer to show up. Let’s assume you sign a settlement agreement, only to realize a month later you now have a permanent disability because of that accident. You will not be able to sue again. Always speak with your lawyer first before deciding to sign or decline the agreement right away.
Under Georgia personal injury law, your rights are protected if you decide not to sign the agreement. You can still file a lawsuit, talk to a lawyer, and negotiate the terms. Your lawyer may advise you to accept the settlement for several reasons.
For example, if the insurance company accepts total liability, you are fully recuperated from all your injuries, and there is no further risk for any permanent damage. The settlement offer compensates you for all harm done.
How Much Are Legal Fees, and What Do They Include?
Before deciding what to use your settlement funds on, whether it be on medical bills or other things, consider that attorney fees can greatly affect the cash you receive. Know how to set priorities depending on what bills are currently overwhelming you. Personal injury attorneys typically work on a contingency fee of 20-50%. This refers to the percentage they will earn from the case so long as it is won.
The higher the contingency fee, the more incentive the attorney has to win your case, but the more they take from your funds. These attorney fees do not include other legal fees, such as courier services, mediation costs, court filing fees, and more. So, when deciding what to do with your funds, ensure you know how much you’re getting in the end and if certain things, like medical bills, take priority over others.
How Long Would It Take to Receive the Balance that’s Left?
Once everyone has been paid their fair share, it’s your turn. From the time you reach a settlement agreement to having that check, it could be anywhere from two to six weeks, depending on the severity of the case and other factors. The turnaround time could be much faster if you receive the money through direct deposit or a wire transfer.
Once all your bills have been paid (medical, legal, etc.), then what is left is for you to use how you see fit.
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Can I Negotiate Medical Bills After a Settlement?
In Georgia, medical providers can file a lien against your injury case. For this reason, lawyers recommend negotiating with providers before the settlement is resolved. Once you have that check, you cannot negotiate any medical bills.
If a medical lien has not been filed for your case, you can negotiate the terms after the settlement is reached, but it is not recommended.
Some providers offer a discount if you can pay all the medical bills in the form of a lump sum. If you cannot do so, you can negotiate to begin a payment plan to pay it back over time.
Is a Pre-Settlement Funding Advance Right for Me?
From the reading you have done so far here, you can see that due to many factors and legal regulations, it could take a while before you have your settlement funds available. On top of the medical bills, you will also have to deal with lost wages, vehicle damage costs, if any, your continuing rent and mortgage, and more debts. A pre-settlement loan is often available to you before your settlement has been reached to assist you with paying off some of your debts.
With a pre-settlement lawsuit loan, you do not need to worry about paying anything back if you lose your case. You will receive a set amount of funds while your settlement is being resolved so that you can have more peace of mind regarding your current bills. Your credit score does not have to be checked, and you do not have to be employed to apply for one.
Talk to Silver Dollar Financial About Your Loan
Georgia Residents, Silver Dollar Financial can help you obtain a pre-settlement loan. Applying is just a few steps and is very simple. One of our lending specialists may then get in contact with you to further discuss the details of your case.
Once everything is approved and ready to go, your funds will typically be deposited into your account within 24 hours. If you have any questions or concerns, call our office, or fill out our contact form.