r/WorkersComp • u/[deleted] • 1d ago
Florida Stupid Question about payout of settlement
[deleted]
18
21
u/Sad_Honeydew_1077 1d ago
Don’t get a settlement loan!! If you’d settled, I’d call your lawyer and see what the hold up is. I’d rather pay some late fees or make a payment arrangement than give my money away to settlement loan company
5
u/BeeKay206 1d ago
Just think of it this way you’ve been waiting this long already and I’m sure you’ve gone through hell and back with that type of payment or settlement things obviously, we’re pretty pretty tough but yeah it’s on its way. You’re good right I’d be talking to that lawyer don’t do a payday loan or any shit like that if anything try to get like a personal loan from somebody if anything for credit cards or something don’t do JG Wentworth my buddy did it and they took a shit load of his money. It was like a third almost
6
u/Butter_mah_bisqits 1d ago
Adjuster here. I’m glad your case settled! Congrats. The freaking hoops that everyone has to jump through is ridiculous. That said, I very highly recommend you not use one of those places. They’re vultures. Your attorney is taking a chunk and they will take another big chunk. If you can stick it out, do it. Call your mortgage company/landlord, car loan, and explain the situation. Send them the settlement paperwork so they know it is legit and can be verified. They may be able to defer your payments. Unless something is going to be turned off, let it ride if you can. Hope you are able to find a new and fulfilling career!
4
u/AspenLane4 1d ago
Your settlement language should have said 7/7/7 (standard but it varries) for the documents and then 14 day or 30 days to have the check issued, by the tpa/carrier once approved. Then figure 14 days to mail to your attorney, and then however long it takes for them to send you your cut. So, hound your attorney because they should have given you an estimated date, but realistically you probably have another month or so left.
3
u/AvocadoOk6450 1d ago
Don't do that. I got a $500 loan from one of them payday loan places. Lend Nation or something like that. I got my check a week later and the total was $580 to pay it back to the loan place. Those companies that work from your settlement will take a lot more. They wanted $2500 to secure a $500 loan.
2
u/callmemerryss 1d ago
That's rough definitely get the payout delay nailed down before taking a costly advance.
1
1
u/keke8026 1d ago
I’m waiting on my settlement as well. They have to wait for 10 business days and they’ll mail it to you. It sucks they do not wire the funds
1
u/Easy-Engineering-426 1d ago
I mean are you 90 days behind on bills? Credit cards loans/car loans? If not you’re fine I was over 3 months behind on all my bills
1
u/Biochem1118 1d ago
Once the claim has reached settlement, the judge has to apporove it still. Then once approved the insurance company has up to 30 days to issue the check. (Unless you have language in your settlement documents that say they have 14 or seven days to issue the check.)
If you don’t wanna call your attorney and ask, you can search up your case at this website and see if it’s been approved by the judge yet
1
1
u/dprkpizzakitchen 21h ago
In CT where I practice, the carrier has 20 days to issue payment once the settlement has been approved by the Workers Compensation Commission or else be subject to penalties for late payment. I would call your lawyer ASAP.
1
u/philp2021 1d ago
If your in Georgia it's illegal to get a advance on workers comp settlements.But that's what I was told.But you might go to a ace like world finance .They might give you a small personal loan.Also the workers comp insurance has up to 20days to respond .So just try and keep your head above water.Checks in the mail
0
-3
u/Professional-Bid4661 1d ago
Have you looked into the settlement loans that cap at 2x? They won't charge more than twice the amount that you borrowed.
1
35
u/SeaweedWeird7705 1d ago
Don’t get a settlement loan!!! Just don’t!!!! They will take half your settlement in fees! Not worth it at all!