Written by Jovan Johnson
A structured settlement is a financial arrangement where an individual receives portions of a settlement from a personal injury claim in periodic installments over a set period of time, as opposed to a single lump sum. Insurers usually provide the annuities that fund payments to payees. The approach is typically utilized in situations where long-term payouts are beneficial for an individual. However, payments aren’t always made on time – and there’s several reasons why they can arrive late.
Processing Times Can Be Slower On Weekends Or Holidays
Structured settlement payments made by check can be delayed on days when mail isn’t typically delivered or processed, including Sundays and holidays. This matter can usually be circumvented by opting for and utilizing direct deposit for checks.
Personal Matters With A Payee Can Cause Delays In Payments
Various changes in a payee’s financial circumstances can affect how a structured settlement is paid out.
- If a payee moves and forgets to inform the party issuing the settlement of their change of address, payments could be delayed.
- Changes in a payee’s bank can also affect the timeframe of how settlements are issued.
- In the case of larger structured settlement amounts, financial institutions could take longer to process payments.
Changes In A Defendant’s Circumstances Can Also Affect Payments
Changes with payees aren’t the only causes of delays in structured settlement payments – changes with a defendant’s financial circumstances can also result in payments being paid out slower than expected. If a defendant changes insurance providers, payees’ payments can potentially be affected.
Attorneys Should Be Consulted If Payments Are Late
If a structured settlement payment is late, attorneys should be contacted to confirm all necessary documents have been submitted to insurers. They can typically determine if delays are standard or if payees need to reach out to insurers. Attorneys can also assist if it’s determined a settlement agreement has been breached and further actions are needed.
We Can Provide You With A Lump Sum Payment
Missing out on a payment can be a financial hassle, especially when the funds are needed in the short term. Fortunately, we have a solution for this issue. We can provide you with a lump sum payment in exchange for the rights to some of your future payments. This approach can ensure payees receive the funds they need while keeping parts of the structured settlement plan intact.
Call Annuity Freedom today at (877) 547-3672 for a free, no-obligation consultation and discover how much your future payments are worth.