How long does it take to receive monies after a settlement?

I was in a car accident in 2005. I ended up suing my friends insurance company. They offered a settlement and my lawyer advised me to take it. I just signed the release and power of attorney. I wanted to know if anyone knew how long it takes for the funds to be dispursed.

If your attorney was diligent, then he or she would have made sure that there was a deadline for payment of the funds set out in the agreement and you would get your money no later than that date. Otherwise, the insurance company will likely take their time and drag it out as long as possible. 30 days is a reasonable amount of time to wait for a settlement payment. Anything longer than that should be considered an attempt to breach the agreement and you should take the matter up with the Court, even if the case has subsequently been dismissed. Unless otherwise noted in the settlement agreement, the Court will have jurisdiction over any dispute arising from the settlement.

However, look closely at the agreement, there is probably an arbitration clause, which means you would be forced to arbitrate any dispute arising from the settlement agreement with an independent third party or parties who are paid for their services.

Finally, keep in contact with your attorney and make sure he or she is following up on getting that payment for you. It would be in their best interests since they likely took your case on a contingency basis.

Good luck!