After accepting an offer of settlement for a personal injury claim you will usually receive your compensation money within 14-28 days from the date of settlement. However this timeframe is only a general guide, as how long it takes to receive your compensation can vary based on the below factors.
If an accident claim is settled without the need to go to court, your lawyer will try to agree that you receive your compensation within 14 days, but it can take longer. If payment is not forthcoming court proceedings may then need to be commenced to enforce the payment.
If your personal injury settlement is achieved following a court hearing the court order from the judge will state when payment is due. A common term is within 21 days of the date of the order, and if payment is not made within this timescale your lawyer can then enforce the judgment via further court proceedings.
An exception to the above is where the compensation payment is being made by a foreign insurer, and in these cases it can take several weeks for monies to arrive.
It is worth noting that some insurance companies do send payment as soon as they receive confirmation that a settlement has been agreed. So in some cases clients may receive compensation money within as little as 5 working days.
But regardless of the timeframe it takes for the insurer to send payment, you should always ensure that your solicitors have your bank details so they can directly transfer (BACS) the compensation to you. Otherwise a settlement cheque will have to be issued and placed in the post which can incur further delays in you receiving your injury compensation.