Waiting on a Settlement? 4 Tips and Tricks for Keen Individuals
Monday, September 2, 2019, 6:00 PM | Leave Comment
Filing a legal claim can be time-consuming and stressful. It doesn’t help when your income has been reduced due to an accident or injury related to your claim or if medical bills and other expenses resulting from your claim need to be paid.
If you have agreed to a settlement of your claim, you know that it is just a matter of time until you receive the promised compensation.
However, your creditors are probably expecting payment now.
Here are 4 tips to keep your creditors in check until your settlement payment arrives.
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Make Arrangements with Bill Collectors
Creditors are often willing to work with you in special circumstances involving a legal settlement. If your credit standing is solid with a good repayment history, they are likely to either let you postpone payments until the settlement arrives or make partial payments based on your current income and assets.
Ask your creditors, especially if your bills are related to your legal claim, if you can arrange a temporary payment plan until the settlement funds come through.
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Borrow from Your Savings and Investments
Although you probably don’t want to pull money out of an interest-bearing savings account or an investment that is performing well, keep in mind it is a temporary self-loan that can be repaid as soon as your settlement clears.
Hopefully you have an emergency fund that can be tapped for temporary expenses, but if not, borrowing from other resources like these will help you maintain a good credit score.
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Apply for a Settlement Advance
Many companies are willing to lend settlement advances to people who are waiting on approved legal settlements.
Talk to your attorney about the possibility of getting a settlement advance to cover pending expenses. You can immediately repay the advance when you receive the settlement distribution.
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Sell Valuables that You No Longer Need
Check your home for unused items that can be sold for profit. You can quickly organize a yard sale, donate to a consignment shop, or sell items online.
Not only will you receive payment quickly, but you can also rid your home of unnecessary clutter that others may find interesting or useful.
Take a creative approach to finding the money to pay your bills while you’re waiting on a settlement. Even if you cannot get the total amount needed, you may be able to obtain part of the needed money to make partial payments or to pay the most pressing bills.
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