Following the hard work of filing a legal claim, reaching a settlement is a welcome relief for everyone involved. Now all you have to do is wait for the settlement funds to come through so you can pay your claim-related expenses. Although the money is sure to arrive, it may take some time to be processed. Meanwhile, your bills may be adding up. Here are a few options for meeting your financial obligations until the settlement is finalized.
Tap Your Investments and Savings
Since you know the settlement check is coming, you can feel comfortable borrowing from your nest egg to cover current bills and expenses. This will keep your credit score in good standing, and you can even repay yourself the interest temporarily missed while using these funds. It is important to replace the funds when the settlement money arrives to avoid shortchanging your investments and savings.
Take Out a Lawsuit Loan
There are special loans available to borrowers who have settled their cases and expect settlement funds to arrive in the near future. Of course, your attorney can corroborate this if needed. Lawsuit loans for your case can provide immediate relief from worry over bills not being paid on time. The application process is easy, and interest rates are usually competitive. Being able to pay your bills on time will protect your credit score, and you’ll be able to pay the loan off when your settlement comes in.
Sell Unneeded Valuables
If you have been holding on to family heirloom jewelry or a dusty coin collection that no one contributes to anymore, this may be a good time to sell those items at a fair market price and use the proceeds to keep your bills paid. You might also consider placing valuable in hock, which means you will be given a certain amount for them temporarily, but if your advance is not repaid, you will forfeit the items. Be sure you are willing to take a risk with the items you have in mind to part with unless you are ready to get rid of them altogether.
Get a Part-time Job
Almost everyone has a skill they can market for temporary income. From housecleaning to walking other people’s pets, there is sure to be something you could do locally to earn enough extra money to make minimal payments on your pending obligations. Then, when settlement funds arrive, you can either give up the part-time job or keep working and use the income for another need.
There is no need to worry about expenses that need to be paid. Check out the above tips to find one that best meets your financial needs.
Author Info: Anita Ginsburg is a freelance writer from Denver, CO. She studied at Colorado State University and now writes articles about business, health, home improvement, and family. A mother of two, she enjoys traveling with her family whenever she isn’t writing.
