Pre-Settlement Funding – Helping You Pay Bills Before Your Lawsuit Resolves

Many people who have been injured because of another person or party’s negligence have a tough time paying bills and other living expenses. Considering you may have suffered injuries that are disabling or prevent you from working either full- or part-time, medical expenses, perhaps even repairs to your car or other property, it’s easy to find you’re facing a financial dilemma. How will you pay the bills, medical expenses, and live a normal life? This is where pre-settlement funding comes in.

Sure, it’s easier to settle for what the responsible party’s insurance company offers – but this is usually an amount well below what you deserve, even if you are strapped for money. Personal injury lawsuits can take forever, and you simply can’t wait for months or even longer to get your settlement or award. You need money now, plain and simple. Litigation financing is one way to get the cash you need immediately, so you aren’t forced to settle for pennies from the insurance company and can continue forward with your lawsuit while having the financial resources to pay your bills and live comfortably.

What are the requirements for pre-settlement funding? It’s very straightforward and simple. You must have an injury attorney who is representing your case, and a strong lawsuit that will likely be won. That’s it – your credit and employment status do not affect whether you will qualify for funding; in fact, you’re not even asked to provide this personal information. Your lawyer will supply the required documentation which pertains to your injury and the circumstances surrounding it.

You may be thinking there’s no way you can make another monthly payment should you qualify for litigation financing. That’s the beauty of this type of funding – you only pay the advance, along with any applicable fees, if and when you win your lawsuit and award. There are no advance fees or costs to worry about. If you win, you repay the advance; if you do not, you repay nothing at all, not one dime.

With pre-settlement funding, the money you get if approved is actually an advance against the award you expect to get when your lawsuit is resolved. Essentially, it’s your own money, you’re just getting a portion of it early so you can pay the bills without going broke before your lawsuit settles. In most cases, funding companies advance about 10% of the total value of your lawsuit. If your case is worth $175,000, your advance will probably be in the neighborhood of $17,000 to $18,000. This will go a long way toward paying household bills, medical expenses, or even buying groceries.

Insurance companies use all kinds of tactics to pay the least amount possible on claims; in some cases, they may even deny payment. Why settle for less than you deserve, when the injuries you have sustained were not your fault yet you’re the one left footing the medical bills? With pre-settlement funding, you have a financial leg to stand on while you move forward with your lawsuit, fighting for the full compensation you deserve. Contact Addison PSF today to learn more, or visit our website for all the information you need.

How Lawsuit Loans Work, and When This Type of Funding is Appropriate

Pre-settlement personal injury financing/funding/loansLawsuit loans can be confusing to plaintiffs in a personal injury case who need money, as this type of funding isn’t really a loan at all, but an advance against your own anticipated settlement in a lawsuit.  In some cases, your attorney may suggest contacting a litigation funding company.  How does this work, and when it is appropriate to seek out this type of financing?

Pre-settlement funding is appropriate  for those who sustain injuries serious enough to impact their lives in that they cannot work, are faced with reduced income due to time spent in court or for medical treatment or rehabilitation, or who have substantial costs associated with disability or medical care.  Litigation in these types of cases can take months, and in rare cases even years to settle.  In the meantime, the injured litigant must have sufficient money to live – to pay bills, medical expenses, buy groceries, etc.  For some, it simply isn’t an option to wait for the lawsuit to end in order to get money to survive.  This is when lawsuit loans can be very beneficial.

How does the process work?

Basically, your attorney will provide the funding company with information regarding your case; information about your injury, how it occurred, medical reports, etc.  This information is how funding companies determine if the case is strong enough to merit approval of an advance.  Credit score, employment status and other factors do not come into play when deciding whether you’re eligible.

If approved, you will be advanced a percentage of your expected settlement, typically about 10% with  most companies. In most cases, you will get the advance quickly, within 24 hours or even the same day.

While there are fees associated with lawsuit advances, they are not repaid until the time the advance is repaid to the funding company, once your lawsuit is over and you have won or settled your case.  Some companies charge a flat fee, while others may work on monthly fees that accrue over the months the advance is outstanding.  Either way, you only repay the advance along with fees when you actually have the money to do so.  No monthly payments, no up-front fees or other costs to pay initially.

What happens if to your surprise, you do not win your lawsuit?  With pre-settlement funding, you only repay the advance if you do win; otherwise, you pay nothing at all.  Essentially, you are at no risk financially because you only repay the funding company if you do collect compensation from the negligent person or party who caused your injuries.

Lawsuit funding companies choose the cases they fund very carefully, choosing those they feel confident will win in order to minimize their own risk.  You must have an injury attorney who is representing you in your case, as this further supports the fact your lawsuit is one that’s viable and likely to win.

If your injury or injuries have impacted your life in a way that affects you financially and could prevent your continuing your lawsuit to its completion, talk to your attorney today about lawsuit loans.  At Addison PSF, our goal is to help you avoid financial disaster while fighting for the full damages you deserve from those who were negligent.