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.