Settlement Funding: Do You Have a Case That Will Qualify? Part I
As we've discussed in the past, the term "settlement funding" is actually a misnomer. It is actually not a loan. Rather, it is funding provided in advance of obtaining a settlement of your claim. It truly is a form of venture-capital.
An important aspect of this form of funding is the fact that the applicant bears no risk in this transaction, a benefit of having a non-recourse loan.
The process begins when the lender and applicant strike an agreement. According to the terms of your agreement, if you lose your case, you do not have to repay the loan. Many consider this form of funding, correctly so, as a no-risk type of financial assistance to which you have access while you are awaiting settlement.
Settlement funding may be provided for numerous types of cases. It is often instructive to understand not only the types of cases for which settlement loans may be obtained, but also some of the quirks involved with the specific type of case.
Personal injury suits very frequently occur as a result of motor vehicle collisions: Personal injuries of many types occur as result of incidents out of which this type of claim arises. On top of damage to the vehicle you occupied, there are, on many occasions, hospital bills, ambulance bills, and other medical expenses to pay. Due to the stakes involved in such cases, they are often not settled for years.
Injuries children sustain: Obtaining a pre-settlement loan for these cases is often difficult. History teaches us that, sadly, guardians often pursue a claim to benefit them, without considering the injured child's interests, creating the need for the Court to appoint an attorney ad litem. The child's interests may be antithetical to that of the guardian's, resulting in the attorney ad litem representing the child in an adversarial manner.
Slip-and-Fall: This mechanism of injury is the most common type of personal injury. Due to their prevalence, many retailers are extremely aggressive, frequently unreasonably so, in fighting such claims. In many instances, it will be found that video-surveillance of the incident is available, and must be procured. Furthermore, it is very important clearly describe the surface on which the slip occurred, items that created obstacles in your path that produced your fall, etc. If witnesses observed the incident, elicit testimony from them if necessary to support the claim made. Details regarding the mechanism of injury should never be left to chance!
An important aspect of this form of funding is the fact that the applicant bears no risk in this transaction, a benefit of having a non-recourse loan.
The process begins when the lender and applicant strike an agreement. According to the terms of your agreement, if you lose your case, you do not have to repay the loan. Many consider this form of funding, correctly so, as a no-risk type of financial assistance to which you have access while you are awaiting settlement.
Settlement funding may be provided for numerous types of cases. It is often instructive to understand not only the types of cases for which settlement loans may be obtained, but also some of the quirks involved with the specific type of case.
Personal injury suits very frequently occur as a result of motor vehicle collisions: Personal injuries of many types occur as result of incidents out of which this type of claim arises. On top of damage to the vehicle you occupied, there are, on many occasions, hospital bills, ambulance bills, and other medical expenses to pay. Due to the stakes involved in such cases, they are often not settled for years.
Injuries children sustain: Obtaining a pre-settlement loan for these cases is often difficult. History teaches us that, sadly, guardians often pursue a claim to benefit them, without considering the injured child's interests, creating the need for the Court to appoint an attorney ad litem. The child's interests may be antithetical to that of the guardian's, resulting in the attorney ad litem representing the child in an adversarial manner.
Slip-and-Fall: This mechanism of injury is the most common type of personal injury. Due to their prevalence, many retailers are extremely aggressive, frequently unreasonably so, in fighting such claims. In many instances, it will be found that video-surveillance of the incident is available, and must be procured. Furthermore, it is very important clearly describe the surface on which the slip occurred, items that created obstacles in your path that produced your fall, etc. If witnesses observed the incident, elicit testimony from them if necessary to support the claim made. Details regarding the mechanism of injury should never be left to chance!
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Want to find out more about your settlement funding, then visit Dr. Tom Rhudy's site on how to choose the best lawsuit loan for your needs.
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