People don’t really save for unanticipated emergencies because what they earn is hardly enough for day to day living. There are home mortgage payments that need to be prioritized, car loan payments, credit card bills and children’s tuition fees. An accident causes overwhelming grief and stress for a family due to the lack of money to pay for hospitalization and medical expenses. Sometimes the accident victim requires surgery but the family is not in a position to agree because of the lack of cash.
When the accident is not through the fault or negligence of the victim, it follows that he has to be paid with just compensation which includes his hospitalization and medical bills, damages, lost wages from the inability to work, pain and suffering including any future medical expenses resulting from the injuries. However, this is easier said than done since the insurance companies will require extensive investigation of the claim.
Meanwhile, the victim has to suffer not only from pain but financial worries which delays the recovery process. Applying for a personal loan from money lenders may not be to the best interests of the victim considering that he has no collateral or earnings to pledge for the loan. Personal injury lawyers work for accident victims on a contingency basis meaning that they get a percentage from the final settlement but litigation also requires money and the lack of it may delay the case in court.
Injury Lawsuit Funding provides the advance so that the victim can pay for the cost of litigation and at the same time have something enough to pay for mortgages, bills and outstanding loans while he is recuperating from injuries and still unable to return to work.
How the Injury Lawsuit Funding works
It is required that the accident victim must have hired a personal injury lawyer for legal representation and the merits of the case are reviewed before some money is advanced. If there is a good chance of winning, the advance is approved right away. This advance is payable from the final settlement of the case and if the plaintiff loses and is not awarded any settlement, he is not under any obligation to pay the advance.
Is funding considered a debt?
The funding is not debt and it is not determined through credit rating. In the event that the settlement gained cannot cover the entirety of the cash advance, it does not affect the credit score unlike the personal loan from a financing company. People who have a low credit score normally benefit from the funding since the approval is dependent only upon the merits of the case.
Is funding safe?
Normally, the lawyer who is providing legal representation has to agree to the funding and in most cases is required to sign the agreement. The lawyer in turn will review the agreement himself and will see to it that this client is advised accordingly. The approval is dependent on the merits of the case so it follows that there is a very good chance of being awarded what is considered as fair and just compensation.
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