Here is Part 3 of our series "Lawsuit Funding: What Every Plaintiff and Attorney Should Know":
11. How does lawsuit funding help me achieve better results in my lawsuit? That is a great question and it goes to the core of why Lawsuit Financial offers this valuable service to the public and the legal community. A desperate plaintiff is not a positive influence on settlement negotiations. Insurance companies are not your friend. They will do anything they can to delay or deny payment. They know you are hurting, both physically and financially, and they use this to their advantage. They are trying to leverage your impatience and need for cash now into a a settlement that is far less than the full value of your case. Don’t let them get away with this tactic! While you may feel financial pressure to settle too early, for too little, lawsuit funding can be an excellent alternative. Lawsuit Financial can provide the money you need to pay your bills and expenses now, while you give your attorney the time he/she needs to fight the insurance company for fair compensation in your lawsuit. Taking away your financial pressure to settle early and cheap is how Lawsuit Financial helps you to achieve better results in your case.
12. If I am approved, how long does it take for me to get the funds? Lawsuit Financial can get you approved and funded within 24-48 hours of the time we receive case documents from your attorney. Attorneys are busy people; sometimes we can’t get the records as quickly as we would like. But, if your attorney completes our Attorney Questionnaire and provides minimal case documents that permit us to review and approve your case, you will have contracts that day, and your money within 24-48 hours (assuming you sign and return the contracts), by overnight check or a wire directly into your bank account.
13. How do I repay the lawsuit cash advance? What do I have to do? You do not have to do anything. Your lawyer has agreed to repay the money due out of your recovery in the lawsuit. The lawyer notifies us of the settlement, confirms the amount due, and withholds and pays us the amount due. We are paid by your lawyer out of your settlement or verdict proceeds. We are paid at the same time that you are. And, of course, if you lose the case, you owe us nothing; you keep our money, free of charge.
14. Does anyone involved in the lawsuit have to know about this? Is the insurance company notified? No, there are only three parties to a lawsuit funding agreement, you, the legal finance company and your attorney. The defendant, his/her insurance company, the judge or the jury have no knowledge of the fact that you received lawsuit funding.
15. Can I use my lawsuit cash advance for any reason I want? The answer is "yes, but…." You can use a lawsuit cash advance for any reason you like. However, because lawsuit funding is contingent upon the outcome of your case (the obligation is excused if you lose the case), profit on the funded amount tends to be on the expensive side. Thus, we recommend that you only use it for an important obligation. Use Lawsuit Financial’s money to pay your mortgage or car payments; we do not recommend that you go on a shopping spree. You are better off waiting for your settlement before "treating yourself" this way.
Stay tuned for the final installment in our series…..
Attorney, certified civil mediator, and award-winning author of the Zachary Blake Betrayal Series—Mark Bello is also the CEO of Lawsuit Financial and the country’s leading expert in providing non-recourse lawsuit funding to plaintiffs involved in pending litigation. He is also a member of the State Bar of Michigan, a sustaining member of the Michigan Association for Justice, and a member of the American Association for Justice.