The process of settling a personal injury lawsuit can be frustrating, to say the least. However, you can do a few simple things to improve your odds of winning the case. First and foremost is filing a pre-settlement funding application with your attorney.
This is an application for your injury settlement fund administered by a third-party company that charges a fee based on how much money you receive. The benefits of filing this application include giving you the peace of mind that you’ll have enough money to pay for your expenses during the legal proceedings and reducing the amount of time you need to take off work.
What Is a Pre-Settlement Funding Application?
A pre-settlement funding application is a way for you to access the money you’re entitled to as the result of your injury settlement. With this alternative, you don’t need to wait for the money from an insurance company, bank, or other sources.
You can file a pre-settlement funding application with your attorney, which will be processed by a third-party company that charges an upfront fee. The fee is usually 10 percent of what you’ll eventually receive.
Once this fee has been paid, the third-party company will manage the distribution of funds on your behalf – meaning that it will distribute your settlement payments following a pre-authorized payment plan over a set number of years.
Legal funding companies like High Rise Financial, LLC are open to helping clients better understand their financing options. Therefore, if you have any questions, you can reach out to a company representative for assistance.
The Benefits of Pre-Settlement Funding
The benefits of filing a pre-settlement funding application are numerous. It gives you peace of mind knowing that if anything were to happen during the legal process (like losing your job), you’d still have enough money to pay for living expenses and other necessary care.
If you find yourself in need of cash but don’t want to take out loans or refinance your mortgage, filing a pre-settlement funding application is your best option.
How Does the Process Work?
Filing a pre-settlement application is pretty straightforward. All you need to do is apply with your attorney or a law firm, and they will handle the rest. Once the request has been processed, the third-party company will pay you an advance on your settlement, and you’ll be notified by email so that you can log in and transfer the funds.
Paying for things like medical expenses, property damage, and lost wages can be difficult when taking time off from work for long periods, but filing a pre-settlement funding application will reduce your financial worries.
If You Think You Have a Case That Should Be Settled but Aren’t Sure
Another thing you should do is research your case. If similar cases have been settled in the past, try to find out the settlement amount. This will make it easier for you to decide how much money to offer or demand from the defendant.
Consider talking with an attorney before deciding what kind of settlement you want to pursue. An attorney can help assess the merits of your case and determine what type of settlement makes sense for you.
How to Get Started With Your Pre-Settlement Funding Application
The process for a pre-settlement funding application is reasonably straightforward. Your injury attorney will need a copy of your settlement agreement and a few other things to start the process.
Once your application has been approved, the company that manages your fund will send you a letter of engagement with all the information needed to set up your account. In this letter, you’ll be given instructions on how to claim your funds from the account, once your case settles. The funds are typically transferred within 48 hours, but it may take longer depending on what type of account you have created with the company.
Things to Consider When Applying for Pre-Settlement Funding
When applying for pre-settlement funding, the first thing to consider is how much money you’ll need during the legal proceedings. This process can take anywhere from one to two years, depending on the severity of your case.
Another important consideration is your time off work. If you’re unable to work because of your injury, your lost wages may not be enough to cover all of the expenses that come with living and sustaining yourself throughout these proceedings. A third-party company that provides personal injury settlement funding will charge a fee based on how much money it receives after the case.
Lastly, if you choose not to apply for personal injury settlement funding early on in this process, you’ll be required to pay all fees associated with filing for this type of funding on an as-needed basis. It’s more convenient and less stressful to think about this type of financing upfront.
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