Pre-Settlement Funding is a new service that can help injured parties while in litigation. This service can provide cash to injury victims for living expenses or to complete the lawsuit, and is non-recourse.
(PRWEB) June 24, 2005 -- Many structured settlement recipients could have been helped greatly by a relatively new service, known as presettlement funding.
The majority of structured settlements come primarily from personal injury cases. Unfortunately, when the injured parties moved into litigation against those that hurt them, many found themselves in real financial distress.
Often the victim had need of money to carry them through while the lawsuit was in process. However, regardless of the merits of the case, they had no way to raise it. Unable to work because of their injuries, they could not make their car or house payments, pay the light bill, or put food on the table to feed their families.
With mounting financial pressure, and no relief in sight, many injured parties have been forced to take 'early' settlements, often at a mere fraction of what the case should have paid if these injury victims had been able to stay the course.
Even worse, many potential plaintiffs have let their cases go, simply because they did not have the money to see it through. Even though an attorney may have agreed to take the case on contingency, the injured party may not have had the additional resources necessary to pay for expenses such as expert witness fees, investigation costs, etc.
In some cases, it meant that the person responsible for the injury, an individual or even some big corporation, got off scot free while the injured party received nothing! All because they didn't have the financial means to bring the case to trial and receive what they deserved.
Where is the justice in that?
In these cases, a little known type of funding, called "Pre-Settlement Funding", could have helped. Pre-Settlement Funding, also known as Litigation Funding or a Lawsuit Advance, could be a godsend to someone in the middle of a lawsuit. Here's how it works:
How does presettlement funding or a lawsuit advance work? Simple. A plaintiff in the midst of a lawsuit finds that they need to free up some money right now. This could be to finish the case, or even just to provide living expenses while they're in litigation. They call a pre-settlement funder. These people are experts in evaluating lawsuits and their potential to settle successfully. They review the information, evaluate the merits of the case, and decide if they want to offer an advance. In most cases, a decision and an offer are made within 48 hours!
A lawsuit advance is unique, and very different then any other type of funding. It is an advance, but it is not a loan. The advance is "non-recourse". That means that if the plaintiff loses their case, they do not have to pay it back! This means that the injured party does not stand to lose more then they already have. Instead, the risk is all with the funder.
Pre-Settlement Funding may be available for anyone who has a good case, regardless of their present financial situation. Because an advance is based solely on the merits of the case, this eliminates the need for credit checks or employment requirements. Likewise, most companies charge no application fees, no upfront fees, and there are no monthly payments while the case is in process. The service is designed to help people who are in the throws of litigation and who need money now to get them through it. Repayment is made only when the case is won.
