Business, Legal & Accounting Glossary
If you have recently been in an automobile accident (regardless of fault), the victim of medical malpractice, had a slip and fall, or been involved in an industrial accident, you may very well be entitled to money from an insurance company.
A personal injury case can be a long, arduous task, that is by nature, expensive. If you have a valid personal injury case, even if you have not consulted an attorney to date, you may be able to receive up-front funding from a number of companies specializing in personal injury settlement funding.
About 1/3 of all personal injury cases qualify for funding. If your case does qualify, you will normally receive a check within 2 weeks of all the paperwork being completed.
In most cases, credit is not an issue, only the circumstances of the personal injury case, and its future settlement are considered.
Settlement funding can range from $1,000 up to $100,000 upfront, but in most cases, the upfront lump sum is about $10,000.
If you should lose your case, you DO NOT have to repay any of the money that was advanced from a settlement funding company. Of course, you probably will not receive any funding upfront if there are any questionable aspects of your claim, but in any event – once you have it, it is yours.
If you are successful in your case and do receive a settlement from the insurance company, the order of payment is as follows:
The thing to note here is that you will get whatever is left over after everyone else gets their share, including the repayment of the settlement funding advance and associated fees, so be sure that the amount of your settlement is going to satisfy everyone including you.
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This glossary post was last updated: 26th November, 2021 | 0 Views.