LAWSUIT FUNDING SERVICES
What
is Lawsuit Funding?
Lawsuit Funding was established after old English laws of Champerty &
Maintenance, which dated back to the 1600's were abolished in the United
States. Virtually every State has ruled that these champerty laws unreasonable
and should be abolished. There has always been a need for plaintiffs to receive
funding prior to the settlement of the legal claim but now that the champerty
& maintenance laws have been repealed, the Lawsuit Funding industry has
begun to grow.
Who qualifies for Lawsuit Funding?
Anyone who has a valid legal claim against a negligent third party and has hired
a lawyer to represent them on a contingency basis qualifies to apply for
funding. Global Financial makes lawsuit funding cash advances on the following
cases: car accident, general personal injury, slip & fall, dog bite, worker
compensation, longshoremen injury, appellate cases, labor law cases, FELA
cases, railroad injury cases, strict liability cases, wrongful death claims,
motorcycle accident, truck accident & Jones Act cases. Many plaintiffs that
request lawsuit funding refer to the product as a lawsuit loan, settlement
loan, litigation loan or a lawsuit settlement advance.
What is the cost of Lawsuit Funding?
When Champerty laws were first abolished in certain states, the fees charged by
lawsuit funding companies were as high as 15% per month, each and every month
until the plaintiffs case settled. Since then rates have come down even though
the risk of investing in litigation has stayed about the same or gotten even
riskier. Currently the lowest fees are usually 2.99% per month with some sort
of cap on the ultimate fees charged.
Why is my case taking so long to settle?
It is true that deep pocketed insurance companies make the plaintiff's wait as
long as they can in hopes that the plaintiff will become desperate and accept a
lower than fair settlement offer. It seems a shame that our legal system is so
uneven between plaintiffs and defendants insurance carriers. The person who has
been injured by the negligent acts of another is forced to wait a long period
of time until receiving a fair settlement offer and is subject to delay tactics
by the defendant. There is no doubt that financial strength has a lot of
influence in our legal system which is why lawsuit funding companies that
provide settlement advances are helping to level the playing field for
plaintiffs
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