Personal Injury Settlements 101
What are personal injury settlements? How long do you have to wait to hear whether you’ll be awarded one? How can you pay your bills while you’re waiting for your personal injury settlement?
Glofin’s pre-settlement funding experts are here to answer all of these questions and more so you can make the best decision for yourself and your family.
What Are Personal Injury Settlements?
Personal injury settlements are legally binding documents that signal the end of your personal injury claim. You reach a settlement when you and the defendant agree on how much compensation you should receive for the injury you suffered.
People who have pending lawsuits may be forced to wait months or years before their case is settled to get their personal injury settlements. One of the biggest mistakes a plaintiff can make is filing a personal injury lawsuit without legal representation. Even if you have medical insurance, your medical bills can quickly pile up.
Your best option is to find an attorney you can trust to fight in the courtroom for the compensation you deserve. That fight takes time and your bills don’t stop coming, so pre-settlement funding is a good way to get through this tricky period.
How Are Personal Injury Settlements Paid Out?
Your personal injury can lead to significant setbacks. When the careless actions of individuals or companies cause you injury, you’ll likely start seeing medical bills piling up — not to mention your pain and suffering. You may also be unable to work while you recover. Personal injury victims who succeed with a claim against an at-fault party will likely be awarded personal injury settlements; these work differently in every state.
Many personal injury cases require trial and mediation before plaintiffs can receive personal injury settlements. Even if you know the defendant is at fault, their insurance company won’t just mail you a check. The defendant — the person who injured you — can force you to file a complaint and litigate for years. They may not have an insurance company that covers awarded damages … or they may not have insurance at all.
Injury victims who work with attorneys typically receive much larger settlements because an attorney understands the legal system and has the resources required for every aspect of the case. The percentage paid to the attorney for legal fees will depend on what the attorney and the victim agreed to initially. Victims who either win or settle their cases can take their personal injury settlements as a series of payments over some time or as one lump sum.
This process takes time, however, and you have to continue paying your basic bills. If you’ve been injured, the last thing you want to be worrying about is finances, so in many cases, Glofin is able to provide you with pre-settlement funding in as little as 24 hours. Then, you aren’t pressured as you await your personal injury settlements.
What Is the Average Payout in Personal Injury Settlements?
We’ve all heard that personal injury settlements can be millions of dollars, but every personal injury claim is as unique as every plaintiff’s injuries. Your settlement will depend on the specific circumstances that led to your injuries as well as their severity and duration. To get a rough idea of how much your claim might be worth, you need to place a dollar value on your medical expenses, lost wages, and suffering.
What Is Included in Personal Injury Settlements?
Two types of damages, economic and non-economic, are included in calculating personal injury settlements. Economic or special damages are measurable or tangible losses — like medical expenses, lost earnings, and property damage — that may affect you for a while after the accident. Non-economic damages are intangible or immeasurable losses like pain, suffering, and emotional distress that may disrupt your life long after the case is closed.
What Is a Fair Settlement for Pain and Suffering?
It’s difficult to pin a dollar amount on pain and suffering because the amount and extent of injury and life disruption can vary widely. The two most common approaches that insurance companies take when calculating pain and suffering as part of personal injury settlements are the multiplier method and the “per diem” (daily rate) method. When negotiating personal injury settlements, adjusters and defendants’ attorneys won’t usually tell you what formula they used to value your claim — or even admit that they’re using any formula at all.
How Are Personal Injury Settlements Calculated?
Economic damages can be directly calculated. Non-economic damages, on the other hand, aren’t so easy to quantify. Thus, there isn’t a one size fits all approach.
To get a dollar figure that might represent the value of the total damages, an insurance adjuster who uses the multiplier method will add up all the quantifiable economic damages and multiply that total by a number between 1.5 and 5 (the multiplier).
The per diem method places a value on each day a plaintiff suffers from their injuries following an accident.
The amounts generated with either approach will depend on many factors. How bad are your injuries? How much medical treatment have you received? How much treatment will you need in the future? Are you expected to make a full recovery or suffer permanent effects? How will your injuries impact your life going forward and for how long?
How Can I Afford To Wait for Personal Injury Settlements That Are Fair and Complete?
Are you waiting on personal injury settlements after filing a lawsuit? Do you need money today? Find out if you are eligible for pre-settlement funding by filling out an application. We take pride in offering our clients a quick and simple application process that takes less than a minute to complete.
Simply fill out our pre-settlement funding application.
We’ll take it from there. After we speak with your attorney, we’ll be back in touch to discuss the next steps toward getting you your pre-settlement funding so you can pay your bills while you wait for your personal injury settlements.
Which Type of Claim Will Qualify Me for Pre-Settlement Funding While I Wait for My Personal Injury Settlement?
Anyone who’s been injured by a person or company, has an attorney, and is waiting to hear about their personal injury settlement is qualified to apply for pre-settlement funding at Glofin. Here are some sample cases we have funded in the past:
- Personal injury auto accidents
- Road and traffic injuries
- Workplace negligence
- Slip and fall or premises negligence
- Medical malpractice
For more information about what types of personal injury cases we typically fund, visit our Do I Qualify page.
Are There Rules About What You Use Your Funding For?
The pre-settlement funding cash you receive is your money and Glofin doesn’t limit how you use it. Feel free to spend your money on:
- Rent or mortgage
- Car payments
- Utilities
- Student loan payments
- Food and toiletries
- Housekeeping supplies
In many instances, it’s helpful to the success of your case if you use some of your proceeds to pay for case-related expenses like the medical bills and prescriptions that will help you recover from your injury.
How Does Glofin Help Plaintiffs Who Are Waiting for Personal Injury Settlements?
Unlike many loan companies that require high-interest repayment regardless of the outcome of your case, we don’t provide a loan at all. We’re dedicated to providing you with an alternative. The pre-settlement funding we offer is not a loan — you’ll have no debt or monthly payments. In the unfortunate instance that you lose your case, you don’t owe us anything.
At Glofin, we take all the risk so you can concentrate on your health and your family’s needs. Our goal is to get you the money you need without extra hassle or costs. We help eliminate your financial stress while you concentrate on healing and getting your life back in order.
Just fill out an application regarding your case. We will review your case details and, upon your approval, provide timely pre-settlement funding in exchange for a portion of your potential personal injury settlement proceeds.
We strive to alleviate as much financial stress as possible, as quickly as possible. For more information on pre-settlement funding or a denied claim, call (888) 667-1991 or visit our contact page today.
Start your application by clicking below.
