While you are still in the process of fighting for a better compensation for your injuries, you may find it difficult to fund your personal injury lawsuit. Since you have no means of earning a living, you have difficulty in paying for your daily expenses , basic needs and monthly bills. In addition, you also have to pay for your medical expenses.
Solutions and options available to you
In order to solve your financial problems, you can seek the help of lawsuit funding companies. These companies can provide you with the means to fund your lawsuit as well as pay your overdue bills. A lawsuit funding allows you to relieve yourself from the financial burden that you may feel during your personal injury lawsuit.
Insurance company dilemma
Most insurance companies know the fact that personal injury victims become desperate as the lawsuit progresses. Their financial resources eventually deplete because they cannot work. Therefore, insurance companies use the victims’ desperation as a leverage. They use it to force victims into accepting a smaller settlement amount.
This type of legal financing is a big help, especially for litigants who are in deep financial trouble. This financial assistance allows personal injury victims to resist the temptation of accepting an unreasonable settlement offer. Just because they need the money, they do not have to accept an unfair compensation. They have the right to receive a fair and reasonable compensation for the injuries they sustained.
The Lawsuit Funding Advantage
The great feature about legal financing is it is non-recourse. The legal funding companies give you the financial means to fund your expenses without requiring you to pay any initial fees or any monthly payment. When the litigant wins, he or she is required to pay back what he or she owes the company. However, if the litigant loses, he or she has no obligation to pay the funding company.
Things to Consider Before Applying for a Lawsuit Funding
The first thing you must consider when you apply for a legal financing is how much money you need. You need to factor your monthly bills, daily expense, lost wages, medical expenses and therapy costs. Once you have broken down all of your expenses, you can apply to a funding company. The company will then evaluate and study your case. They will discuss the details with your lawyer in order to see if it has the potential to win. Once approved, you as well as your lawyer are required to sign an agreement containing the terms and condition of your legal funding.
.:About the author:.
James Sheridan is the Contracts Manager at Pegasus Legal Funding LLC and is responsible for the final stage of the funding approval process. James focus and priority is delivering to PLF’s clients the funds they need as quickly as possible