A legal financing is where a legal funding company is investing in a portion of your potential settlement from your claim or case. So you can get a pre-settlement cash advance against the legal action. And you can use that money for you and your family needs, food, rent, car payments, etc…
While you were shopping at a big box hardware store, an employee hits with a loading cart. Your injuries required you to need surgery. And you were not able to return to work for a prolonged period of time. The necessary information required to provide funding would be 3 things; liability, damages, and source of recovery.
Liability is: - an incident report, the ER History log (if you were taken directly to the ER from the accident - witness statements - settlement offer from the Hardware store’s insurance company - Color photos of the incident location
Damages are your medical records; - Initial ER evaluation report - MRI report (not the scan or disk) - Procedural notes for epidural injections - X-ray if you suffered a fracture - Operative report if you’ve had surgery
The amount of medical documents needed vary by the amount of money you would like. If you’ve a small amount, let’s say $2000.00 that would require the ER report and MRI reports. If you are asking for a larger sum, then other treatment reports (i.e. Injections) and Operative reports would need to be supplied.
The source of recovery; - Insurance Carrier name - Policy Number - Claim number - Policy limits
The above is the source of funds for your expected settlement. The proceeds from the insurance will be the settlement and the amount of the settlement is determined by your injuries and damages.
Other documents that help the process are the demand/answer, and the complaint
- the demand is a letter sent to the defendant’s insurance carrier from your attorney informing the insurance carrier that you were injured by the carrier’s customer. It will briefly provide a narrative of how the accident happened, who was negligent, and an outline of the injuries and loss of income. It can also include costs of medical treatment and property damages, as well how much income you lost as result of missed work.
- the answer is the response to your demand letter which will acknowledge receipt of the demand and state what the next steps in legal process might be
If the case has been filed in court then a copy of the complaint will be available and might be needed under certain circumstances. A complaint is not necessary to resolve your issue, but it is up to the discretion of your attorney based on the communications with the defendant’s legal representations and/or response the defendant’s insurance carrier.
Attached is the formal communication we sent to your attorney requesting the documents needed. The documents requested vary by the type of accident. For example in a motor vehicle accident, the Police Report or the paid property receipt from the defendant’s insurance carrier paying to have your car repaired would be requested.
Your client contacted our company to obtain a cash advance against the future proceeds of their lawsuit. At your client’s request, we ask that you provide us with the following documents so that we may assess the viability of the case:
• Accident/Incident Report
• Relevant Medical Records (ER, MRI’s, Initial Medical Evaluation, Operative Reports)
• Copy of Complaint
• Settlement Offers/Demand/Answer
• Def. Insurance Coverage Information (Claim # with Policy Limits)
Please send documents at your earliest convenience so that we may get the funding process started today.
Once the necessary documents are received by our company,
it will only take upwards of 24 hours for you to receive a decision. But a decision can only be reached once we have all the needed documents. And if you have taken a cash advance for this accident from another legal funding company, then we would need a formal payoff letter stating how much the lien is to reach a decision.
.: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