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Mar 31

How Do the Lawsuit Funding Companies Work?

Posted by at 16:19 | Default | Comments(27) | Reads(1156)

Millions of people are now choosing their profession in the legal financing sector. With the high demand of this industry, the lawsuit funding companies are growing like mushrooms. The skilled professionals who are interested in the funding related to the legal activities can easily involve themselves in this occupation. Now let us go through a detailed discussion on how the companies work in this particular sector.

First Contact with Client: The client who has faced an accident or facing issues in his work and waiting for a court settlement of his case can contact the financing companies. He can contact by calling the company directly or by enquiring their rates via mail. He can also fill up the enquiry or the application form to show his interest on getting the loan.

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Involvement of Attorney: The legal representative whom you have appointed in your case can come into the scene. He can convince the financers about the status of the case and how it is going to be favorable. As only the promising cases will be funded by the company, the attorney is the best person to prove the positive points of the case.

Negotiate Terms: After the company is convinced, the lawyer and the financial company will negotiate the terms and advances. This will include the amount of the loan as well as the time span of paying the interest. If there is any application fees and any hidden fees that should also be made clear before the contract is made. After the whole process of negotiation, the contract can be finally signed.

Win The Lawsuit: When the client wins the case, the company receives the payment with a large amount of fees and interests.

Lose The Lawsuit: If the lawsuit is lost, the client do not need to pay a single penny to the funding company. If the case has been settled for lower amount than expected, then the repayment amount can also be negotiated between the lawyer and the legal financing company.

Therefore, before applying for the fund, you should take care of the following documents:

•  Agreement of the Retainer: This is the document where you have provided your signature for hiring the legal representative.

•  Attorney Questionnaire: The questionnaire needs to be answered by the legal representative. Therefore, the completely filled document needs to be submitted to the funding company.

•  Police Report: The document of the accident you have faced and reported to the police.

•  Medical Records and Bills: Your medical records will definitely tell about your health conditions. The medical bills will help to know all the medical expenditures taken place after your accident.

•  Case-specific document: If you possess any case-specific document, you may also display them to the company.

After receiving and processing all the documents, the company will take decision from 24 to 48 hours. The strength of the case is measured before taking the decision of funding. The probabilities of the case are evaluated through expert professionals before you obtain the loan.

When you are qualified for the fund, you and your lawyer will receive a case investment agreement. You are required to go through the whole document and then sign and return it to the office of the loan company. As soon as the company receives the agreement, the funding process will begin. The process can be successful within a week or sometimes within 24 hours. The same day or the next day service is also offered for some special cases.

So, if you are ready to apply for a lawsuit loan, research the market thoroughly about the rates offered by all the companies. Finally, select the best rate according to your requirement and fill up the application form!

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