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Process of Litigation Finance
Process of Litigation Finance

 

Litigation Finance is the term describing the process of offering money in advance of a lawsuit settlement to plaintiffs who are unwilling or unable to endure the long, drawn out process of civil litigation. Also known as lawsuit funding, settlement loans, lawsuit loans, or case loans, money is regularly given to plaintiffs/claimants for automobile accidents, malpractice cases, Jones Act cases, Worker's Compensation actions, and a host of other legal claims.

On a daily basis, we are asked for more information about the "process" of lawsuit funding.

How does the pre-settlement advance process work?

This article will take you through the process for a routine lawsuit cash advance funding.

1. Application - The whole lawsuit funding process begins with an application. There are various ways business is generated in the pre-settlement finance industry. Some companies utilize the efforts of brokers and some simply originate the business "in-house". Either way, an applicant is interviewed for eligibility and if it can be ascertained that there is a legitimate chance the client can be helped, an application is completed.

Essentially an application includes the following information:

Name, Address, and Phone Numbers
Attorney Contact Information
Date of Accident, if any
Location of Lawsuit
Description of the Case
Description of Damages
Once all of the above information is compiled and verified, the lawsuit funding process continues.

2. Documentation - With the application completed, the lawsuit cash advance company will send a request for information to the applicant's attorney. Usually the request is sent via facsimile transmission. The fax is then followed with a phone call to confirm receipt. At that point, the attorney's office must take the time to compile the requested documentation and forward it to the lawsuit loan company.

3. Underwriting - Once the paperwork is received, the underwriting process begins. A quick review of the paperwork is conducted and if more paperwork is needed, it is requested at that time. If the file is complete, it is sent to an underwriter who reviews the proofs. Usually there are more questions about the case than can be answered simply by the documents. In most instances, the underwriter will place a call to the attorney to discuss the case in more detail. If the underwriter is satisfied with the conversation, the case will be approved for lawsuit funding.

4. Contracts - Once approved, the contract must be prepared and delivered. In our modern age, contracts are drafted and distributed in a fairly short time, usually within minutes. At that point, the applicant and attorney must sign off on the agreement and deliver it back to the pre-settlement loan company. Once received, the paperwork is reviewed and if everything is in order, the advance is ready to proceed to the final step.

5. Funding - Once the case is set for funding, money is sent to the client and the transaction is completed. Usually money is sent via over night courier such as Federal Express or UPS. Another option is a bank wire direct into the client's bank account. Most funding companies charge a fee for this service as the cost of the transfer is passed on to the client. In some instances, money is sent via MoneyGram or other similar method but limitations often apply.

To know more details you can call on 020 7626 0191

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