Monthly Archives: November 2013

Pre-Settlement Funding Explained

There is often confusion when it comes to understanding pre-settlement funding and what it entails.  Some often mistake it for a loan, but this is not the case.  Pre settlement funding usually comes in the form of non-recourse cash advances, and is generally provided to the injured party in return for the promise to pay the advance after the lawsuit settles.

For example, if you are involved in a traffic accident where the other party is obviously fully at fault, you would likely be a great candidate for pre-settlement funding.  Since the lengthy process of accidents, claims and lawsuits can sometimes take a great deal of time, having cash on hand is important.  Whether you need cash for medical bills, daily survival or other needs, it is definitely something to consider when facing this type of situation.

Based on the information provided by the customer or their lawyer, the cash advance company then creates an estimate based on what the likely settlement value will be, and offers the cash advance based on that specific estimate.  Most of these advances are generally offered as non-recourse funding, which means that the injured party has no obligation to repay the advance if the lawsuit is lost.

Litigation can often take quite a long time, sometimes years and years; it often becomes necessary to seek out a cash advance of sorts.  This is especially important if the party is injured, since this could mean lost time from work.  When you are dealing with an injury and unable to come up with the financial means for treating the injury while litigation takes place, then take a look into pre-settlement funding to give yourself a better chance.

5 Steps to Take Before and After an Auto Accident

We all have faced an automobile accident at one point or another in time; it doesn’t make us any more prepared when it does occur though.  Since it can be a stressful time, take a look at these 5 helpful tips to speed along the claims process!

1)    Have Information Ahead of Time

Before you ever get in an accident, it would be extremely beneficial to have everything in place within the vehicle.  Make sure you have a folder, file or envelope in the glove compartment containing your registration, insurance information, as well as any important numbers in the event you get stranded.  Know what your deductible will be in any given situation and having critical numbers available can make a world of difference.

2)    Maintain Situational Awareness

When involved in an accident, it can be a bit of a surreal experience.  Shock is often a factor, so it is important to maintain awareness of where you are in relation to other vehicles to avoid further danger.  If you are in a high traffic area, try to move to an area further from the road in case another vehicle hits the other disabled vehicles.

3)    Trade Information

Make sure to not let the other party leave until you have their information such as insurance company, telephone number and as much contact info as possible.  Having the name and address of the driver can help speed the process along, as well as the policy number for the other party.

4)    Contact the Insurance Company

Whether you decide to pursue through your insurance carrier or the at-fault party is up to you.  Make sure to be available for speaking to a claims handler and provide as much detail and data as possible.  Photos of the accident scene are useful, as well as any other witness information.

 5)    Look into a Cash Settlement

Sometimes you need financial aid when dealing with a claim of this nature; sometimes the proceedings take much longer than planned and there are pressing needs such as medical bills and so on.  Either way, it would benefit you to consider cash for settlement, especially if you are involved in a clear-cut accident where the other party is at fault.