Although customarily not the first question asked, it is a question on most, if not all, applicants' minds. Much to the applicant's consternation, there is no single answer to this question!
Settlement loan costs will vary with the amount to be loaned, the case's complexity, the case's status in the litigation-process, the plaintiff's likelihood of success in the claim, and the age of the case. After submitting your application, both you and your attorney will be contacted to discuss your case further and to address issues such as those previously identified.
Minimization of risk will be high on the lawsuit loan funder's mind in assessing your case, as is true in all such ventures that are speculative in nature. Another impediment to funding occurs when the applicant fails to identify the fact that previous settlement loans have been obtained. Previous settlement funding in a specific case is another factor that will have an effect on your ability to obtain a lawsuit loan.
Frequently, both applicants and attorneys want to know how settlement funding will affect the judgment obtained. Many possibilities come to mind, and we will discuss the most likely scenarios.
Once the settlement loan is provided, your case may settle for more than expected. This result would produce both a larger award for the plaintiff and, in most instances, a higher fee for the attorney.
If the settlement funding is provided and the case settles for what you originally anticipated, neither your award nor the attorney's fee is likely to be affected. Settlement loans allow, in many cases, the plaintiff to hold out for a better settlement than may otherwise be obtained if forced to settle prematurely due to limited finances.
If settlement funding has been provided and the case settles for less than anticipated, you, as well as all involved parties, are likely to get less than you may have otherwise. However, it is unlikely that the defendant would have offered the amount awarded.
In the scenario in which you lose the case and there is no recovery, if you've obtained a lawsuit loan, you win! As a non-recourse instrument, settlement funding is only repaid if you obtain a recovery.
More Information:
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Article: How Much Does Settlement Funding Cost? Author: Dr. Tom Rhudy Publication Date: 2009-10-30 Total Views: 281 Word Count: 391 Category:Home /
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