Oct
8
How to make ends meet when waiting on a settlement or award from a personal injury lawsuit
Filed Under Personal Finance | Leave a Comment
If you have been hurt in an accident and are unable to work while waiting on a personal injury settlement or award, then you know how difficult it can be to make ends meet. When a household loses one of it’s main income earners, finances can get tight, savings can get depleted, and it can be really hard to pay the bills.
Personal injury cases can take time, sometimes up to three years, before they are resolved. If you are too hurt to work or can’t find a new job, then you know how quickly the medical bills, mortgage payments and utility bills can pile up. In times of great financial stress, it can be tempting to ask your lawyer to settle your lawsuit for far less than what you deserve in order to pay off your debts. That’s one of the reasons insurance companies sometimes drag out the legal process: they have the resources to wait, and they know that you don’t.
If this sounds all too familiar, then you should contact USClaims to find out about our no-risk pre-settlement lawsuit funding. Applying is easy, and if you are approved, USClaims gets you the cash you need fast—in as little as 24-hours.
How does pre-settlement funding work? Well, companies like USClaims offer pre-settlement financing to personal injury victims of auto accidents, workplace and construction site injuries, premises liability and medical malpractice. We work with you and your attorney to purchase an interest in the proceeds of your case. Upon the signing of the purchase agreement, you get much needed money to help you pay for things like medical care, rent, or your children’s school or college tuition. Most importantly, pre-settlement funding gives your lawyer the time they need to get you fair compensation for your injuries. When your case is concluded – and you’ve won – USClaims collects its portion of the proceeds.
Many personal injury plaintiffs take out huge cash advances on their credit cards. Unfortunately, without the ability to make regular payments on the card throughout the entire legal process, you could quickly find yourself drowning in interest charges, late fees and debt. Getting a bank to issue a personal loan without a job can be nearly impossible, and personal loans can have terms that are nearly as punitive as credit cards. If you can’t make the regular payments, you will quickly get in trouble with the bank and likely ruin your credit. Taking out a home equity loan or a second mortgage is also extremely risky. If you default on your payments you could lose your home, and no one wants to end up injured, unable to work and homeless.
Because there are so few options out there for plaintiffs, the pre-settlement finance industry has seen a lot of growth over the last few years. This has led to a number of less than reputable companies and brokers entering the market, so it is important that you find a lawsuit funding company that you can trust.
Not all pre-settlement financing is created equal. Here are a few things you should look for when choosing the right company:
Is the company committed to ethical business practices? USClaims and 12 other reputable companies are members of ALFA, the American Legal Finance Association, which establishes industry standards in the legal funding industry, especially regarding transparency in transactions and clear disclosure to consumers.
Is the funding directly through the company? If you go through a broker, then be aware that brokers collect additional fees, which means money out of your pocket. If you apply for lawsuit funding directly through a pre-settlement finance company, you’ll save yourself time and money.
Is the company known for customer service? A lawsuit funding company with good customer service can help customize a plan to fit your needs. You’ll have the option to collect either one lump sum or they can help you stay on a budget for the long haul through regularly scheduled deposits into your bank account.
Will the company stay out of the strategy and decisions of your legal case? Make sure you sign with a company that doesn’t attempt to acquire ownership in your litigation or interfere with your lawsuit. Your lawyer should always be free to make the decisions that are in your best interest, not the interest of your lawsuit funding company.
Has the company pledged not offer or pay commissions or referral fees to any attorney or employee of a law firm for referring their plaintiff’s cases? You need to make sure that your attorney and your legal funder are both on your side and getting the best deal, not colluding to take advantage of you.
If you can answer yes to the questions above, then you are much more likely to get pre-settlement funding with fair terms from an honest company. If you have any questions about USClaims and the services that we offer, please feel free to give us a call at 877-USClaims or contact your attorneys and let them know that you are in need of a pre-settlement funding.
By: Darryl Levine
About the Author:
Personal injury cases can take time, sometimes up to three years, before they are resolved. If you are too hurt to work or can’t find a new job, then you know how quickly the medical bills, mortgage payments and utility bills can pile up. In times of great financial stress, it can be tempting to ask your lawyer to settle your lawsuit for far less than what you deserve in order to pay off your debts. That’s one of the reasons insurance companies sometimes drag out the legal process: they have the resources to wait, and they know that you don’t.
If this sounds all too familiar, then you should contact USClaims to find out about our no-risk pre-settlement lawsuit funding. Applying is easy, and if you are approved, USClaims gets you the cash you need fast—in as little as 24-hours.
How does pre-settlement funding work? Well, companies like USClaims offer pre-settlement financing to personal injury victims of auto accidents, workplace and construction site injuries, premises liability and medical malpractice. We work with you and your attorney to purchase an interest in the proceeds of your case. Upon the signing of the purchase agreement, you get much needed money to help you pay for things like medical care, rent, or your children’s school or college tuition. Most importantly, pre-settlement funding gives your lawyer the time they need to get you fair compensation for your injuries. When your case is concluded – and you’ve won – USClaims collects its portion of the proceeds.
Many personal injury plaintiffs take out huge cash advances on their credit cards. Unfortunately, without the ability to make regular payments on the card throughout the entire legal process, you could quickly find yourself drowning in interest charges, late fees and debt. Getting a bank to issue a personal loan without a job can be nearly impossible, and personal loans can have terms that are nearly as punitive as credit cards. If you can’t make the regular payments, you will quickly get in trouble with the bank and likely ruin your credit. Taking out a home equity loan or a second mortgage is also extremely risky. If you default on your payments you could lose your home, and no one wants to end up injured, unable to work and homeless.
Because there are so few options out there for plaintiffs, the pre-settlement finance industry has seen a lot of growth over the last few years. This has led to a number of less than reputable companies and brokers entering the market, so it is important that you find a lawsuit funding company that you can trust.
Not all pre-settlement financing is created equal. Here are a few things you should look for when choosing the right company:
Is the company committed to ethical business practices? USClaims and 12 other reputable companies are members of ALFA, the American Legal Finance Association, which establishes industry standards in the legal funding industry, especially regarding transparency in transactions and clear disclosure to consumers.
Is the funding directly through the company? If you go through a broker, then be aware that brokers collect additional fees, which means money out of your pocket. If you apply for lawsuit funding directly through a pre-settlement finance company, you’ll save yourself time and money.
Is the company known for customer service? A lawsuit funding company with good customer service can help customize a plan to fit your needs. You’ll have the option to collect either one lump sum or they can help you stay on a budget for the long haul through regularly scheduled deposits into your bank account.
Will the company stay out of the strategy and decisions of your legal case? Make sure you sign with a company that doesn’t attempt to acquire ownership in your litigation or interfere with your lawsuit. Your lawyer should always be free to make the decisions that are in your best interest, not the interest of your lawsuit funding company.
Has the company pledged not offer or pay commissions or referral fees to any attorney or employee of a law firm for referring their plaintiff’s cases? You need to make sure that your attorney and your legal funder are both on your side and getting the best deal, not colluding to take advantage of you.
If you can answer yes to the questions above, then you are much more likely to get pre-settlement funding with fair terms from an honest company. If you have any questions about USClaims and the services that we offer, please feel free to give us a call at 877-USClaims or contact your attorneys and let them know that you are in need of a pre-settlement funding.
By: Darryl Levine
About the Author:
Darryl Levine is the President and Founder of USClaims, one of the oldest and most established pre-settlement firms in the country. With over a decade of experience and thousands of clients helped, USClaims can provide you the financial support you need during your lawsuit.