Lower the Cost of Your Presettlement Legal Funding
People waiting for settlements from their lawsuits, regardless of the type, can now easily access presettlement lawsuit funding. In a lot of cases, these funds are known as Presettlement Loans and they provide claimants with an avenue to gain access to their settlement before distribution. Another widely used term to describe this type of financial transaction is Settlement Funding. It is made possible by the fact that the majority of court cases have clear liability, meaning that a defendant’s negligence is clear and it is often just a matter of the worth of the lawsuit instead of determination of liability. Presettlement Loans are most commonly offered in cases that involve workers’ compensation and in personal injury lawsuits. Below are four tips that will help lower the cost of your Presettlement Funding.
1. Offer all the details that relate to your case.
Offering all the details related to your case that enabled you to prove the other party’s liability and ensure that you won compensation is a key requirement when applying for a Presettlement Loan. Fill out your application as truthfully and accurately as possible. Besides the ultimate value of the settlement offered to you, you should also outline the economic and non-economic damages that are related to your case.
2. Medical procedures and treatments
Another parameter that funding providers look at when considering Presettlement Loans is the provision of detailed information with regard to medical treatments that may have been necessary due to the liable party’s negligence. Any injuries you suffer should be continuously documented without any “gaps” in medical procedures. For complete documentation of your injuries and how they were treated, do not skip any appointments with your physician, even when you begin to feel better.
3. Stick with your lawyer
If it is possible, try to stick with the same lawyer who represented you in your lawsuit and helped you win the settlement in the first place. When you use the same lawyer, your lawsuit will not only gain stability, but you will also be able to hold the valuation of the settlement. The lawyer not only has an intimate understanding of the lawsuit, but can also get you the largest settlement possible and ease the loan application process.
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4. Carefully consider how much money you apply for
One way to lower the cost of your Presettlement Loan is to apply only for what you absolutely need. If your Presettlement loan amount is small, the fees payable upon distribution of the settlement are also lower.
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A settlement loan is not an actual loan in the traditional sense of the word, but refers to a portion of a settlement from a lawsuit being transferred to a financier in exchange for cash payment. A Presettlement loan is a convenient way for a beneficiary of a settlement to access funds with their pending settlement acting as a kind of collateral, but it is vital that they carefully consider the loan amount before making an application.