Your big win is not a confirmation of the settlement amount. There is the possibility of a delay from the defendants, and since the defendant is not time-bound to release the funds, the wait can become longer. You do not want to wait for the settlement money after the lawsuit is over. The delay in payments can be because of several reasons.
Some of the common reasons for postponement in payments are lien and appeal resolution, deferral by defendants, and lag in claims of the administration process. Your attorney is instrumental in recovering the money you deserve and making the entire funding process a quick and stress-free settlement.
Know more about the term and its benefits
Post-settlement funding is a risk-free financial benefit that is in the interest of the plaintiffs and the attorneys. This amount is due after the litigation is at the resolution stage. Other phrases people commonly use for this program are – ‘settled lawsuit loan’ or ‘post-settlement loan.’ But the truth is that it is not a loan amount rather your right. The settlement funds are due as a non-recourse amount, which means zero monthly payments are free from risks.
When the defendant is at fault and fails to repay the funds, you do not hold any liability to the advance until you collect these funds. Your attorney will try to convince you to opt for this program. The fund leverages your claims or the contingency fees (to the legal team) by ensuring an upfront capital towards the upcoming settlement amount. It is advantageous to both the parties – you and your lawyer.
How it works – is it hassle-free?
Yes! Post settlement program is a hassle-free process, and anyone who feels that there might be a delay should opt for it. A third-party lien is present on the plaintiff’s settlement that secures the funds. It barely takes few minutes to complete an application that requires all the settlement details and the contact information of both the parties of the lawsuit.
The third party provides the entire settlement amount in cash (in a single payment) or equal monthly installments. Here are the steps you must follow to secure peace of mind:
Application: Fill in an application that you can receive by calling your lawyer.
Evaluation: The funding team evaluates the case to assess the urgency of the requirement.
Receipt of funds: On approval of the application, you must sign a three-party contract between you, your attorney, and the third party. At the time of settlement of the lawsuit, you receive the money within 48 hours.
Yes! It is that simple and quick. No hassle will delay your settlement fund more.
Are you eligible or not?
There are a couple of eligibility criteria that qualifies you for the post-settlement loan. It means you must be either receiving the settlement funds or the offer. It would help if you had a lawyer representing the lawsuit, and the case must be at the resolution stage.
The program covers car collisions, truck accidents, personal injuries, medical malpractices, and product liabilities. The settlement offer shows the documents of a lawsuit with the fund value and if you have chosen the program. This information is imperative as some states do not have this program.
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