How Do Lawsuit Loans Help Me Settle My Claim Following A Car Wreck?

Okay, you’ve been injured in a car wreck. How in the world are you going to pay bills, put food on your table, and continue to work if you have sustained injuries as a result of a car wreck? Fortunately, in many cases you will be able to continue to work unabated. However, there are many individuals who are unable to continue to work following such injuries. In fact, some of these individuals are either unable to ever return to work or ultimately lose their lives as result of these incidents. In this article, we’ll discuss ways in which lawsuit loans and settlement loans can assist you in obtaining a fair-and-equitable settlement.

Obtain the other driver’s information

One of the first things you must do following a car wreck is to obtain information from the other driver. Naturally, if you are at-fault for the collision, it is you, not the other driver, who will be responsible for paying for the damages that result therefrom. However, if you are an innocent victim in a car wreck, it will be very important for you to obtain as much information as possible from the other driver to allow you to pursue a claim against that individual and his/her insurance carrier.

Fortunately, in most states it is against the law to drive a vehicle without automobile insurance. In many states, failure to do so may result in criminal-penalties. Therefore, obtaining lawsuit loans and settlement loans, as well as other forms of lawsuit funding, will often be possible for individuals who do sustain injuries as a result of a car wreck in the vast majority of cases. debt collection statute of limitations

Seek guidance from a lawsuit loan broker.

One of the first things you must do once you have obtained the other driver’s information and retained an attorney is to seek guidance from a lawsuit loan broker. Oftentimes you may find individuals via searches on the Internet. You also may seek guidance from your attorney to obtain the services of a reputable settlement funding broker.

Once you’ve found the litigation funding broker, it will be important for you to submit an application, requesting a pre-settlement loan. Pre-settlement loans may be obtained up to 10% of the perceived value of the claim. The key-criterion of course is that the underlying lawsuit is perceived to be a winner! If the individuals who will ultimately review your application determine that it is unlikely that you will prevail, it is very unlikely that you’ll ever be able to receive the lawsuit loan you seek. Additionally, if those individuals reviewing your application determine that the defendant is “judgment-proof,” it is very unlikely your application will be approved for any lawsuit funding.

Notify your attorney.

Underwriters who review claims for lawsuit loans and settlement loans are going to carefully analyze each and every aspect of your claim. It will be vital that they be able to speak directly to your attorney. If you desire to expedite this process, contact your attorney and notify your attorney that you have applied for lawsuit funding and you have asked the broker to contact your attorney to discuss the elements of your claim. It is important to note that without your attorney’s cooperation, you will be unable to obtain the lawsuit funding that you seek.

Once you have submitted your application and the elements of your case have been discussed with your attorney, your case will be submitted to underwriters for review. If those underwriters determine that your claim is likely to prevail and that the defendant is not “judgment-proof,” your application will be approved – up to 10% of the perceived-value of your claim.

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