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Why you should consider pre-settlement funding?
Certain claims may take a long time (upwards of years in some cases) to reach resolution. While attorneys may cover all or some of the legal expenses associated with the litigation, you must still have enough personal income to cover medical or other living expenses. If you have become disabled or your income has become diminished in any way, then it may be impossible for you to cover these expenses and still maintain your standard of living. Waiting until the end of the lawsuit may not be feasible in such circumstances.
Attorneys cannot support you during this time as they do not lend money to their clients; this would cause a conflict of interest that may interfere with the attorney-client relationship. Therefore, Certified Legal Funding has stepped in to fill this gap.
Certified Legal Funding provides pre-settlement advances with respect to anticipated recoveries for personal and work related injury claims and lawsuits. The amount of the advance depends on the client's needs and the recovery potential of the case. Such funds may be used for any purpose including living expenses, medical treatment, education, mortgage or rent payments, car loan payments, etc. and may provide the financial security necessary to resist the temptation to accept unreasonably low settlement offers and to ultimately achieve a more favorable resolution of the case.
Principal Features of Our Investment Program
The principal features of our investment program are as follows:
- Interest - The advance will accrue interest at 3.5% per month, compounded monthly. Built into the advance would be an underwriting fee plus an origination fee of 15% of the amount advanced. All payable out of the recovery.
- No monthly payments - The advance and accrued interest would be due and payable out of recovery at the end of the case.
- Recoup of investment - We purchase an assignment of a portion of the recovery of the case. The investment and profit are recouped from the proceeds of any settlement or judgment.
- Control - You and your attorney would continue to retain complete control over all aspects of the case and any settlement negotiations.
- Streamlined process - Requests for information are focused on the facts and documents we need to evaluate the client's claim and we strive to limit our imposition on counsel's time. We will determine whether to fund the client's request, promptly after we receive the information requested by us; If it is approved, an agreement will be sent to you for your attorney and you to sign. As soon as the signed agreement is returned the funds will be forwarded to you.
After receiving your application form we contact your attorney in order to request information on your case. Once we receive the information, our underwriting department evaluates your case and determines whether to approve the purchase and the amount of the approval. As soon as it is approved and the documents executed, we will forward a check to you. There is no need to appear personally. Everything is being done through fax, mail, or e-mail.
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