subject: Purchase Structured Settlement Advances [print this page] The settlement advance is a new financial instrument that is used for injured people to get money now instead of waiting for the judicial system to award it. Often the injured can't afford to wait for a judge to hear the case, go through appeals, keep coming up with money for the lawyer, and eventually get a settlement. The advance reviews the case, advances you money, and only gets paid back if you win. Here are the basic steps: This is generally a simple application that asks about you, how much money do you make per year, lawyer fees you are currently paying, who is your attorney, and your side of the case. Since the fact that they only earn money if you win the case is true they generally won't ask for a credit check because they aren't asking you to pay them back.
The next step is to fill out a form that allows your lawyer to share details of the case with the legal advance company. They are usually happy to do this because they know you'll use the money in part to pay them their legal service fees up front.
The settlement advance firm will evaluate your documents with their legal staff to determine the likelihood and value of your case. They usually make these decisions in 24 to 48 hours. However, the time may be longer depending on the complexity of the case and how quickly they can get questions answered from you or your lawyer. Make sure you give the advance company a phone number that you can be reached on at any time.
Your legal situation needs to be evaluated thoroughly before the settlement advancement company will award you anything. The decision process is usually completed within two or three business days. If the case is really complex it may take a little longer to accomplish the review. Additionally they will have several questions for your lawyer and time is needed to gain a greater perspective on the case. You will also want your contact information to be up to date for both you and the lawyer.
Whether or not you are offered an insurance advance for your settlement funding will be determined on how likely they feel you can win the case. It needs to be a combination of the risk of them losing money if you lose the case and how much they can take advantage of you in the mean time. The advance company is taking a huge risk on any legal case and in order for them to make money they will charge between 18 and 30%.
by: Jared Cruse
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