3 Missteps To Avoid For Those Seeking Lawsuit Loans And Settlement Loans
The phrase, "lawsuit loans" and "settlement loans" gets quite a few searches on the net daily Exactly why are people searching for those terms?
Every day people use the internet for getting information. They type words that describe what they are searching for into search engines such as Google, Yahoo, Bing and the like. They have a number of motivations. Virtually all motivations can be split into one of two groups; pleasure seeking or pain avoidance. Pleasure seeking is positive, in search of something they want. Pain avoidance is negative, trying to avoid what they don't want.
Searches on litigation funding will be made by individuals with both positive and negative motivations. This informative article takes aim at only the negative, "Pain Avoidance" side, exploring the 3 things, actions, points or mistakes to most strenuously avoid.
By way of overview of the general problem here, you need to understand that obtaining either a lawsuit loan or settlement loan may prove vital to your success in your underlying claim. Without pre-settlement loans, individuals are often unable to continue to fight to assert their rights against the party that injured them.
You also need to know some of the specifics. For instance, to succeed in obtaining the financial assistance desired, you must demonstrate several things and avoid requesting settlement loans and lawsuit loans prematurely.
What is it that we have to avoid? And explain to me, just why should we wish to avoid that?
Once you know you must deal with certain elements that must be clearly demonstrated, and this varies for each type/classification of lawsuit, then clearly you'll want to expend the requisite effort to satisfy these elements. Such elements are often referred to as the "burden of proof."
Now, following that background and analysis, listed here are the 3 things to most carefully avoid:
To begin with, avoid submitting "frivolous" claims to obtain settlement funding. To obtain serious consideration, the claim must be meritorious. Simply stated, were a reasonable person to review your claim, would they be able to know that you have a reasonable basis on which to claim damages as a result of the party against whom you have filed your claim? The principal reasoning in this is that that frivolous cases are a tremendous burden on all Court dockets and, at least in most instances, repugnant to jurors in whose hands the case will rest if the case goes to trial and the presiding-judge rules that the plaintiff may, by law, proceed in the action. Therefore, most underwriters who must determine whether a case is worth funding will deny requests for lawsuit loans and settlement loans in such cases.
How much avoidance of this first "must avoid" issue is sufficient? There are no exceptions!
Second, avoid submitting requests for funding prior to your claim being sufficiently "ripe" for litigation funding. This simply means that you must be able to demonstrate damages prior to obtaining funding. And, tell me, just why would that be? It is the verifiable damages that will determine the value of your claim. Therefore, if you have a medical malpractice claim, you must have an expert's report identifying the malpractice, costs/expenses incurred, etc. to establish the value of your claim. Prior to being able to produce this information, your case is not sufficiently "ripe" to present for funding.
How can we tell what is actually enough or excessive? It is enough if you satisfy your burden of proof and you have documentation that supports the basis of your claim and damages arising therefrom. It is excessive if you attempt to incorporate superfluous data that have no bearing on either the true nature of your claim or damages arising therefrom .
Third and finally, avoid submitting an incomplete application in your request for either a settlement loan or a lawsuit loan. The reason behind that is that those who work to obtain the funding you request are typically very busy and will review your application based on what you provide. If you fail to provide sufficient contact information, etc., your claim will be dead-in-the-water. Remember, you're the one requesting the funding!
O.K. now how are we able to tell if this is being avoided sufficiently? It is important that you review your application for thoroughness. If you have done so and both you and your attorney are cooperating with underwriters et al., you have done all that is reasonable.
Just avoiding the pitfalls doesn't necessarily mean that you win the battle, but you'll have a better shot at benefiting from the rest of the positive aspects from the ability to obtain lawsuit loans and settlement loans.
by: Dr. Tom Rhudy
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