Delays In Lawsuit Settlement Payments Create Problems For Plaintiffs
Sometimes lawsuits settle, but the plaintiff has to wait a very long time to receiving their money
. While it is a valid agreement and the money is coming, there may be a delay or a number of drawn-out payments that make it difficult for the plaintiff to financially make ends meet while waiting for it all to arrive. A lawsuit financing company may be able to help.Large Sum
When a defendant agrees to a lawsuit settlement, they may have a limited amount of funding for access to the payments for the plaintiff. This often happens when the settlement amount is very large. The company may not have several million dollars available to pay in one lump sum. In this case, it can be divvied up into smaller payments as part of the legally binding agreement. The individual may consent to take the smaller payments as the only means of guaranteeing any payment at all. To refuse the settlement agreement may mean following the case through a very expensive trial with no guarantee that the jury will award anything to them at all.
Insurance
Some insurance companies are extremely slow at paying out a settlement. This may take several months, depending on the amount and the particular situation. The insurance company will eventually comply, but the delay before the payment creates a hardship for the person that is waiting for the money. Sometimes insurance companies may make annual payments for large sums, which also creates difficulties for the person expecting to receive the money as soon as the case settled.
Partial Payments
When there are multiple defendants in a lawsuit, they may make separate settlement agreements with the plaintiff involved in the case. Alternatively, the defendants may agree as a group to settle the case and each one will pay a certain percentage of the lump sum. Rather than one defendant paying 100%, the plaintiff now receives a payment here for 20%, another for 30%, and so on.
Financing
Since everyday bills and payments that the plaintiff owes for medical or legal expenses have been mounting during the case, the individual may decide they are financially unable to wait for the money to finally arrive. Yes, it is coming, but not fast enough to avoid financial hardship. One option is to consult a lawsuit funding company. They will make one large, lump sum cash advance payment to the plaintiff instead of the individual having to wait. A percentage of the final lawsuit settlement amount will be deducted and kept by the financing company. The rest of the amount will be paid to the plaintiff by the financing company. In turn, the lawsuit settlement payments from the defendants will be made to the legal finance company.
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