The National Highway Traffic Safety Administration (NHTSA) has published data reporting that 2 million Americans are injured in automobile accidents every year.
Many injured individuals are able to claim damages for their losses in these accidents and receive compensation from the at-fault driver’s insurance provider or from the victim’s own carrier. The problem, however, is that the length of time required from start to finish of the legal case can be so long that the victim finds it extremely difficult to keep up with financial responsibilities while waiting for a settlement or verdict to be reached.
This is where The Legal Funding Group can help. We are able to help injured individuals with a no-risk cash advance to bridge the financial gap while their lawsuits are pending.
Benefits of Car Accident Settlement Funding
The physical injuries that a car accident victim sustains can be life-changing, adding that the financial difficulties that ensue will make situations worse. Lengthy hospital stays, weeks of missed work, plus keeping multiple doctor visits and therapy sessions all add up to massive amounts of unpaid bills for the injured party. This type of debt can be dealt with through The Legal Funding Group’s car accident settlement funding.
Take a look below at the type of financial relief that settlement funding can provide. Of course, the cash advance can be spent at the plaintiff’s discretion for needs that are most pressing at the time. Among the items that many plaintiffs find important are:
- House payment or rent
- Medical costs
- Car payments
- Legal fees
- Utility bills
- Insurance payments
- Student loan payments
- Other living costs
The negligent party, its legal counsel, and the insurance company can develop a mentality that says the victim will likely be ready to cave and accept a low settlement amount if finances are running thin for the victim. For this reason, insurance companies are known to make an offer early in the legal process that is far beneath the deserved amount of compensation. Sadly, this tactic has worked many times with desperate plaintiffs. Another scheme is for insurers to delay or prolong lawsuits with the purpose of forcing a low settlement.
By seeking a cash advance through The Legal Funding Group, the whole issue of playing the insurer’s game is halted. The plaintiff can now have the upper hand. Our company helps clients in numerous types of legal situations, and we are proud of our record of being able to help vehicle accident victims come out on top with their lawsuits.
Determining the Value of a Car Accident Settlement
The following 3 factors are considered when calculating the worth of a car accident settlement: liability, damages, and insurance coverage. Our underwriters review the application and our legal experts then come to a determination of the fair value of a case.
Liability – Understand that the complexity of determining liability in a car crash situation makes each case so unique that no two situations are ever quite the same. Each state has its own laws, and they can vary extensively from one state to another. The required level of liability that needs to be proven is determined by the state where the accident occurred.
Damages – The extent of any injuries plays a big part in determining the damages of a case. The more grave and serious the injuries are, the length of treatments and the extent of medical care required all directly affect a settlement’s worth. Additionally, each step of the medical process must be meticulously documented with doctors’ recommendations and treatment plans, plus bills proving the steps were all followed.
Insurance Coverage – The settlement will largely be affected by the amount of insurance coverage carried on the negligent driver’s vehicle. Each state has its own requirements for policy limits. Many individuals choose to only carry the minimum amount of coverage required. The amount carried by the negligent driver sets a cap on any settlement. Of course, the victim needs to know the details of his or her own policy as well.
Qualification for Car Accident Settlement Funding
Following are the basic criteria that must be met in order to qualify for legal funding:
- A strong case. The company providing a cash advance based on the estimated amount of a pending lawsuit settlement needs to be assured that the case will end in favor of the plaintiff.
- An attorney hired on a contingency fee basis. The victim must already have a lawyer who is hired on this basis and will only receive payment if the case is won or settled.
- The liable defendant can pay damages. The negligent party can actually pay the amount of damages or the defendant’s insurance company can.
After the above criteria is met, The Legal Funding Group then considers:
Damages – Physical, financial, and emotional loss from the accident, to even include less severe injuries like strains and sprains.
Sufficient Margin for Investment – The funding company takes into account all expenses to be deducted from the settlement. Includes items such as attorney fees and any liens against a jury award or settlement.
Cooperating Attorney – Victim’s attorney must be informed of and be agreeable to legal funding and will provide information and documentation, plus acknowledge the agreement.
Getting Approved for Car Accident Settlement Funding
The process of applying is very easy. Simply complete the application form online or give us a call. We will touch base with you once we receive your request.
Next, we will get the car accident case details from your attorney and send your case to our underwriters. There are no credit checks or employment verifications required. If the merits of your case allow, we’ll prepare a contract for you and your attorney to sign. Of course, you will want to fully read and discuss the contract with your lawyer before signing it.
With everything completed and submitted correctly, the approval process can be completed and funds transferred in as short a period as 24 hours. Cash advance approved, litigation financing completed, funds transferred, and all of it done potentially within a day. Peace of mind can return with a financial burden lifted.
Contact The Legal Funding Group
If you are in need of car accident lawsuit funding services, fill out our online application form today.