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A personal injury case can take months or even years before it is settled and the victims receive the compensation. Most injury cases have life-altering effects. You may not be in a position to resume work, and this means that your family is affected especially if you are the breadwinner. You also have to deal with medical bills and the cost of buying medication. This is overwhelming, to say the least. When faced with these hefty costs, most plaintiffs settle for what the insurance company offers. The good news is that you do not have to settle thanks to lawsuit funding.
Understanding The Intricacies Of Personal Injury Cases
There are several reasons why personal injury lawsuits may take longer. If the case involves a large settlement, then the insurance will take time to carry out their due diligence. These investigations may take months or even years. Again, insurance companies are always looking for ways to pay as little as they can. It is not unusual for them to drag the settlement process with the hope that the victims will give up and settle for what they offer. They are also known to make quick offers to victims so that they do not pay more in the future.
A good lawyer will advise you to reach what is termed as the Maximum Medical Improvement (MMI) stage before you settle an injury case. If you are still being treated for injuries, settling before you get to the (MMI) stage is an expensive mistake. In most cases, the payout you will receive will be less than what you should have received if you had waited. Once the insurance company has paid a settlement, it becomes tough for you to present other medical reasons as to why they should increase the payout. Pre-settlement lawsuit funding comes in handy in such situations. Here are reasons why you should consider this funding.
Lawsuit funding plans are risk-free. This means that as a victim, you are not required to pay any upfront fees in the form of applications. You will only pay the funding company once the settlement amount is released. If you do not receive any money, then you keep the money given for the medical treatment, and you walk away. This is a risk-free process where the victim wins either way.
Simple Application Process
The application process of applying for lawsuit loans is not as complicated as getting mainstream loans. There is no background check. Furthermore, your credit scores do not matter. The funding company directly contacts your lawyer and gets the details of your case and injury. They also get the validity and merits of your case. Once this is done, they process the papers and give you the money.
Peace Of Mind
Suffering from a life-altering injury case is overwhelming and emotionally draining. If you add financial worries to all this, then you will not have peace of mind through the recovery process. A pre-settlement amount takes these worries and burdens off your shoulder and that of your lawyer. Your lawyer will not be in a hurry to settle a deal for you to ease your burdens. They will focus on getting you a sufficient settlement amount to cater for lost wages and all future medical cost implications.
Legal Funding is a regulated industry
Companies offering pre-settlement funds and other forms of legal funding do so in a regulated environment. Certain best practices have been outlined for this industry and plaintiffs can be assured that they will not be taken advantage of. The national trade associations and the American Legal Finance Association continue to collaborate in their efforts to promote fair regulatory practices.
Do Not Settle For Less
Many plaintiffs have been forced to settle for far less than they deserve in personal injury cases. This is understandable due to the expensive medical costs and the lost wages. An accident can turn your whole life upside down in a matter of seconds. When this happens, you need to be adequately compensated for the damage, injuries, lost wages and even the pain and suffering. With pre-settlement loans, you can focus on recovering without worrying about these bills. The great news is that you have no reason to settle for less than what you deserve.