Personal Injury Cash Advance
Pre-settlement
funding is money being advanced to victims in personal injury cases to
assist with financial strain up until the compensation settlement.
The
term pre-settlement funding also known as personal injury cash advance
was coined to differentiate between different types of cash advances
that are available to consumers.
Pre-settlement
funding applies only to individuals with a pending personal injury case
or claim. In that respect it is very different from other types of
advances or finance that requires collateral or an acceptable credit
record in order to qualify.
Personal injury cash
advances are also referred to as pre-settlement advances and
post-settlement advances, litigation funding, accident funding,
personal injury funding and non-recourse advances.
At
Brisbane Capital we give you, the client, full and clear disclosure
regarding the cash advance, including the total amount of the cash
advance; an itemisation of all fees; the annualised interest rate on
the cash advance; and the total amount to be repaid. Should the loan be
paid back earlier, you only pay interest to the day that the advance is
repaid.
Brisbane Capital also offers a "five-day right" to cancel the contract without obligation or penalty;
What types of cases qualify for funding?
Brisbane Capital invests in many types of cases, including:
- Personal Injury Lawsuits
- Motor vehicle, Aircraft and Boat Accidents
- Industrial and Workplace Accidents
- Worker's Compensation Cases (WorkCover)
- Medical Malpractice
- Professional Indemnity
- Sidewalk, Walkway and Stairway Accidents
- Public Liability
- Product Liability
- Slip, Trip, Fall and other Premises Accidents
- Burns, Soft Tissue, and Other Injuries
Pre-settlement advance qualification
In
order to qualify for this kind of cash advance you must either be a
plaintiff in a pending lawsuit that contains one or more personal
injury causes of action, be a claimant with a pending personal injury
claim that has not yet reached the litigation stage or have a
settlement offer or settled claim or case but have not yet received
your settlement funds.
The term personal injury
refers to most types of accident or incidents with the most common
being car accident and workplace related. However we will provide a
cash advance to even the most exotic kind of personal injury cases and
claims such as dog bites, professional indemnity, public liability and
even false arrest and imprisonment cases or claims.
It is recommended that a plaintiff seeking funding consult their solicitor regarding the need for this type of funding.
How do personal injury cash advances work?
In
a personal injury cash advance you do not actually apply for a loan in
the traditional sense. There is also no collateral or security other
than the eventual proceeds of your case or claim. Because of this there
is no credit record check. This helps people will little or no credit
to qualify. It also allows individuals who are not Australian citizens
or permanent residents to be eligible.
In which countries are these advances available?
These advances are only available in claims being brought about in Australia and in any State within Australia.
Pre-settlement advance maximum amount calculation
The
actual amount that you can obtain depends entirely on the underlying
merits of your case or claim or the amount that the case or claim was
settled for. For pending cases or claims a formula is generally applied
that factors in the estimated settlement or compensation amount of the
case or claim and the amount of time that the case or claim will be
outstanding before it is successfully concluded. A good rule of thumb
is ten percent of the estimated gross settlement value for cases that
will require more than one year to be successfully concluded and twenty
percent for cases that will be outstanding for less than one year.
For cases that have already settled or have achieved a successful
conclusion there is no set formula. In those instances we may choose to
advance an amount that is close to or equal to the entire amount of the
net proceeds after deduction of solicitor's fees and expenses that are
chargeable to the injured person minus whatever interest is charged.
Can a declared bankrupt apply for a personal injury cash advance?
A declared bankrupt can only receive a personal injury cash advance if he or she has been discharged.
Pre-settlement advance usage restrictions
Generally
there are no restrictions on what the recipient of a cash advance does
with his or her money. An injured person can pay the rent or bills or
even take a holiday. Spending the money is entirely at the discretion
of the individual who receives the cash advance. We however encourage
borrowing be kept for essential living expenses and necessities.
You can also instruct us to direct loan funds to pay
a doctor, hospital or other health care professional. This assistance
to your case or claim related healthcare costs is in direct response to
some insurance companies and/or WorkCover “cutting off” or denying
benefits to injured individuals before their recommended course of
treatment is completed.
Individuals often have the
burden of paying for their own healthcare expenses. For those that do
not have private healthcare coverage the only viable option is to have
a cash advance for any necessary additional treatment. This conundrum
is especially prevalent when surgery is recommended by an injured
individuals treating doctor. Most surgical procedures are recommended
after a course of conservative treatment that usually lasts 90 days.
Sometimes an injured individual has a choice between not getting a
necessary surgical procedure or obtaining a cash advance to pay for it.
How long does it take to get a cash advance?
Brisbane
Capital guarantees that, after receipt of all necessary documentation,
an application is assessed and either approved or not in under a week.
Once
the applicant has signed the personal injury advance documents the
funds are paid into the applicant's bank account within 1 day.
What is the proceedure for getting an advance?
The proceedure is as follows:
- Phone us or send us an email
with your contact details and we will phone you to discuss your
specific claim and to see if it meets the basic criteria for your type
of claim.
- Complete and return an application which can be sent to you via email, fax or post.
- Once we receive your completed application, a
preliminary assessment is made and we then discuss and request further
information relating to your claim from your solicitors.
- When the requested information is received back from your solicitors, a final assessment is made on your application.
- If approved, the documents are drawn up and posted to you for your approval and signature.
- When
your completed documents have been returned and
received by us the documents are sent to your solicitors and once
receipt is acknowledged, cleared funds are deposited directly
into your nomined bank account.
Once I have an advance, can I apply for further advances?
As your matter progresses and the outcome starts crystalising, we can
better determine what the final outcome will be and we will be
happy to consider assisting you with more advances as required against
your settlement. It is often better and less costly for you to have multiple
small advances as compared to one large advance.
Do we take an active role in your case or claim?
We
cannot, under any circumstances, determine how the injured individual's
case or claim is handled. Tactical legal decisions are solely within
the purview of the injured individual and his or her legal
representatives.
Our contact details here
Online contact form here
Loans are subject to our credit criteria.
Service specifications are subject to change without notice.
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