How wonderful! Ive been informed that my case qualifies for lawsuit funding. How does that help me? More significantly, how many of those cases that qualify are actually successful in obtaining the settlement loans they seek? Just what does make the difference?
The industry out of which lawsuit funding is spawned is quite intriguing. Since Ive been involved with this industry, viewing it through the eyes of both an attorney and healthcare provider, one thing is unmistakably clear – the vast majority of cases that are submitted for pre-settlement loans get denied right out of the starting-gait! To what can this be attributed?
Unequivocally, the vast majority of individuals who seek settlement loans are unable to demonstrate that theyve sustained any specific losses/injuries. For those individuals who are unable to demonstrate such losses/injuries, it is extremely unlikely that they will prevail in the underlying lawsuit. It would be virtually impossible for them to succeed in obtaining settlement loans.
Make no mistake about it, it is very easy to file a lawsuit in this era. Contrariwise, it is often very difficult to prevail in the lawsuit once it is filed. Plaintiffs should keep uppermost in their minds the fact that the defendants are going to be viewing the situation, in almost all instances, quite differently than do the plaintiffs. Many plaintiffs find insurance carriers extremely reticent to pay out any money to plaintiffs for alleged injuries/losses. Never forget, those cases that are unlikely to prevail in the underlying litigation have virtually no chance of succeeding in obtaining settlement loans.
If you intend to obtain a pre-settlement loan, remember its your responsibility to clearly document what it is that you sustained by way of either loss or injury. Failure to do so will doom a case to failure. Therefore, it is prudent to retain competent legal counsel as you navigate these waters.
Many plaintiffs submit applications to Legal Settlement Loans requesting settlement funding as pro se litigants. A fact that is vital for all individuals who seek lawsuit funding is this – without an attorney, it is extremely unlikely that the funding sought will be obtained. Very few funding entities would be willing to advance funds to individuals who have no experience in this arena.
A well-accepted adage in Law is the following: The attorney who represents himself has a fool for a client. Rarely, is this not true in the case of attorneys. It is extremely likely to be the case for pro se litigants who are dealing with adverse parties, parties who are willing to do whatever it takes to see to it that the plaintiff does not prevail in the underlying action.
Furthermore, those pursuing lawsuit funding must be prepared to proffer expert witnesses who are both reputable and credible with respect to the issues litigated. It will be necessary to have an individual who can clearly establish the link between the injuries allegedly sustained and the incident involving the plaintiff and the defendant. An example of this is a recent case brought to Legal Settlement Loans. That case involved toxic mold. The applicant had obtained an experts opinion regarding either the existence of toxic mold or the extent of injuries allegedly sustained.
Success in obtaining settlement loan essentially relies on three key components: (1) the plaintiff must retain competent legal counsel; (2) it is wise to only submit claims for lawsuit loans for which injuries are clearly demonstrable; and (3) the plaintiff must be prepared to produce an expert who is both reputable and able to satisfactorily communicate the link between the alleged incident and the injuries arising from that incident. (Such testimony may be obtained either by depositions or written opinions, to name but a few methods.)
The vast majority of funding-entities offer virtually no guidance to those who seek settlement loans. However, litigation funding experts work very closely with their clients to assist them in finding the pre-settlement loans that are most applicable to the cases submitted. Additionally, these litigation funding experts will work closely with clients to assist them in finding the funding-entities that have the financing arrangements that are most desirable for the clients needs. (Additionally, they will assist their clients in obtaining the funding as quickly as possible.)
Plaintiffs are wise to keep in mind that it isnt sufficient merely to have a case that qualifies for lawsuit loans. If you want to obtain the litigation financing needed to pursue a lawsuit through to an appropriate conclusion, it will be necessary for you to present a case that is ripe for funding.