Although most of us wish we never had to go to court, attend dates and hearings, or even sit at the same table with representatives of the insurance company of the accused/defendant, these scenarios happen more than often. In such cases, it can prove extremely helpful if we understand and know what steps to take during a settlement process and how to advance it.
Read on, as in the text below, we’ll discuss our thoughts and ideas on the issue as it might help you and prove beneficial.
What’s a settlement advance?
If you’ve never heard of the term before, in short: a lawsuit settlement advance is a type of funding that provides cash to plaintiffs before their case is resolved. This has proven to be extremely beneficial for individuals who want their case to be resolved in the shortest time possible, quickly, and without much “rumble”. It allows you to move on with life, covers pressing financial needs, and never turns back on the whole experience. And with these settlement advances, you can finally have your inner peace in no time.
Find a reputable and reliable funding company
First on the list is to find a reliable and reputable company, recommended by a number of people, and with a positive public image. Such companies exist, so don’t worry, but it is our duty and responsibility to inform you that not all funding companies are created equal, and some may have hidden fees and charges. In fact, many lenders will make you part of a shady and quite scandalous pre-lawsuit settlement scenario you’ll want to avoid at all costs. Take our word for it, the last thing you need is to get involved in such scenarios. The best way to avoid this is to apply for a lawsuit loan from a company known for its excellent service, impeccable reputation, and unprecedented professionalism. Ask around, check online, and look for recommendations. Also, the things YOU can do to avoid getting into any shady deal are: read the fine print at the bottom and avoid companies that insist you talk to “their” lawyer while advertising “fast and easy” cash options without mentioning the source. And before you make any final decisions, ask a professional attorney to look at the contract before signing it.
Prepare the needed documentation
Before applying for a lawsuit settlement advance, you’ll most likely be asked to provide a number of documents (half of which you’ll have no idea what to do with), such as court filings and medical records, as well as other relevant documents. Don’t worry, you’ll be informed by the company about everything, and this is all for the sole purpose of expediting the evaluation process. Take our advice; the quicker you gather all these documents, the faster the funding company can review them and your case. A quicker decision can save you a lot of time and trouble.
Negotiate with the defendant
It’s always better to hold “peace talks” and try to reason with the defendant rather than pursue the lawsuit, go to court hearings, and wait for the final judgment of the judge and jury. Therefore, if the defendant is willing to settle, you’ll still be able to obtain a settlement advance faster than if you had to wait for the case to go to trial. This way, you can avoid the time and expense of a trial, and thereby receive a much faster resolution to your case. But, before going for such settlement offers, it’s needless to say you should consult with your legal counsel and ensure the decision you’re about to make is the best possible one.
Carefully consider the terms and conditions of the advance
First, we need to clarify one thing: lawsuit settlement advances are not loans. Instead, we can look at them as a type of funding provided to plaintiffs before the case is even resolved. But, this has its downsides as the fees and interest rates are much higher than traditional loans. So, before accepting a settlement advance, it’s important you carefully consider all the terms and conditions of the said agreement. Make sure to understand perfectly all the fees and rates, any potential repayment obligations you might have, and any relevant information there is. All this is possible because, with careful evaluation of the terms and conditions of an advance, you can rest assured and sleep well at night.
Hire an attorney
Of course, having legal counsel at all times by your side will help you immensely in making the right decision. An experienced attorney will give you an insight into all the little details of the agreement at hand and give you all the advice you’ll need to make the right decision. Believe us, although most of the points in the agreement are more than clear, there are always the things you don’t understand or simply miss due to a lack of proper knowledge. Therefore, make the effort and hire someone well-acquainted with all the little details.
Be prepared to provide additional information
Sometimes, even after you provide everything you’ve been asked to and all the necessary documentation and information upfront, the funding company may still require additional documentation. Nevertheless, always oblige such requests and make sure to gather all the requests as quickly as possible. You’ll help yourself, as it will speed up the whole evaluation process.
LexTranscribe knows that precise legal transcription services are crucial during the settlement process. Everyone involved in the case, from law firms to the courts and the parties involved, need to ensure that court proceedings and legal procedures are accurately recorded, which can be useful as evidence during negotiations. Legal transcriptions make it easier to reach an agreement by ensuring that both parties understand the situation. Moreover, legal transcriptions can be used as references in future disputes, giving a clear and detailed account of the proceedings.
Be realistic about the potential outcome of your case
One last piece of advice, before applying for a settlement advance, it is important to be realistic about the potential outcome of your case. If your case is weak or unlikely to succeed, it may be difficult to obtain a settlement advance or to secure a favorable settlement. Conversely, if your case is strong and likely to succeed, you may be able to obtain a settlement advance more easily and at more favorable terms. Working with an experienced attorney can help you evaluate the strength of your case and make an informed decision about whether to seek a settlement advance. We tell you this with the best intention so as not to get upset and to be prepared for every possible scenario, even an initial rejection by the funding company. But, believe us, nothing is lost, and by carefully doing everything as said, you’ll get the advance.
All in all, getting the settlement advance should not be troublesome if you take all the right steps. By being punctual and on point, you can speed up the evaluation process drastically, and by being careful, you can save yourself from scammers and avoid unpleasant scenarios.
