Claims Funding is designed to provide an individual with non-recourse financial resources to strengthen a claims application. This enables an individual to maximize the value of a claim and the potential compensation they will receive.
Non-recourse is another term for no win no fee. This means that if your claim is unsuccessful for whatever reason you will not have to repay the funds that are advanced or the relevant interest charges.
Funding can be used to cover legal fees & disbursements, medical costs and living expenses. Our services are designed to not only assist with the claims process but also to ensure you have the resources required to maintain your lifestyle during the claims process and make a full and speedy recovery from any injuries sustained.
No. You can repay the funding once your claim has settled and compensation has been received. There is no financial incentive for repaying the funding monthly instead of when the claim settles. This is a unique selling point of our service.
Our funding is not dependent on securing an ATE policy. This is something you may wish to consider however in order to protect yourself from third party costs in the event of your claim being unsuccessful.
Once you contact us we will complete a quick telephone application to review your requirements. Your enquiry is then transferred to a funding specialist for evaluation purposes. At this point information on your claim will be requested from your solicitor in order to fully review your case. Once this is complete a decision is made on your application.
Once all documents have been received from your solicitor a decision on your application is usually made within 48 hours. At this point you will be required to sign a loan application form along with a letter of authority which you will need to forward to your solicitors.
Once an offer is made and accepted by you we will require a signed undertaking from your solicitor. Once this is received and the 14 day cooling off period has passed funds can be transferred within a matter of hours.
The funding partners are required by the FCA to complete a credit check on all applications. This is required to verify that you are not insolvent and that you have the right to bring a claim forward. Once this information is received the funding executive will contact you directly to review your circumstances in detail. A decision will then be made on your case with your claim always being the major decision in the approval process.
There is no requirement to get independent legal advice but it is advisable if you so wish. Our services are simple and straight forward and all documentation provided clearly lists of terms and conditions as required by the FCA.
The loan is repaid once the claim is concluded. In special circumstances however the repayment of the loan and interest charges can be demanded immediately if you act in any way which might undermine the good faith of this relationship. An example of this would be disengaging with your solicitor and/or failing to assist your solicitor with the progression of your case.
If you have good reason to disengage with your solicitor, you may instruct a new law firm. On this basis a new letter of authority will be required from your new solicitors as per the terms of service. If your new firm are unwilling to give an authority on your case you will be in breach of contract and full repayment of the loan and interest will be payable immediately.
If for no good reason you decide to discontinue proceedings the loan plus interest will be repayable by you. If, however you are advised during the course of the litigation that a successful outcome is unlikely you may be advised that the best option is to continue only on the basis that each party bears their own costs. In circumstances like this the loan and interest charges will be written off.
There is no legal requirement to inform the third party once claims funding has been secured. Your solicitor may wish to include the costs associated with this funding in your claim however as the interest charges may be recoverable from the third party as part of your claim for damages.
Once you contact us an advisor will complete a quick online application to understand your requirements. Once this is complete your details are transferred to a senior executive in the litigation funding team for review purposes. This executive will then contact you directly to discuss your requirements. Once an application is approved a funding document must be completed and returned. Once this is received funds can be advanced within a matter of days.
Once the application has been approved and all required documentation has been returned funds can be approved in as little as 48 hours. Our service is streamlined and designed to facilitate your requirements in the fastest possible timeframe.
The funding is charged on a simple and straight forward interest basis. On funding applications up to £1200 we can offer 0% interest provided ATE is purchased. The interest charged on applications over £1200 will depend on the sums required and the particulars of the case. These will be confirmed once your requirements are assessed. All funding is offered on a non-recourse basis which means that if the claim is unsuccessful for any reason you do not have to repay the principle.
The funding is offered on an unsecured basis so the funding partners will require an undertaking from your firm acknowledging that the principle along with the interest will be repaid once the claim settles and funds are received.
Our funding partners are required by the FCA to complete an assessment of the clients financial circumstances. This is to ensure they are not insolvent and have the right to pursue a claim. All information will then be reviewed by the funding team with the claim itself being the key factor in the approval stage.
If a client decides to use an alternative solicitor an undertaking from the new solicitors will be required. If the new solicitors are unwilling to facilitate this then the original agreement will be in breach of contract and all funding and interest will become payable immediately.
Funding can be applied for on claims that have been engaged on with solicitors and those in the early stage of processing. We do however encourage early contact so that we can discuss your specific requirements.