Claims Funding are a specialist company that provide brokering services for litigation funding and ATE Insurance. Our solutions are designed to strengthen the claims process and protect claimants against the risk of adverse costs in the event of unsuccessful litigation. To find out more please contact us for a free review.
Funding can be used to cover legal fees, disbursements, medical treatments, personal costs, businesses expenses e and living expenses. Our solutions are designed to not only assist with the claims process but to also ensure claimants have the required resources to maintain their lifestyle and manage finances during the claims process.
Our funding companies provide a range of solutions. They can offer flat rate interest funding as well as hybrid funding models with interest and a percentage of damages. The specifics and terms will vary depending on the type of case, the requirements and the funders interested in your application.
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.
Non-Recourse Loans do not require ATE Insurance. If you require funding for legal fees and disbursements the funding company may insist on this insurance cover. This is something you may wish to consider regardless 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 the funding company will carry out a detailed review of your case. Depending on the complexity and the requirements this can take a number of days or weeks. Whilst we have no control over our funding approval times we will always endeavour to have our clients applications progressed as quickly as possible.
Once a formal offer is made and accepted the funders will require signed documentation from the claimant and legal team. 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 by the funding companies will clearly list all terms, conditions and requirements as required. We would advise that these are reviewed in detail with your legal team.
If your application has been approved you will be required to complete a loan application form and to get your solicitors to sign a letter of authority. Both of these documents will be sent directly to you and your legal team by the funding company.
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 the funding 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 the claim is unsuccessful the loan is written off. If your application is approved all specifics, terms and conditions will be presented to you and your legal team by the funding company in advance of completing the application.
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 with the funding company. 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 free no obligation review of your case and requirements. If your case meets the criteria for funding we will send you applications forms and request copies of supporting documentation relating to your case. Once all documentation is approved the funding application is then sent to our third party funders for underwriting. They will then carry out a detailed review of your case and requirements and start their due diligence on the case. During this time the funders will discuss matters directly with the claimant and legal team to gather as much information as possible. Once the funder has completed a full assessment of the case they will then make a decision on the funding application.
Applications can be provisionally reviewed in a couple of days. The funding and due diligence process can take a number of weeks/months however depending on the complexity of the case, the availability of supporting documents and the co-operation of all parties concerned. We will always endeavour to progress applications as quickly as possible for our clients.
We promote non-recourse funding from £1,000 - £1m+ on a case by case basis. Funders will typically only assess applications where the claimant is looking for funding of 10-15% of the projected claims value.
The funding will be advanced directly to your personal, business or solicitors account by wire transfer as per your requirements. This will be verified during the due diligence process with the funding company.
The funding is charged on a simple and straight forward interest basis. The specific rates are set once the funding company has completed due diligence on the case and the requirements of the claimant. All funding is offered on a non-recourse basis which means that if the claim is unsuccessful for any reason the funding is written off.
Our funding companies offer non-recourse solutions to cover a wide variety of claims including Personal Injury, Professional Negligence, IP Infringement, Commercial Disputes, Financial Claims and much more.
The funding is offered on an unsecured basis so the funding partners will require an undertaking from your legal representatives acknowledging that the principle along with the interest will be repaid once the claim settles and funds are received.
It depends on the type of loan. Some of our funding companies are regulated by the FCA and only issue CCA agreements which are regulated. Some funders deal exclusively with business funding which is traditionally unregulated.
Our funding companies 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 company with the claim itself being the key factor in the approval stage.
If a client decides to use an alternative solicitor after funding has been advanced the funding company will require an undertaking from the new solicitors. 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 to the funder immediately.
Funding can be applied for as long as the claim is in progress and there are supporting documents to verify the specifics. Funding can take a number of weeks/months to complete so we encourage applicants to make contact asap.