What You Need to Know about Litigation Funding
Litigation Funding is provided by a third party to allow costly arbitration cases or litigation to proceed. The claimant can request part or the entire financing required to cover the legal costs from a private funder like Claims Funding, as long as the third party doesn’t have any direct interest in the court proceedings. When the case is settled and only if won, the litigation funding company will either receive a share of the compensation received or the repayment of the capital they have provided along with the interest rate which is agreed prior to advancing funds. In the event the claim is unsuccessful the litigation funding company will not receive anything. This provides an individual with the security that they will not have to face additional financial pressures in the event of losing their claim.
The share the funder receives if the case is successful is negotiated with the claimant before any litigation finance contract is signed. The financial reward is either a percentage of the proceeds of the claim or the repayment of the funds along with the agreed interest rate. There are also cases when it can be a combination of the two.
Third party litigation funding allows claimants to proceed with litigation proceedings even if they don’t have enough finances required to cover the legal costs, disbursements and additional costs associated with running a claim. This gives every individual a mechanism through which they can seek access to justice regardless of their financial status.
Who can apply for Litigation Funding?
Litigation Funding is available to individuals or companies that have started proceedings for damages caused by legal wrong. Litigation Funding is provided to the claimant, but the solicitor involved in the claim has some obligations to fulfil as part of the funding agreement. When the claim is successful, it is the role of the solicitor to repay the funding along with the relevant interest charges from the proceeds of the settlement prior to releasing the balance to the claimant.
What can Litigation Funding be used for?
Our litigation funding solutions are designed to cover all legal fees and disbursements as well as any medical costs and personal expenses incurred by an individual during the claims process. Our funding can be used to pay for:
- Legal Fees & Disbursements
- Consultants & Experts
- Court and Issue Fees
- Counsels Fees
- Medical & Specialist Reports
- Medical & Rehabilitation Costs
- Personal & Living Expenses
- Additional Disbursements
The prospect of facing a legal court battle can be quite scary. However, the need for lawsuits is a growing trend in both business and personal circumstances. Therefore, if you’ve been wronged by another party, it can in multiple circumstances result in litigation being required.
Unfortunately, money is the one obstacle that stands in the way of many claimants getting their access to justice. Securing the money to fight a legal case can be an extremely difficult and stressful process. This is where we can help. We promote non recourse solutions designed to remove the financial burden, strengthen claims and ensure our clients get the access to justice they are legally entitled to.
Third party litigation funding is the process of acquiring the necessary funds and it can make all the difference between success and failure. By using our services we give you the financial resources required to maximise the value of your claim.
What situations may require Litigation Funding?
The most logical opening question of any lawsuit funding applicant is whether their case qualifies. In the modern world, there is a long list of scenarios that may require a court jurisdiction. Essentially, if your situation falls into this category, then you’re probably eligible to apply.
Whether you are applying for third party funding as an individual or a person isn’t overly important. The list of potential cases include, but are not limited to;
- Personal Injury Claims
- Commercial Claims
- Public Liability Claims
- Employer Liability Claims
- Medical Negligence Claims
- Financial Claims
- Time Share Claims
- Property Claims
Regardless of the individual scenario, financial obstacles shouldn’t stop you from fighting that battle. With third party litigation funding, it no longer needs to.
What does Litigation Funding Cover?
Regardless of the reason for needing to file a lawsuit, it’s imperative that your case is represented by the right solicitor. Legal funding gives you, the claimant, the resources needed to gain the best help throughout the pending case.
Those funds can be used to cover a whole host of different expenses. In addition to lawyer fees, you may need the financial support for court fees, witnesses, and medical reports. Whether you require the full amount or just a percentage, litigation finance ensures that you won’t fall short of the mark.
Aside from physical costs, third party lawsuit funding gives you the comfort of knowing those elements are no longer an issue. In turn, this will afford a much greater sense of clarity that can only help you throughout the ensuing battle.
Why is Litigation Funding Needed?
In short, it isn’t always a necessity. If you have the money to fight your legal battle without external input, then that’s great. But for the average individual or small business, meeting those various costs is virtually impossible. Unfortunately, missing out on any of the vital elements could cause huge damage to your case. Ultimately, that’s the chief reason for needing third party funding.
Entering a legal procedure is no laughing matter, and the fact you’ve started it shows that you have something worth fighting for. Whichever way you look at it, financial backing is a necessary component for representing your case well. Fail to do this, and you immediately hand the initiative to your opponent.
Moreover, funds acquired through Claims Funding UK also come with a ‘no win, no fee’ guarantee. Therefore, the very worst scenario is that you end proceedings with the same financial situation. Go it alone, especially half-hearted, and you could find yourself in a worse position than what you started in.
Court proceedings are a huge waste of time, money, and effort if you don’t gain the verdict you desire. Litigation funding can assist your chances of making that happen.
What does the process Involve?
If you are in a situation that requires legal funding, our application process is pretty straightforward. More importantly, our services are quick, transparent, and tailored to your needs.
As an applicant, you can borrow anything between £1,000 and £1m+ to cover those legal costs. Once the initial enquiry has been made, our experts will review your case with our funding partners. Assuming the application is approved, funds are made available as soon as the legal cooling off period has passed.
Then it’s up to you and your legal to win your case. If you do, your funding is repaid after your solicitor has received your compensation payment. If you lose, you won’t be required to pay back a single penny.
There’s nothing wrong with seeking a helping hand from time to time, particularly when your financial future is involved. If you need funding to support you throughout your pending lawsuit, litigation finance services are the only answer.
Offering a contemporary and flexible approach to litigation funding, we provide comprehensive third-party litigation funding services that cover a wide range of legal costs, as well as personal expenses for the length of litigation and arbitration. These litigation loan finance services are available with no repayments until your claim settles and on a No-Win, No-Fees basis.
Whether you are a business or an individual fighting for a court settlement, get in touch with us for litigation loan services that can take the financial strain off your shoulders. For more information on our Litigation Funding solutions please contact our office for a free no obligation review. We will be more than happy to discuss the various litigation funding solutions we have available which can assist you in pursuing your access to justice on a non-recourse basis. Contact us today!