Why Pre-Settlement Companies Speak With Your Attorney
If you’re injured and involved in a personal injury claim, you might be able to sell a portion of your future expected settlement proceeds for an advance of cash. Whether you need money to help you cover bills or help pay for groceries, we’re just giving you options to access it sooner.
At Peachtree Financial, we work with companies that offer cash advances while you wait for your claim to settle. How much you can get depends on several factors, including the details of your claim. Before giving you a final offer, the company who offers you an advance will need to speak with your attorney.
Your lawyer is familiar with your case as well as the local and state laws that might influence your personal injury claim. They are the experts on your case, and pre-settlement companies will not offer an advance until they get the information they need from your attorney.
What Information They Might Ask For
Every personal injury claim is unique, and each company has different guidelines that help them create an accurate offer. However, most of the questions they’ll ask will fall into three general areas: Details about your case, what they expect the final proceeds to be, and how long they think the case will take.
Strength of your case
Companies take a risk when they offer you an advance. If your attorney isn’t successful in resolving your claim, the company cannot receive the money they purchased because pre-settlement funding is non-recourse . This isn’t a loan, it’s an advance on your claim.
If your attorney has a strong case, it’s more likely that they’ll get you your settlement, which makes it less risky for companies to offer you an advance.
Expected size of settlement
You know what your medical bills are and how much your injury cost you in lost income, but each state, county, or town has their own laws for personal injury claims. Your attorney knows these laws and how they’re interpreted.
Your personal injury attorney will try to get you the maximum amount, but it’s not always guaranteed that they’ll be successful. Because of this, your lawyer often has an estimate of what they expect the results to be.
In general, the higher your expected settlement is, the more companies will be willing to offer as an advance.
Get Started By Knowing Your Options
After having their questions answered by your attorney, pre-settlement companies use their answers to help them determine what portion of your claim they will offer to purchase for you to get the advance you need. Then, you can decide if accepting the offer is something you want to do.
By their nature, every personal injury claim is unique, and speaking with your lawyer is the best way for companies to get a better understanding of your case. If you’re involved in a personal injury claim or lawsuit and need cash now, contact Peachtree Financial. We’ll connect you with a company that can purchase a portion of your settlement proceeds for money you can use while you wait for your case to settle.
Peachtree Financial does not offer legal, tax, or financial advice. Please contact independent professionals for those services.