Do you have a lawsuit pending? Do you expect to receive a big settlement? Do you need your money sooner than you will get it from the legal system? When people win a large personal injury lawsuit, it can take a long time to get the money from that settlement. Many people look to a pre settlement loan company to help.
Why Do People Need to See a Pre Settlement Loan Company?
For too many Americans, debt is not an abstract thought. At least 20% of American adults is considered to be in “debt hardship.” In February 2015, there were about 3,422 filings for bankruptcy every day. That is a lot. Nearly 62% of all personal bankruptcies in the United States are from unpaid medical debt. Most households around the country have a lot of debt. For the average household, they owe about $15,000 on their credit cards. The total amount of debt for the average household is more than $129,000. If this describes you or if any of that looks even vaguely familiar, you may want to consider talking to a pre settlement loan company.
Tips to Getting the Best Deal on Your Pre Settlement Loan:
- Be honest on your application. Pre settlement loan companies need to be given all of the details of your lawsuit. This includes all your evidence of what happened, what you suffered and everything else that you are presenting to the court and the other side in your negotiations. When you complete the application, you need to be completely honest, straightforward and open. If you exaggerate your claims or omit pertinent information, you will not do yourself any favors. The company who will supply you with pre settlement loan funding needs to be made aware of your complete financial situation. They also need to be made to understand all of the damages, both economic and non economic damages that you have suffered and that are related to your lawsuit. They need to understand what your final settlement value will most likely be.
- Document everything. When you file a personal injury lawsuit, one thing you need to do right away is get medical treatment right away for your injury. This is for a number of reasons, one of them being the fact that judges do not look favorably on people who do not get treatment to make their injuries worse and require more money to help them. It is imperative that personal injury plaintiffs seek out medical treatment. As a corollary to that, you need to get documentation about all of your treatment. Since you have been collecting that for your lawsuit, you should share it with the pre settlement loan company. As you get better, you may be tempted to stop going to the doctor, this would be a mistake. Keep all of your medical appointments to show the extent of your injuries.
- Dance with the date that brought you. At the beginning of the process, you probably hired a personal injury lawyer. You should not change lawyers during your lawsuit. This makes your lawsuit stronger and maintains any valuation it may have. This is important to the pre settlement loan company. It will strengthen the value of the settlement. This lawyer knows your case best so unless something really egregious happens, stay with the personal injury lawyer you hired.
- How much are you applying for? It is important to really think about what you need before you apply for a pre settlement lawsuit loan. If you want to keep the costs of this kind of loan low, you should apply for only the amount that you absolutely need. When you ask for less money, the amount you will pay in fees is reduced. This is a good thing and you will be happy that you were careful later on when you get your settlment.
There are some real pre settlement loan benefits. If you are really struggling to pay your bills each month, and that is not uncommon for people who have been seriously injured by another person’s negligence, this can hold you over until your settlement comes through.