The majority of people suffer a lot during the long-drawn process of settling the insurance as they majorly deal in the live paycheck-to-paycheck process. As a result, people are forced to frequently accept anything that is offered, even if it is far less than the fair value of their claim. Taking this low offer leads to long-term financial instability as families struggle to get their lives back on track.
Consumer legal funding is a long-drawn and complicated process, that is why it is crucial to be completely aware of it. There are many reliable websites that help you gain complete knowledge about the entire process. click here for complete information.
Consumer legal funding is a purchase and has many consumer-friendly benefits over the other credit products. It never affects a person’s credit—meaning no foreclosure, collections, or repossession. Because it’s a purchase, no debt is created, so if the person loses the case, the person can keep the funds without a personal obligation to repay. The consumer legal funding providers are paid only out of the incomes of a legal claim, there are no monthly payments and interest involved, just a purchase price.
Sale terms are upfront, clear, and are reviewed based on the person’s attorney, which is a level of protection adopted for most of the financial products. People and their attorneys exactly understandthe amount they will pay and the amount they will receive, without any hidden fees or complicated calculations. This is clear even before the individual gets into and signs the contract.
Consumer legal funding does not consider attorney fees or court costs. Let’s look into the process of getting consumer legal funding without any complication or confusion:
- Consumer Contact
The consumer has to contact a reliable consumer legal funding company like Baker street funding to seek funding on a pending claim.
- Verification
The company verifies if the consumer is represented by an attorney to check if the pending legal claim is legitimate.
- Case review
With the consumer’s explicit permission, the company reviews the potential value of the claim with the consumer’s attorney. The consumer legal funding company then looks into and derives an independent funding determination. The funding is usually 5%-10% of the expected claim value.
- Purchase Agreement
The consumer legal funding company then sends a Purchase Agreement, with concise and clear terms, to the consumer, looking into the reviewing and approval process of the claim. Both the consumer and the attorney needs to sign off on the Purchase Agreement.
- Funding
After the final approval is received, the company disperses the funds to the consumer directly for personal use and not forlitigation purposes.
The process of getting legal funding is not as simple as it is assumed to be, it involves a lot of important decisions to be made. To make such crucial decisions it is important to be completely aware of everything associated with the process of getting legal funding. Make sure you are completely aware of the process before you get going.
