Should You Purchase Structured Settlement Advances?
A settlement advance is a new financial vehicle and it is used primarily to get money to the injured now rather them expecting them to wait for the judicial system to award them. In most cases the injured cannot wait for the system to award them the money via hearings and appeals, keeping up with lawyer payments and then get the settlement. A settlement advance will review your case and determine if you can win and then will award money.
There is an application process in order to be awarded an advance, and this is accomplished with a few simple questions about your case. The advance company will want to know who is representing you legally, the fees associated with your representation. Additionally they will need to evaluate the likelihood of your winning the case as this will affect their receipt of the money. Because they only make money if you make money they will not require any type of credit check.
The settlement advance firm will evaluate your documents with their legal staff to determine the likelihood and value of your case. They usually make these decisions in 24 to 48 hours. However, the time may be longer depending on the complexity of the case and how quickly they can get questions answered from you or your lawyer. Make sure you give the advance company a phone number that you can be reached on at any time.
Your legal situation needs to be evaluated thoroughly before the settlement advancement company will award you anything. The decision process is usually completed within two or three business days. If the case is really complex it may take a little longer to accomplish the review. Additionally they will have several questions for your lawyer and time is needed to gain a greater perspective on the case. You will also want your contact information to be up to date for both you and the lawyer.
Your likelihood of winning the case is what will really affect whether or not you are awarded the advance. They will have to balance the risk of you losing the case with the amount of money they stand to gain on your case. Usually the advance company will charge anywhere between 18 and 30% interest on the amount they advance to you.
Learn more about any given structured settlement company, Stop by Jared Cruse’s site where you can find out all about an annuity cash out and what it can do for you.
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