As with anything else, it’s imperative that you understand clearly what is meant by presettlement funding. This way you’ll know how to determine whether you’re dealing with a legitimate company or a fraud. It’s difficult enough being in a situation where the need for emergency cash is urgent and mandatory … You don’t want to compound matters by falling deeper into a financial pit due to being rushed into a flawed course of action. Be sure the action of your choice is indeed the solution you’re seeking. Here’s some criterion for making that judgment:
1) Are you having difficulty making initial contact with company personnel who can address your immediate concerns?
Is an informed representative easily accessible – or are you dealing with frustrating auto-prompts that refer you to a chain of ongoing extensions that only wear you down.
2) Once you are speaking with an actual company representative, is it the right person … or are you constantly being referred to “someone else who can help?”
And is the person on the other end of the line courteous, aware that your situation is a stressful one, and showing sympathy to your plight? Does this person put you at ease and explain the company’s mode of operation in terms that are easy to follow? Are the questions you pose addressed completely and to your satisfaction? And finally, after hanging up, do you feel a sense of trust in the person who took your call? Was this representative informative and able to provide you with an immediate degree of comfort? Do not underestimate the strength of your own judgment when weighing these questions. Initial impressions are often right on the mark.
3) A major advantage to pre-settlement funding is the understanding that you are not liable for paying back your emergency cash award if ultimately you lose the suit.
Unlike a loan, where repayment (with strong interest fees) is mandatory, a pre settlement cash advance is money awarded to you based entirely on the perceived strength of your particular case. A bona fide company will not take on a case that appears destined for defeat. It not only shows poor analysis and poor judgment on the company’s part – it’s bad business. Payments to presettlement firms are contingent upon victory. They don’t get paid unless you do. So before you assign a company to handle your case, be certain their representatives and documents have assured you that the money you’ve been awarded is legitimate emergency funding: yours to use as you see fit in managing the flood of bills that accompanies accidents. It is not a loan to be paid back, win or lose. A credible pre-settlement firm analyzes your case concisely and expertly, and then grants you those emergency funds regardless of the court results that follow. There is no required payback! The pre-settlement firm is paid by purchasing a percentage of your winning settlement, receiving it only once those funds are available. If you lose your case, you keep the initial funding granted to you. The presettlement firm suffers the financial loss. Your only risk is in the selection of the company taking on your case. Ask yourself if communications with its personnel covered everything thoroughly. If not, move on to a different company. Once you find one that answers all questions to your satisfaction and puts your mind at ease, then check their records to see if you’ve picked a winner!
4) Be certain that the presettlement firm you’re considering insists you have legal representation so liability is entirely clear on your case.
This alone speaks volumes on the credibility of the one you plan on using. A company interested in handling your case will demonstrate that it has your best interests in mind by also engaging your attorney in the process. A presettlement firm should have absolutely nothing to hide and, by involving your attorney from the onset, it will be clear to you that this particular one has no problem opening itself to scrutiny and accountability. Once you and your attorney have come to an educated decision on which presettlement firm to employ, the emergency funding you will need should be a mere 24 hours away. And with that comes the peace of mind of having made a correct choice in what otherwise could have been a stressful ordeal. Making that right selection will restore your sense of financial stability and bring harmony back into your life.