Sustaining a personal injury is a misfortune. This can be physically and emotionally challenging for anyone. For some people, this also brings financial issues due to high medical bills. To deal with mounting medical expenses and ongoing legal costs, funding from a third-party source is crucial. This is where contacting one of the reputed litigation funders in Australia is essential. Thereby, you don’t have to settle for less than you deserve.
In short, litigation funding provides financial assistance to claimants. Whether you are struggling to afford medical bills or legal proceedings, this won’t be a challenge anymore. Reports suggest that people across the globe consider this finance option in personal injury claims and ensure that they can even fight legal battles against big opponents.
Factors that Determine Personal Injury Claims to Be Funded
For personal injury cases, this type of funding is not as popular as it is for commercial disputes yet people are looking forward to avail of this support. Under specific circumstances, some agencies provide the required funds. This may include-
i) The Strength of Your Case
ii) The Complexity of Your Case
iii) The Expected Compensation Amount
iv) The Enforceability of the Judgment
How Do Litigation Funders Work for Personal Injury Cases?
The funding process for these cases is explained below-
i) The funder will review your claim and identify potential risks
ii) Evaluate accident records, medical reports, and opt for expert opinions
iii) If the claim is approved, you both have to sign a pact
iv) Ensure you carefully check the funder’s agreement and go through the portion of your compensation that you have to offer.
v) Some funders may closely collaborate with your hired lawyers in the case.
Top Pros of Litigation Funding
i) Financial Relief
The legal fees of a case can be a significant burden. With medical expenses and lost income, this can be more troublesome. This funding ensures you can access justice without upfront costs.
ii) No Financial Risk
This funding is non-recourse. As a claimant, you have to repay only if the case is successful. This eliminates your complete financial risk if you obtain an unfavourable outcome.
iii) Stronger Negotiation
Claimants don’t have to accept low settlement offers. As they can fight legal battles, you can get hold of your case strongly to obtain fair compensation.
Some Alternative Funding Options
If litigation funding is not available in your case, consider the following-
i) Contact your friends for support
ii) Fix an appointment with a bank manager
iii) Consult with an expert from a reputed financial institute
Wrapping Up
While litigation funding is common in dispute cases, many personal injury cases consider this support as a viable option. It provides quick access to top-tier lawyers to draft your case and ensure that you can be on the winning side. To eliminate uncertainties, look for one of the reliable litigation funders in Australia and register your case to let it analyse the case potential.
Before opting for this funding, seek legal advice such that your case can go by considering your best interests. If required, you may even explore other options!
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