Lawsuit Funding for Auto Accidents Could be Your Financial Solution
Have you ever been driving and looked in your rear view mirror in fear that the person behind you might hit you from behind?
Don’t worry it is a common fear to have considering in the U.S. rear end collision is the most frequent type of auto accident. Rear end auto accidents happen more than 2 million times a year. This is also why lawsuit funding for auto accidents is so common as well.
Auto Accident Lawsuit Funding to the Rescue
Rear end accidents are normally due to the driver in the vehicle behind not paying attention. People do the most unthinkable things while driving because they are careless and it is assumable that they are not thinking about how they are operating a dangerous piece of machinery. He or she may be texting a friend, talking on a phone, eating, acting aggressively, reading the newspaper, painting their nails, or taking part in any number of distractive activities while driving. Because of these distractions most commonly, the car behind is at fault when a rear end crash takes place.
When a rear end accident occurs, the vehicle behind is often traveling much faster than the vehicle in front. By being distracted the car behind may not realize that the car in front of them has slowed down or even come to a complete stop. The force the vehicle behind delivers on impact causes the occupants in the vehicle in front to be thrown against the rear of their seats. As that force loses its impact, the vehicle’s occupants are thrown forward, held into their seats by their seat-belts. The suddenness of the incident leaves the occupants of the car in front with no time to take action to prevent their bodies from being traumatized and as a result serious personal injuries could take place. Injuries include whiplash, back and spinal injuries and even concussion. Most of these injuries require a long recovery time for victims as well as hospital treatment time that may cause them to have to take off work to ensure recovery takes place.
The victims in these cases may be seeking lawsuit funding for auto accidents and in most states it is a legal entitlement for an accident victim to file a lawsuit against the person who caused the injuries.
The financial cost of an accident is normally paid by the insurer of the person at fault. Due to this process taking a significant amount of time to work out between the victim’s attorney and the at fault driver’s insurer, medical expenses may add up. Wages of the victim will have to be forfeited until the compensation claim has been finalized.
This is when lawsuit funding for auto accidents can be arranged. Settlement loans, also known as settlement funding is a contract between a plaintiff in a lawsuit and a “lender” who will provide cash immediately to the client, often within 24 hours. The attorney handling the case will deposit the contract as a lien against any settlement made. The lawsuit funding for auto accidents is now a loan, which will be paid back when a satisfactory settlement has been made.
In Los Angeles a young man was stopped at a red light at an intersection. He was hit from behind by another vehicle and he received back injuries and neck strain which required a 6 month recovery period. His medical expenses amounted to $ 15,550. For this particular injury, a “pain and suffering” component was worked out as being five times the medical expenses, which came to around $77,750. There was also lost wages to calculate.
This victim had to spend 6 months off work and was being paid $30 an hour so the lost wages is calculated as the amount lost over the entire 6 month period or a total of $28,800. The total claim was $122,050 but after negotiations with the insurer the final amount came to $118,000. This was after an out of court settlement but it took more than two years to finalize to ensure that the medical effects were accounted for.
During this time debts may well have been incurred by the victim but this doesn’t have to happen if the victim takes advantage of lawsuit funding for auto accidents opportunities. Lawsuit funding can stop him or her from facing the embarrassment of being in debt.
Fair Rate Funding specializes in lawsuit funding for persons injured in automobile accidents. Auto accident lawsuit funding can help litigants pay for living expenses prior to settlement. The money can be used at the client’s discretion as there are no limitations on the use of the funds. The deal is structured as a purchase of a portion of the future settlement. As such, lawsuit funding for automobile accidents, slip and fall cases, medical malpractice lawsuits and many others are considered “non-recourse”. Non recourse essentially means that if the case is unsuccessful, in other words, the case is lost or a settlement is not reached, the lawsuit funding arrangement is not repaid and the lawsuit funding company has “no recourse” against the plaintiff for repayment of the advance.
Thank you for your interest in the lawsuit funding business.