Pursuing a civil case can be a long, tedious process, sometimes taking months or even years before settling. While you wait for a pending lawsuit to settle, bills and living expenses are sure to accumulate quickly, particularly if you are dealing with an injury and cannot work. Even when you are confident that you will receive the settlement money that you are seeking, the time in-between can put immense stress on your bank account. Our team at J.G. Wentworth can help by putting you in contact with a company that can get you the cash that you need through pre-settlement funding.
The Basics of Pre-Settlement Funding
Pre-settlement funding provides you with a cash advance on the future compensation that you expect to receive from a claim. If you need money before your claim settles to cover bills and living expenses, pre-settlement funding is one way to get you the cash you need as quickly as possible.
Pre-settlement funding can provide you with cash while you wait for a settlement, no matter what the size. If you are kept out of work due to the circumstances of your lawsuit, it can be difficult to pay your bills. Cash from pre-settlement funding is not a loan, but it does give you money right away so that you can feel comfortable during long legal proceedings. When you sell your future settlement proceeds to a company, they will be reimbursed directly from the settlement itself, so you never have to worry about money coming out of your pocket.
Is There a Payment Limit?
Your eligibility for receiving pre-settlement funding depends on the estimated value of your settlement. Typically, pre-settlement funding is limited to 15% - 20% of the total estimated value of your settlement.
Additional Pre-Settlement Funds
If you have sold some of your future settlement proceeds in the past, but have determined that it wasn’t enough, you may be able to sell again. The company that we will put you in contact with may be able to give you additional pre-settlement funding, so long as the two combined advances don’t exceed 15% - 20% of the total estimated value of the settlement.
How Long Does It Take?
Typically, the reason you are trying to get pre-settlement funding is that your money isn’t coming quickly enough. Your cash advance could be available no more than a day or two after you finalize the agreement.
Which Claims are Eligible?
The company that J.G. Wentworth can put you in touch with will require that your attorney fills out a form detailing the case. Companies can choose to provide funding for a number of different lawsuits, but most commonly accept personal injury claims including:
- Personal Injury
- Product Liability
- Premises Liability
- Wrongful Death
- Medical Malpractice
What If I Lose?
Since pre-settlement funding is NOT a loan, you are not obligated to pay to repay the company that provides you pre-settlement funding, even if you lose your case. For this reason, pre-settlement funding is considered a form of non-recourse funding. This is part of the risk that companies will assume in providing pre-settlement funding.
Contact Us Today
J.G. Wentworth is committed to getting you the cash you need when you need it. We work closely with companies that can provide you with pre-settlement funding to give you breathing room as you wait for your case to settle.
If your needs change after winning your case and you decide that you need an additional lump sum, you can work with us to sell your future structured settlement payments for cash.
Contact one of our representatives today to learn more.
If you are an attorney, contact J.G. Wentworth today to discuss the possibility of referring your client. With more than two decades in the industry, we have the collaborative ability to connect your clients with the some of the best pre-settlement funding companies in the country.
Some frequently asked questions we receive from attorneys include:
Is it ethical to refer my client to J.G. Wentworth?
You should contact your state bar association to inquire about any ethical opinions issued regarding pre-settlement funding.
How much assistance can my client request?
Generally, the companies that we coordinate with will only purchase between 15% and 20% of your client’s expected recovery. This percentage may vary on a company-to-company basis.
What if my client needs additional funds later?
If a client has received pre-settlement funds that do not exceed the 15% - 20% limit, they are more than welcome to seek additional funding.