If you’re an individual recently injured in an auto accident, you may be wondering with your case qualifies for a lawsuit loan. If you have been involved in an auto accident, we would ask that you carefully read this article to find out ways in which you can greatly increase your chances of obtaining the loan you seek.
A good broker will be happy to assist you in obtaining the settlement loan you seek. You may rest-assured that your broker will do everything to assist you in obtaining that funding as quickly as possible! The benefit, of course, of using a broker’s services is that you will not be tied to just one single funding source.
However, to obtain that funding is soon as possible, it is necessary that you work very closely with your broker. To increase the speed at which you are able to obtain the lawsuit loan, it will be necessary for you to obtain certain documents that may be reviewed to assess both the strengths and weaknesses of your case and to make a determination as to what the settlement value of your case truly is.
It is important for you, when you’re seeking that broker, to look for one who is experienced in handling cases such as the one that you’re presenting. If your broker is experienced in such cases, it will not only increase the speed at which you may obtain your loan, but it will also increase your opportunity to obtain the best possible sources of funding available for that loan.
If you’re injury occurred as a result of an auto accident, it is very likely that your claim will be classified as an “Auto Accident” case. If you were injured in an auto accident and wish to obtain the most successful outcome and quickest response to your request for funding, it will be necessary for you to obtain and submit specific documents:
Police report: The police report is essential in identifying the parties that are responsible for the injury sustained. Your broker, upon reviewing the police report, will likely be able to identify not only the parties injured, but also the parties responsible for the injuries sustained. The police report will also identify information related to the insurance carrier, any observations recorded at the scene, as well as additional documentation. (In many police reports, no injuries will be reported. One should not be concerned regarding the absence of such reporting. It is important to recall that police officers are not trained in the evaluation and diagnosis of injuries that may occur as a result of auto accidents. It is often the case that police officers conclude that there are no injuries at the scene merely because no blood is observed, there is no evidence of broken bones, and the parties are able to exit their vehicles without assistance.)
Insurance information regarding adverse parties: In most cases, the individual who caused the injuries is referred to as an adverse party. To determine what party will be responsible for paying any judgment awarded, it will be necessary to clearly identify that adverse party.
Medical Expense Summary and Demand Letter: To obtain a settlement, it will be necessary for you to demonstrate damages. A Medical Expense Summary is an excellent vehicle by which you can, at least to some extent, convey that information. The Settlement Demand Letter is a document your attorney will prepare on your behalf. This Demand Letter will be submitted to the insurance company (i.e., party responsible for payment-a/k/a “payor”) for review to allow the adverse party to determine whether some settlement will be offered or the claim will be denied. In the latter case, litigation is likely to ensue. The term “litigation” merely refers to the process of the case going either to court or administrative proceeding.
Included in the Medical Expense Summary, are documents such as the hospital/emergency room records, to include admission and discharge summaries; and any operative reports, as well as doctor’s reports. It is very important that the claimant clearly identify all such information. Failure to provide that information may severely damage your ability to obtain the settlement you are seeking.
Insurance coverage that you have: To be able to provide the lawsuit loan you’re seeking, the broker must know what insurance coverage you have (e.g. health insurance, uninsured motorist, med pay, PIP, etc.). Once again, if you failed to disclose the information, you may find that your case will not be funded. Subrogation is a process that occurs in many cases and it allows, for example, insurance carriers to demand repayment of any monies paid on your claim during the course of litigation. If you wish to succeed in obtaining your lawsuit loan, you must clearly identify other funding that has been obtained, as well as funding sources that are available to you.
If you have obtained prior loans/advances, the broker must verify that those loans/advances have been paid: You are advised to be very candid in discussing any loans/advances that you obtained prior to submitting your current request for a lawsuit loan. The broker must be able to evaluate that information to determine whether such funding is appropriate in your case.
If you want to increase the speed at which your lawsuit loan is provided, work very closely with your broker! Many brokers are going to allow you to submit the documents to them without further expense to you by providing a toll-free number. In most cases, requested documents may easily be submitted to the broker via either facsimile or e-mail.
Want to find out more about your lawsuit loan, then visit Dr. Tom Rhudy’s site on how to choose the best lawsuit loans for your needs.
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