Pre-Settlement Loans/Funding

[Benwin]

As some of you know, I was involved in a bad accident in March, wherein a semi ran a red light and T-Boned me (search my posts for a pic of my car after). I am in the process of getting a settlement hammered out, and my attorneys advise me that it could easily be another YEAR before I see any money out of this catastrophe...

Have any of you ever dealt with any companies like this? They assess your accident, and give you cash based on how much your claim is 'likely to be worth', and you pay them back ONLY if you win, and if your winnings are less than the amount they loaned you, you only pay back the amount that was loaned.

Are any of you folks in the financial sector and have any idea about these places?


Thanks again!


Don

[jabird56]

STAY AWAY FROM THEM! Yeah if you win they will know doubt tell you to cough over 33% or more of what you get. Keep in mind your lawyer gets a percentage of your settlement also.

[martyo]

They are a great deal.

For the person buying the settlement.

There are, however, a select few situations in which you may want to consider one.

And I am a lawyer, so let me warn you that free legal advice is worth every penny you pay for it.

[baltimoremm]

jabird is correct. i agree, steer clear. i've seen people get burned by this. their fees are astronomical.

[Dragcity]

Insurance companies, good luck. They are always happy to take your money, but usually reluctant to let it go.

Did you suffer injuries? That changes things. If it's just property damage, you are limited. Yeah, just looked up you post. Holy shilt! Let's see, earning potential X life of 86 years, less present age plus expenses for legal/medical..... Add in quality of life issues, mental anguish 18.4 million should do it. I saw a nice place for sale in Kaialua, Hawaii for 3.7 mil. That should help....

I am no lawyer, but I was fairly successful when I was hit by a semi in June. (rear-ended). Luckily, no real injuries to me.

If you suffered injuries, certainly retain a good lawyer. No ambulance chasers, they are in for the quick buck (in my opinion)...

March? Hope you kept good notes, daily if injured. If you are suing, be sure to calculate what you want, and then put legal fees and all other cost atop that number.

New York has a buch of limits and rules for auto law suits. Your lawyer will know how to proceed.

[Vortex]

Those outfits are total scammers, a bunch of leeches ect... Avoid at all costs!!

http://archive.student.bmj.com/back_issues/0898/graphics/leechdrain.jpg

[SID210SA]

I was rearended by an 18 wheeler when I was 19....I still have back problems once in a while...so if I dont want it to hurt I cannot be very active such as lifting heavy items for long periods of time or I will be hurting for about 2 weeks...sometimes to the point of not being able to walk. I was sitting at a stop sign waiting to get out into cross traffic and out of no where I was hit a pushed out into the intersection, hit an F-150 on the passenger side with my front end and spun around 180 degrees. The truck that hit me went across all traffic without hitting another vehicle, went down into a ditch, came out the other side, went up the embankment, plowed thru the guardrail and ended up stopping on the freeway. There was no one in the truck, the brake some how failed and it rolled down the hill behind me. The driver was in the hotel trying to get a room.

All in all I wish I had gotten a larger settlement. I ended up getting all my hospital bills paid, the truck that I was driving was 9 months old and it was paid off and I was out of work for 6 months, so I got paid for that too and had a little left over to buy a used car. It took about a year from when it happened to when I got my settlement.

[JUST 1BULLITT]

WOW! GOOD advice here and SORRY to hear a couple of you had to go through this! (These types of accidents are NO joke indeed and you DESERVE each and every bit you can get; but we all know that's now how it works out!) but, BEST of luck to you and keep us posted. Main thing is that you're OK...scary thought just how QUICKLY these things can happen to us all! Hang in there and GOOD LUCK!

[Peace2Peep]

From my experience, the vehicle settlement is a totally separate situation from the personal injury stuff. They usually do the auto settlement quick as certainly people need their cars. Check into it!

[Benwin]

From my experience, the vehicle settlement is a totally separate situation from the personal injury stuff. They usually do the auto settlement quick as certainly people need their cars. Check into it!


Yeah, they paid for my car pretty quickly, it's the personal injury stuff that's taking forever...

[Spectragod]

After seeing a list of your injuries, I almost want to give you a Marauder, man that $ucks...