Car Accident

Understanding Car Accident Litigation Funding in Florida

Posted on by Fast Funds
Understanding Car Accident Litigation Funding in Florida
02
Dec

Car accidents can turn a person’s life upside down in an instant. When someone is injured in an accident that is not their fault, the financial strain can add to the emotional and physical toll. In Florida, litigation funding for car accident cases has become an option for those who need financial help while pursuing legal claims. Understanding how this process works and how it can help individuals get through tough times is important for anyone involved in a car accident case. At, Fast Funds , we are here to guide you through the legal process and help you navigate the complexities of your case.

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What Is Car Accident Litigation Funding?

Litigation funding is a way for individuals to get financial assistance while they are waiting for their legal case to be resolved. In a car accident case, this type of funding can help cover expenses such as medical bills, rent, utilities, and other daily needs. It is not a loan in the traditional sense because repayment depends on the outcome of the case. If the individual does not win their case, they are typically not required to repay the funding.

This option can be particularly helpful for those who are unable to work due to injuries and do not have savings or other resources to fall back on. It allows them to focus on their recovery and legal process without the constant worry of how to pay for basic needs.

How Car Accident Litigation Funding Works

The process of obtaining litigation funding is straightforward. First, the person seeking funding must apply and provide information about their case. This typically includes details about the accident, the injuries suffered, and the legal claim being pursued. The funding company will then review the case to determine its strength and potential value.

If the case is deemed strong, the funding company may offer an advance based on the estimated settlement or judgment amount. Once the funding is approved, the person can use the money for their immediate needs. Repayment of the funding, including any fees or charges, will be taken from the settlement or judgment when the case is resolved.

It is important to note that the funding company works closely with the individual’s attorney to ensure the funding process does not interfere with the legal case. Communication between the attorney and the funding company is key to making sure everything runs smoothly.

- WHAT CLIENTS ARE SAYING -

In June, my wife and I asked our attorney about giving us a loan against any settlement proceeds from our case. He told us that the state bar does not
permit lawyers to participate in the financing of clients. The offer of settlement was very low so the case needed to be filed in court. I called Fast Funds. Within 24 hours, I had entered into an agreement with them, selling a very small portion of the anticipated proceeds to them in exchange for immediate financing. Now my suit is in court and I don't have to worry about money until it's outcome. Thank god for Fast Funds
B.G.
As a result of the advances you have made to our client, we were able to refuse an extremely low settlement offer and take the case to court. We settled the day of the trial for a very generous sum. Had there been no advances by Fast Funds, our client would have had no choice but to accept the inadequate offer since he was in severe debt due to his inability to work. Thank you for your helpful assistance in providing our client with the ability to persevere.
C.F.
I was involved in an accident which took my left leg. I was forced to live homeless for eleven months. Thanks to the Fast Funds people advancing money. I now live in an apartment,I am walking on a prosthetic and otherwise getting my life back together, even though my attorney has not yet settled my lawsuit. I don't know what I would have done for money because the insurance company has offered nothing so far.
A.R.S.
I was involved in an auto accident which caused me to suffer a herniated disc. Because of this injury, I was forced to miss many months of work. I had no income and no place or person to turn to for money. My attorney told me he was unable to help with any financing and the insurance company was refusing to settle the case. I turned to a company called Fast funds. They immediately reviewed my file and took the financial pressure off by providing me with interim financing. I am now able to wait for as long as it takes for my lawyer to achieve a successful result in my case. Without the financial involvement of Fast Funds, I don't know what I would have done.
K.P.
I wanted to thank you for your sensitivity in helping me cope through a very difficult time in my life. Without your help, I would have been unable to pay my rent , forcing my wife and children to be put on the street. I have not been able to return to work and I was tempted to accept the insurance company's very low offer to settle, even though I knew it was not fair or reasonable. You have given me the ability to withstand the financial pressures. Thanks for your help. I will never forget it
C.S.
I have in the past referred clients to Fast Funds Inc., a non-recourse company. The experience of my clients
and my firm were totally positive. Fast Funds was responsive to the clients financial and emotional needs, provided the necessary emergency money and did not interfere in any manner with my handling of the cases. The clients, without my input, negotiated the advance directly with the company. In each case, they were completely satisfied with the final result of the case, including the amount of profit earned by Fast Funds. Non-recourse funding is clearly a valuable tool to the plaintiff's attorney.
M.J.L.
"I am writing to recommend the valuable assistance of the Fast Funds Inc., a company that provided interim funding to financially needy clients. They help to insure that a case will be brought to a successful resolution. A good case in point is when I was offered $75,000.00 for a seriously injured client. Had she not been able to take advantage of the advance financing offered by Fast Funds, I would have been forced to take the money. As it turned out, because my client now had the financial ability to withstand the pressures of time, I tried the case to a jury and received a verdict of $315,000.00.
M.S.D.
It is my belief that non-recourse companies, such as Fast Funds, the company to whom I refer my needy clients, perform an invaluable service to both the client and the attorney. Simply put, it is common knowledge that one of the tools negotiation utilized by insurance companies is time. Offering
considerably less money than the actual case value to a client in desperate need of funds while the case is pending, gives the insurance companies a tremendous advantage. This advantage is minimized and the playing field is leveled when the client has the ability to obtain funds for a minimal portion of the anticipated proceeds. Many times, with no prospects of income, an injured party will settle the case for whatever offer is made.
R.J.F.

Why Litigation Funding May Be Needed in Florida

Florida is a state where car accidents happen frequently due to its busy roads, high number of tourists, and unpredictable weather conditions. For victims, the financial impact can be severe. Medical treatments for injuries, vehicle repairs, and time away from work can quickly add up to thousands of dollars.

In many cases, car accident claims can take months or even years to resolve. Insurance companies often try to delay payouts or offer settlements that are far lower than what the victim deserves. Litigation funding can provide a lifeline for those who cannot afford to wait for their case to settle or go to trial. It ensures they can meet their financial obligations while pursuing the compensation they are entitled to receive.

The Benefits of Car Accident Litigation Funding

Litigation funding offers many benefits for individuals involved in car accident cases. First, it provides immediate financial relief, allowing individuals to cover urgent expenses without taking on traditional loans. This can reduce stress and enable them to focus on their recovery and legal case.

Another benefit is that litigation funding is non-recourse, meaning repayment is only required if the case is successful. This eliminates the risk of being burdened with debt if the case does not result in a favorable outcome.

Additionally, having access to funding can level the playing field when dealing with insurance companies. Victims are often pressured to accept low settlement offers because they need money quickly. With litigation funding, they have the financial means to wait for a fair settlement or take their case to trial if necessary.

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Choosing a Litigation Funding Company in Florida

Selecting the right litigation funding company is a crucial step in the process. Not all companies operate the same way, and it is important to work with one that is reputable and transparent. The company should have clear terms and explain all fees and charges upfront.

The individual’s attorney can often provide guidance on choosing a reliable funding company. Attorneys typically have experience working with funding companies and can recommend ones that have a history of treating clients fairly. It is also important to research the company independently and read reviews or testimonials from other clients.

Understanding the Costs of Litigation Funding

While litigation funding can be a helpful resource, it is important to understand that it comes with costs. Funding companies charge fees or interest for providing advances, and these costs can vary widely. The total amount owed will depend on factors such as the size of the advance, the duration of the case, and the company’s fee structure.

Before accepting funding, individuals should carefully review the terms of the agreement and discuss them with their attorney. This ensures there are no surprises when the case is resolved and the repayment is due. By fully understanding the costs, individuals can make informed decisions about whether litigation funding is the right choice for their situation.

Legal and Ethical Considerations

Litigation funding is legal in Florida, but it is subject to certain regulations to protect consumers. For example, funding companies are required to operate transparently and disclose all terms of the agreement. Additionally, the attorney-client relationship must remain independent, meaning the funding company cannot influence the legal case or the decisions made by the attorney.

Ethically, attorneys have a responsibility to act in their client’s best interests. This includes advising them on whether litigation funding is appropriate and ensuring that the terms of the funding agreement are fair. Open communication between the attorney, client, and funding company is essential to maintaining ethical standards throughout the process.

Alternatives to Litigation Funding

For some individuals, there may be alternatives to litigation funding that can help them meet their financial needs. These might include borrowing from family or friends, using personal savings, or seeking assistance from local charities or nonprofit organizations. However, not everyone has access to these options, which is why litigation funding can be a vital resource for those who have no other means of financial support.

It is important to weigh the pros and cons of all available options and choose the one that best fits the individual’s circumstances. An attorney can provide valuable insight into whether litigation funding or another option is most suitable for the client’s needs.

How Litigation Funding Supports Justice

Litigation funding plays an important role in supporting justice by giving individuals the financial means to pursue their legal claims. Without it, many victims of car accidents might be forced to settle for less than they deserve simply because they cannot afford to wait for a fair outcome.

By providing financial stability, litigation funding allows individuals to stand up to insurance companies and other parties responsible for their injuries. It ensures that victims have the resources to hold negligent parties accountable and seek the compensation they are entitled to receive.

Car accident litigation funding can be a valuable resource for those facing financial challenges while pursuing legal claims. At Fast Funds, we are committed to helping individuals in Florida navigate this process and secure the financial support they need during difficult times. If you or a loved one is struggling after a car accident, contact Fast Funds today to learn how we can assist you. Our team is here to provide guidance and support every step of the way.