Wednesday, January 11, 2012

Funding for Implant patients???

Interesting.....this is not an endorcement of anything just found this offer interesting (taken from thier site):

Depuy Hip Recall Lawsuit Funding (https://www.fundingamerica.net/depuy-hip-recall-lawsuit-funding/)

Funding America, LLC can offer pre-settlement Depuy hip recall lawsuit funding on a non-recourse basis.
This means that:
  1. We will give you access to funding before your case even goes to court.
  2. We will not ask you to pay back a single dollar unless you win or settle your case.
  3. You will have the time necessary to fight your case for properly in order to get a fairly compensated.
All recipients of the Depuy ASR hip implant are eligible for compensation. Contact your attorney for more information on your rights and how you should proceed.

Funding America, LLC fully understands the need for rapid support. Often individuals have invested significant amounts of money in their original hip replacement treatment and cannot afford to fight their case, in order to achieve the best outcome possible. We can provide funding within 24 hours once legal representation is confirmed.

Funding America is proud to be receiving referrals from attorney’s and legal consultants. Our cash advances help attorney’s relieve the financial stress of their clients. By relieving financial pressure on clients, attorney’s get the advantage of not being pressured to settle a case quickly, which in most cases leads to a higher settlement award.
Advantages of Working with Funding America:
  • Fastest turnaround time in the industry. We get you the money you need fast.
  • Cash advances can be made in as little as 24 hours.
  • We offer competitive rates.
  • Our application is simple and the process hassle-free.
  • No advance is too big or too small.
  • Our friendly and knowledgeable staff is available to you seven days a week.
  • All cash advances are non-recourse. If you lose your case, you do not repay the advance.
  • We make additional cash advances as our clients need them.
  • We have our own in-house attorney’s that can speak to clients and/or their attorney’s at any time.
  • We care about our clients. We are here to serve you!
Types of Lawsuit Cash Advances We Offer
  • Pre settlement Funding
  • Post Settlement Funding
  • Structured Settlement Payouts
  • Commercial Litigation Funding
xxxx (from connie)
 
So why do you need this kind of service when plaintiff lawyers work on contingency in the Depuy case.  Isn't this what they provide?  Why does a patitent need money in a contingency case?  Perhaps they advance the settlement?  Not sure how they would do that  since there doesn't seem to be a lot of predictable cash flows to base an estimated payout on from other cases settled in this arena.
 
Curious.  Does anyone understand their business proposition for contingency cases?
 
Legal financing, also known as litigation financing, professional funding, settlement funding, or third party funding is a generic term used to describe the mechanism or process through which litigants (and even law firms) can finance their litigation or other legal costs through a third party funding company. These third party funding companies provide cash advance to litigants in exchange for a percentage share of the judgment or settlement. However, if the case proceeds to trial and the litigant loses, the third party funding company receives nothing and loses the money they have invested in the case.[1] In other words, if the litigant loses, he does not have to repay the money. Accordingly, to qualify for funding with a legal financing company, a litigant's case must have sufficient merits.

Litigation funding is available in most common law jurisdictions in the United States. The process is mostly commonly used in personal injury cases, but may also apply to commercial disputes, civil rights cases, workers' compensation, and structured settlement.[2] The amount of money that plaintiffs receive through legal financing varies widely, but often is around 10%-15% of the expected value of judgment or settlement of their personal injury lawsuit. Some companies allow individuals to request more or less money (as needed) and have varying payout rates depending on the characteristics of the case at hand.

Similar to legal defense funds, legal financing companies provide money for lawsuits but is more often used by those without strong financial resources. Legal financing companies also provide the cash advance in a lump sum fashion and generally no specific "account" is provided for the litigant. Furthermore, legal financing is more likely to be used by plaintiffs, whereas legal defense funds are more likely to be used by defendants. Money obtained from legal financing companies can be used for any purpose, whether for litigation or for personal matters. On the other hand, money obtained through legal defense funds are solely used to fund litigation and legal costs.

People often confuse legal funding with loans. On the surface, legal funding appears to possess the same characteristics as an unsecured loan with a traditional lender. In actuality, litigation funding is generally not considered a loan, but rather as a form of nonrecourse debt. The debt does not have to be repaid if the plaintiff's law suit is unsuccessful. In addition, litigants generally do not have to pay monthly fees in obtaining legal financing. Instead, there are no payments of any kind until the case settles or judgment is obtained, which could be months or years away. Because such legal funding advances are not debt and not reported to the credit bureaus, the litigant's credit ratings cannot be adversely affected if a litigant obtains a legal funding advance.

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