This is Part II in our series of articles designed to assist you in obtaining need of immediate cash due to injuries sustained in a Personal Injury (e.g., car wreck, slip-and-fall, etc.)? Once again, if you wish to obtain your lawsuit loan settlement as quickly as possible, there are certain documents that you must obtain. The more quickly you obtain this documentation, the more quickly the lender will be able to approve your application and issue payment. The lender wants to make the loan. Make the lender's job as easy as possible.
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In our last article, we discussed the need to obtain the following documents:
1. Police Report
2. Adverse party's insurance (i.e., name of other party's insurance carrier)
3. Medical Expense Summary and Demand Letter
4. Doctors' reports
In Part II, we will be discussing equally important documents that will assist you in obtaining you lawsuit loan as quickly as possible. In addition to assisting you in obtaining requested funding, these documents will greatly enhance your ability to obtain a fair settlement of your claim. After all, lenders will not issue payment if you are not likely to prevail in your lawsuit.
1. Hospital ER records - admission/ discharge summaries; operative reports: These documents are critical to your case. Admittedly, many personal injury victims do not require hospital and emergency room visits. However, if these documents are applicable in your case, expenses related to these services may exhaust your entire claim if you fail to obtain these documents and the insurance carrier does not take this information into consideration when settling your claim. Remember, most, if not all, states permit liens to be attached to your settlement for emergency room services. This means they are in the catbird's seat at time of settlement.
2. Your own personal insurance coverage (e.g., major medical, uninsured motorist, med-pay, and personal injury protection, viz., "PIP": You may not realize it, but personal injury attorneys will often drop a case if means of payment are not readily found. Obviously, the better the attorney, the more diligent the search. An article could be written on each of the types of insurance identified, and I will not take the time to describe each one here. Suffice it to say, each of the types of insurance identified may be a means by which to obtain compensation for injuries sustained that you may not have considered.
3. Verify payoff on prior loans/advances, if any: It is vitally important that you disclose to the lender any outstanding loans/advances obtained that pertain to the claim for which you are requesting funding. If you fail to disclose this information, and you obtain the lawsuit loan, you may receive a very unpleasant surprise. Liens from such settlements will be honored prior to dispensing any portion of a settlement. Furthermore, what heretofore was a non-recourse loan (i.e., if you lose your lawsuit, you do not have to repay the loan) automatically converts to a recourse loan (i.e., if you lose your lawsuit, you do have to repay the loan). Be honest. Be fair. Be cooperative.
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