- November 24, 2017
- Jeffrey A. Rubin
Is Pre Settlement Funding Problem Free:
Pre settlement funding is not for everybody. A major criticisms of legal funding is that it encourages frivolous lawsuits. People assume that they will be able to obtain lawsuit funding so they may just go ahead and sue without thinking. However, the funding company will only lend money on good cases with a strong chance of winning. The legal funding company will filter out those cases not worthy. The New York City Bar Association in 2011 came out with an opinion about 3rd Party non-recourse legal funding. It stated that funding is “a valuable means of paying the cost of pursuing a legal claim, even sustaining basic living expenses, until a settlement or judgment is obtained”
Fees & Monthly Compounding:
Another criticism of legal funding is that it takes away a plaintiff’s recovery. Many legal funding companies advertise that they have the lowest rates. A client and his lawyer must ask the right questions and read the fine print. Are there fees? Is the fee added to the principal?Is the client paying interest on the principal and fee? What is the interest? Does it compound monthly, yearly or not at all? What is the bottom line amount owed after a definite period of time? Most noteworthy is does the legal funding company provide straight answers to these questions. If not, red flags should be raised about the company. Consequently, the more forthcoming a legal funding company is about their rates and payment schedule the more secure an attorney and client should feel about using that funder.
Trouble for Lawyer & Client
As a result of high rates and fees the amount of interest owed in a particular case can affect a client and sometimes a lawyers interest in settling. When the value of a case is fixed and is no a significant sum then the client faces a significant question. Is it worth continuing this lawsuit, when the amount of money to be recovered after trial will be used to eat up the ever growing compounding interest? This is a bad situation for both client and attorney. The client wants to see some recovery from the lawsuit and not lose all of their winnings to a legal funding company. The lawyer too has fees and expenses invested in the case. Even if the lawyers gets his fees, he still wants his client to be happy at the end of the case.
A Good Lawyer & A Good Legal Funding:
Therefore, many attorneys shy away from funders for the reasons mentioned above. As a result, the attorney knows from experience that if the client owes most of their settlement to a funding company then the client is not going to be happy. Who is the client going to blame for being in this situation? The lawyer. Hence, a lawyers job ends up being not just the professional who brings the litigation but the therapist that needs to coddle the client. Therefore, attorneys are very circumspect when dealing with legal funders. Legal funding companies are sometimes more interested profit then in developing relationships with the lawyer and their law firm. A lawyer and client must compare funding companies before settling on one or the other. If you were for a bank loan you would shop around, why not for the best funder as well.
Why Redwood Funding Group:
Redwood Funding Group was founded by lawyers who know both the complaints of clients and the mistakes of choosing the wrong legal funding company. Therefore Redwood Funding Group addressed all of these concerns in its repayment schedule. Specifically, our repayment schedule is given to the client immediately after receipt of the non-binding Application. The numbers on the repayment schedule are guaranteed and never change. At Redwood Funding Group there are no fees or compound interest in any form whatsoever. No fees in the front, the middle or in the end. If you compare our rates on the repayment schedule to any other funder in the country you will not go anywhere else.
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