Unfortunately, every now and then, people get hurt or killed in an accident. In fact, the U.S National Highway Administration shows that over 3 million gets injured and 40,000 causalities take place each year. Furthermore, conferring to the Justice department, merely 5% claims of these accidents see a trial. That’s because the majority goes for structured settlements.
What is a structured settlement?
A settlement is a financial recovery offer that is agreed with the victim of a personal injury claim. It is a payment for the fatalities and costs that are either financial or physical. Similarly, there is an additional payment for the pain that the casualty has gone through. In cases of unlawful death claims, the family members of the fatality are authorized to receive payment for the burial and for the shock that they faced.
There are two categories of settlement cash that you should think through: These are pre-settlement & post-settlement.
Pre-settlement is a loan that you get if you file a lawsuit. It is provided for and before the final verdict (result) of the case. It may take months or ages for the acquisition to be fixed in your favor. In the time being, you will be able to cope with your financial costs for the process. After your case winning, you can pay the loan from your settlement.
On the other hand, post-settlement refers to receiving your settlement money after winning a case. This usually takes quite a while.
How To Finance Your Case
When you get the initial sign of trouble, like when you get hurt at work or on the road, go to a hospital and call your lawyer. After that, he will accurately guide you to apply for a credit in one of the settlement financing corporations.
You will be requested to fill a form out for them and then:
- They will thoroughly review your conditions,
- Determine the chance of a positive outcome, &
- Propose loan options to you in a view of that.
Usually, these businesses will charge you with 15-20% of interest.
And ultimately, always ask an expert before applying for a loan. And if you do, don’t fail to recall what Thomas Fuller said, “Responsibility is the most awful poverty”.
Article by: Thomas Edward