FUNDING THE DISBURSEMENTS INCURRED DURING YOUR PERSONAL INJURY CLAIM
PUT YOUR BEST CASE FORWARD
If you are currently commencing a personal injury claim and are finding it difficult to cover your ongoing legal costs Legal Funding Australia can help you finance your case with a Disbursement Funding Loan.
HOW IT WORKS
A Disbursement Funding Loan allows you to access funds through your Solicitor who can drawdown amounts on your behalf to pay for vital medical reports, valuations, expert reports, Court filing fees and other legal expenses.
PRE-APPROVED LAW FIRMS
A Disbursement Funding Loan is only available through pre-approved law firms whereby Legal Funding Australia and the law firm have an established Guarantee Agreement. This Guarantee Agreement makes your law firm a guarantor of your Disbursement Funding Loan.
We only work with Personal Injury Lawyers that pass our accreditation process.
WHY AN AUSTRALIAN FUNDING LOAN?
An Australian Funding loan has:
– A fixed interest rate for the life of the loan – a one off establishment fee.
Your law firm can assist you with your application, and drawdown the funds as required.
The loan is non-recourse to you which allows your law firm to continue to act on a ‘no-win-no-fee’ basis.
NO MONTHLY REPAYMENTS
A Disbursement Funding Loan is not like a bank loan. There is no monthly repayments and if you don’t win your case, you are not required to pay back the loan (except in cases of fraud).
HOW DO I APPLY?
Your lawyer can provide you with the application form for your completion.
HOW MUCH CAN I APPLY FOR ?
You can apply for a loan from $1,000 up to a maximum of $25,000. Your law firm will help determine the amount you require.
WHAT TYPE OF DISBURSEMENTS DO YOU FUND ?
All costs external to the law firm associated with your personal injury claim including medico- legal reports, independent witness costs, valuations, expert consultation expenses, etc.
WHAT FEES WILL BE CHARGED ?
An establishment fee that will be charged at the start of the the loan . Transaction and annual fees may also be chargeable.
WHEN DO I HAVE TO MAKE REPAYMENTS
No repayments are required until your case is settled, at which time your solicitor will repay Legal Funding Australia from your settlement proceeds.
WHAT HAPPENS IF MY CASE FAILS
If your case fails you are not required to pay back the loan (except is cases of fraud) as your law firm has agreed to guarantee your Credit Contract.
HOW IT WORKS
1. COMPLETE AND SIGN THE APPLICATION FORM
This authorises your solicitor to supply Legal Funding Australia with information relating to your case. The loan agreement will then be issued to you.
2. REVIEW AND SIGN DOCUMENTS
The key documents are:
– The Credit Contract details the applicable interest rate and the establishment fee.
– Terms & Conditions which outline your rights and obligations under the contract.
– The Irrevocable Instruction directed to your law firm providing your written instructions in relation to the loan.
– Your signed acknowledgement confirming certain pre-conditions.
3. LOAN ASSESSMENT AND LOAN APPROVAL
Once all documents have been received and approved by Legal Funding Australia we will transfer the funds to the Solicitors Trust fund in accordance with your draw down instructions.
4. ACCESSING FUNDS
Funds can be drawn down by your solicitor as needed in multiples of $2,000.
5. CASE SETTLEMENT
Once settlement has been achieved your solicitor will contact Legal Funding Australian for a payout figure which will be provided within 24 hours.
6. LOAN REPAYMENT
Your solicitor will then repay the amount due under the Credit Contract.
Funds are repaid from the settlement proceeds. There is no requirement to make payments through the life of the claim.
Legal Funding Australia Pty Ltd – ABN 34 154 395 212