Claim Finance require the solicitors to undertake to repay the amount of the funding plus fees out of the proceeds of the claim to the extent that there are sufficient damages to do so. There are additional undertakings requiring the solicitors to notify Claim Finance in the event that the client/borrower acts or threatens to act in such a way to undermine the good faith agreement between the parties or prejudice the litigation.
No, the fact that you are aware of Claim Finance’s product means that you are able to discuss it with the client as part of the usual introductory discussion about funding litigation. If the client is interested, you may give them Claim Finance’s details.
The first step is to contact us and complete a one page Case Review Sheet regarding the Client’s case. We will then request information from you on the Client’s case. When this has been received it will be reviewed at our Committee Meeting. If approved a Funding Agreement will be drawn up and sent to your office where it should be completed with your Client and returned to us. The funding will issue within three business days from receipt and review of the completed Agreement.
From start to finish, assuming all steps are taken timeously, we anticipate the process will take 4 weeks.
No, all documents have already been prepared and will be provided to the client at the appropriate time. However, draft copies of the funding agreement and solicitors’ undertaking will be made available if requested.
The money is paid to you, in order to fund the Claimant’s disbursements.
Fees charged are transparent and straightforward and will be clearly outlined on the Repayment Schedule of the Funding Agreement. Administration Fees, Case Monitoring Fees and Application Fees are repaid with Capital only when the Case settles and if it is successful. Capital and fees are not repayable if the claimants case is unsuccessful.
The funding period is linked to the timing of the outcome of the claim, whether it is determined at trial or settled at an earlier stage.
Yes, there are no penalties for paying off the funding early.
The funding will remain in place for as long as it takes the case to be heard or to settle. No extensions beyond this time will be given.
No, there is no requirement to take out life insurance.
Claim Finance funding scheme is designed to be offered to anyone, whether individual or corporate, that has commenced proceedings for damages arising out of a legal wrong, whether a personal injury claim, financial claim on divorce, contractual dispute, Insolvency Disputes and contentious probate etc.
The funding itself is unsecured, although we will require an undertaking from the solicitor acting for the client to repay the funding plus fees out of the proceeds of the case.
The funding can only be used for disbursements that can be recovered from the defendant.
If the client wishes to instruct a new firm of solicitors, Claim Finance will require an undertaking from the new solicitors. If the new solicitors are not willing to replace the undertaking the client will be in breach of the terms of the funding agreement and the funding and fees will become repayable to us immediately.
Funding can be applied for at any time after the proceedings have been issued. We want to be satisfied that an analysis of the case has already been undertaken by the legal representatives and the client has been advised to proceed.
No, there is no requirement for this but if the client wishes to do so (whether of their own volition or on the litigation solicitors’ recommendation) is, of course fine. Our procedures are simple and transparent and all of our documentation is written in clear and straightforward English.