Claims Funding are industry professional that provide brokering services for litigation funding and ATE Insurance. Our solutions are designed to strengthen claims and protect claimants against the risk of adverse costs in the event of unsuccessful litigation.
Non-recourse is a word used to describe No Win No Fee. What this means is that the funding which is offered only has to be repaid along with the relevant charges if your case is won. If your case is lost for whatever reason you do not have to repay anything.
Our service is designed to be easy, straight forward and hassle free. For facilitating the acquisition of funding we have a flat rate administration charge which is payable only in the eevnt you secure funding.
The funding secured as part of our service will have administration, processing and monitoring fees which will all be detailed by the funding company prior to advancing any capitol. These charges will be simple, straight forward and all funding comes with no monthly repayment terms. Funding is only repaid if your claim is won.
The first thing we require is for you to contact us. You can call us on 01-5390080 or alternatively you can complete an online enquiry by clicking on the apply now button on our website. Once we have received contact your requirements will be reviewed by a funding administrator to ensure it meets our acceptance criteria. Once your claim is within criteria communication with your solicitors will begin to verify the information that has been submitted and to get a clear understanding of the claim. Once this is done a decision is made on your application within a matter of hours.
The funding process can take a number of days or weeks depending on the type of claim, complexity, availability of supporting documents and the co-operation of all parties concerned. Whilst we have no control over our funding companies review process we will aways work to progress applications as quickly as possible.
Once your funding has been approved and the offer is accepted documents will be issued directly to you and your solicitor. Once these are received and the 14 day cooling off period has passed funds can be transferred within a matter of hours.
None. A funding application is evaluated on the merits of your claim and the likelihood of its success. Additional information may be required to verify that you are not insolvent, that you are not in an Individual Involuntary Arrangement and that you do not have any court judgements or bankruptcy applications pending. Once all information is received a decision will then be made on your case with your claim being the major decision in the approval process.
The funding is only ever repaid when your claim is concluded and has been successful. You will only ever be asked to repay the funding early if it is deemed that you are acting in a way which might undermine the relationship between you, your solicitor and the funding company. An example of this would be if you disengaged with your solicitor without just cause and/or if you fail to assist your legal team with the progression of your claim.
You can disengage with your solicitor and instruct new legal representation if you have good reason. In these circumstances the funding company will usually just require a new letter of authority from your new legal. Please note however that you will fall into breach of contact with your funding company if the new legal team refuse to sign a letter of authority. In these circumstances the repayment of the funding and charges will be requested immediately.
If a client requires funding they will need to contact us. Once we have captured their personal, claims and funding requirements the application will be provisionally assessed. It the case meets the criteria it is brokered with the funding companies. An in-house analyst will usually require additional information on the claim which can be provided by the solicitor in order to validate the merits of the case. Once a case is fully assessed a decision is then made. If funding is offered the clients and solicitors will be required to sign funding applications and letters of undertaking. Once this has been completed and the cooling off period has passed the funds are advanced by the funding company electronically.
Once all claims information has been submitted and received by the funding company they will provide a detailed review of the case and requirements. This can be completed in days or weeks depending on the complexity of the case and it's requirements.
The funding company will have administration, processing and handling charges which will be clearly detailed within the funding proposal and explained upfront. The actual charges will vary depending on the type of claim and levels of funding required.
All funding solutions are offered on an unsecured basis. The only thing that is required is an undertaking from the solicitors that the funding and administration charges will be repaid from the settlement in the event of a successful claim.
Due to maintenance and champerty legalities in Ireland the funding solutions can only be used to cover legal disbursements, medical & rehabilitation costs and personal and living expenses during the claims process.
The funding company will usually administer in-house checks on a claimant to search for insolvency proceedings, court judgements and individual involuntary arrangements which might be in place. Once this is completed the funding requirements will be assessed with the claim itself being the key factor in the approval stage.
If a client decides to change solicitors the funding company will require an undertaking from the new firm in relation to the funding already in place. If this is not secured the client will be in breach of contract and the funding may be requested to be repaid immediately along with all associated charges.