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Personal Injury Pre-Settlement Bridging Finance

Tel: (07) 3112-5290 or 1300-500-289
(Within Australia Only)

Personal Injury Bridging Finance

Pre-settlement funding is money being advanced to victims in personal injury cases to assist with financial strain up until the compensation settlement.

The term pre-settlement funding also known as personal injury cash advance was coined to differentiate between different types of cash advances that are available to consumers.

Pre-settlement funding applies only to individuals with a pending personal injury case or claim. In that respect it is very different from other types of advances or finance that requires collateral or an acceptable credit record in order to qualify.

Personal injury cash advances are also referred to as pre-settlement advances and post-settlement advances, litigation funding, accident funding and personal injury funding.

At Bux we give you, the client, full and clear disclosure regarding the cash advance, including the total amount of the cash advance; an itemisation of all fees; the annualised interest rate on the cash advance; and the total amount to be repaid. Should the loan be paid back earlier, you only pay interest to the day that the advance is repaid.

Bux also offers a "five-day right" to cancel the contract without obligation or penalty;

What types of cases qualify for funding?

Bux invests in many types of cases, including:

  • Personal Injury Claims
  • Motor vehicle, Aircraft and Boat Accidents
  • Industrial and Workplace Accidents
  • Worker's Compensation Cases (WorkCover)
  • Medical Malpractice
  • Professional Indemnity
  • Sidewalk, Walkway and Stairway Accidents
  • Public Liability
  • Product Liability

Quaifying for bridging finance

In order to qualify for this kind of bridging finance you must either be a plaintiff in a pending lawsuit that contains one or more personal injury causes of action, be a claimant with a pending personal injury claim that has not yet reached the litigation stage or have a settlement offer or settled claim or case but have not yet received your settlement funds.

The term personal injury refers to most types of accident or incidents with the most common being car accident and workplace related. However we will provide bridging finance to even the most exotic kind of personal injury cases and claims such as dog bites, professional indemnity, public liability and even false arrest and imprisonment cases or claims.

It is recommended that a plaintiff seeking funding consult their solicitor regarding the need for this type of funding.

How do personal injury cash advances work?

In a personal injury cash advance you do not actually apply for a loan in the traditional sense. There is also no collateral or security other than the eventual proceeds of your case or claim. Because of this there is no credit record check. This helps people will little or no credit to qualify. It also allows individuals who are not Australian citizens or permanent residents to be eligible.

In which countries are these advances available?

These advances are only available in claims being brought about in Australia and in any State or Territory within Australia.

Pre-settlement advance maximum amount calculation

The actual amount that you can obtain depends entirely on the underlying merits of your case or claim or the amount that the case or claim was settled for. For pending cases or claims a formula is generally applied that factors in the estimated settlement or compensation amount of the case or claim and the amount of time that the case or claim will be outstanding before it is successfully concluded. A good rule of thumb is ten percent of the estimated gross settlement value for cases that will require more than one year to be successfully concluded and twenty percent for cases that will be outstanding for less than one year.

For cases that have already settled or have achieved a successful conclusion there is no set formula. In those instances we may choose to advance an amount that is close to or equal to the entire amount of the net proceeds after deduction of solicitor's fees and expenses that are chargeable to the injured person minus whatever interest is charged.

Can a declared bankrupt apply for a personal injury cash advance?

A declared bankrupt can only receive a personal injury cash advance if he or she has been discharged.

Pre-settlement advance usage restrictions

Pre-settlement funding is intended for day to day living essentials and necessities.

You can also instruct us to direct loan funds to pay a doctor, hospital or other health care professional. This assistance to your case or claim related healthcare costs is in direct response to some insurance companies and/or Workers Compensation Insurance cutting off or denying benefits to injured individuals before their recommended course of treatment is completed.

Individuals often have the burden of paying for their own healthcare expenses. For those that do not have private healthcare coverage the only viable option is to have a cash advance for any necessary additional treatment. This conundrum is especially prevalent when surgery is recommended by an injured individuals treating doctor. Most surgical procedures are recommended after a course of conservative treatment that usually lasts 90 days. Sometimes an injured individual has a choice between not getting a necessary surgical procedure or obtaining a cash advance to pay for it.

How long does it take to get a cash advance?

Bux guarantees that, after receipt of all necessary documentation, an application is assessed and either approved or not in under a week.

Once the personal injury advance documentation has been completed funds are paid into the applicant's bank account on the same day.

What is the proceedure for getting an advance?

The proceedure is as follows:

  1. Phone us or send us an email with your contact details and we will call you to discuss your specific claim and to see if it meets the basic criteria for your type of claim.

  2. Complete and return an application which can be sent to you via  email, fax or post.

  3. Once we receive your completed application, a preliminary assessment is made and we then request further information relating to your claim from your solicitors.

  4. When the requested information is received back from your solicitors, a final assessment is made on your application.

  5. If approved, the documents are drawn up and posted to you for your approval and signature.

  6. When your completed documents have been returned to they are sent to your solicitors. Once receipt is acknowledged by your solicitors, cleared funds are deposited directly into your nomined bank account.

Once I have an advance, can I apply for further advances?

As your matter progresses and the outcome of your claim becomes clearer, we will be happy to consider assisting you with more advances as required against your settlement. It is better and less costly for you to have multiple small advances as compared to one large advance.

Do we take an active role in your case or claim?

We cannot, under any circumstances, determine how the injured individual's case or claim is handled. Tactical legal decisions are solely within the purview of the injured individual and his or her legal representatives.


Our contact details here

Online contact form here

Loans are subject to our credit criteria.
Service specifications are subject to change without notice.

 

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