Here are some tips to help through the application process.
Cases where the client is pro-active in assisting the gathering of this requested paperwork, have a much higher probability of approval.
Remember, you are the client, this is your case. You have every right to request documents on your case from your attorney. Having said that, here is the list of documents that underwriters would ideally like to review on personal injury cases:
- Police Report, Accident Report, or Incident Report
- Medical Records Relating to the Accident and Subsequent Treatment
- Insurance Coverage on the Defendant
- Copy of the Lawsuit (Complaint) if in Suit (i.e. if filed)
- Pay-off Information (if prior advances)
- Expert Reports, Analysis, Opinions, or investigative Reports
- Witness Statements
- Settlement Offers and Settlement Demands
Medical Records and Your Lawsuit Advance
Secondly, medical records are critical because they go a long way in determining the severity of your injuries. The seriousness of your lawsuit is directly proportional to the value of your lawsuit. The more severe your injuries, the more likely your case will settle for a larger dollar amount.
Personal injury cases where the victim had to have surgery are almost always worth more than cases where the victim did not have surgery. It’s harder for the defendant’s attorney to attack an injury claim that required surgery. But it’s much easier to attack injuries that didn’t require surgery and to claim the plaintiff is simply faking the injury.
All pre settlement cash advance providers distinguish between injuries requiring surgery and injuries that do not. Injuries that not require surgery are referred to as “soft-tissue” injuries.
Therefore, in terms of medical records, we want to review the following:
- Ambulance/ER report if applicable.
- Initial ER records or initial treatment records
- Operative Surgery Reports
- MRI, X-Ray, and any imaging reports
- Insurance Coverage of the Defendant
Prior Advances on Your Accident Claim
If you have a prior advance on your pending lawsuit then Prime Case will request the payoff information from the prior pre settlement funding company. The standard practice is to pay off the existing advance, and issue “new” money to the client. Pre settlement funding companies only allow one existing lien against your lawsuit at any given time.
We’ll have to buy-out any existing advance. For example, let’s say you have a $2,000 prior advance on your case. And you want an additional cash advance of $2,000. Let’s assume the payoff for the previous advance is $3,000. So, the pay-off plus the new advance would be $5,000. So, when a client has an existing lien, it is always more challenging to do an additional advance, but it is certainly possible depending on the injuries, insurance coverage, and liability of your case.