It’s no secret that working with insurance companies can get frustrating. When it comes to medical, automobile, or other expenses, unfortunately, many plaintiffs find themselves paying bills that just can’t wait out of pocket. If they haven’t reached a settlement yet, this can take a toll on their finances if they were expecting help from insurance, and so many plaintiffs look to lawsuit loans to help ends meet. Some unexpected expenses that plaintiffs sometimes end up paying out of pocket include:
Medical bills. If the plaintiff has a personal injury case, then they will probably have to deal with both their health insurance company and the defendant when it comes to recovering their losses. If a patient is in need of a medical procedure that insurance will not cover or will only partially cover, then they might find themselves paying the expensive bills out of pocket, which could mean a lot of debt if they have not received their settlement yet. However, taking out a lawsuit loan could mean that the plaintiff could use money from their lawsuit to cover the medical care that they need.
Car repairs. The same can hold true for dealing with car repairs with motor vehicle accident lawsuits. If auto insurance isn’t enough to cover the necessary repairs and rental car costs, then plaintiffs may find themselves footing the bills themselves. Even if the plaintiff isn’t working, they still may have court dates, appointments with their lawyer, and everyday needs that they could need a car for. Using a settlement loan to pay expensive out of pocket automobile repairs can keep plaintiffs moving while they await their settlement.
Home repairs. Some plaintiffs are in their legal situation because of problems with a contractor or another issue relating to their home. Sometimes, plumbing or contracting companies will have their employee’s work insured and plaintiffs have their own home insurance as well, but again insurance may not be completely reliable and so not all expenses could be covered. If a plaintiff needs home repairs ASAP, then a lawsuit loan may be the way to go.
Lost wages. When motor vehicle accident victims experience an injury, sometimes they find themselves out of work and suffer lost wages as a result. In certain circumstances, auto insurance covers these lost wages. However, as we’ve addressed, sometimes insurance companies can make getting this coverage difficult. This may include slowing the process until the claimant grows frustrated, disputing the claim or outright denying the claim. But plaintiffs have mortgages, car payments, and other necessary expenses to pay until they can start working again. Lawsuit funding can help plaintiffs make ends meet until they receive their settlement or get back to work.
About the Author: Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit www.smpadvance.com.