Would a Settlement Loan be Right for You?
13 December 2009
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17 Comments
If you’re in the middle of a pending lawsuit you already understand the financial stress than can build during that period. This is especially true for injury or accident related lawsuits. During this period the plaintiff in the case won’t be able to work, and depending on the situation might never able to work again. As with most lawsuits this can be a very trying situation; most lawsuits tend to take many months if not years to complete. During this period the plaintiff in the case can become delinquent with monthly bills, medical payments, car loans and mortgages. In worst cases you can actually lose your home or vehicle during a pending lawsuit; and have adverse effects on your credit history.
Many people in this situation tend to do the worst thing and take out more credit. This can include applying for more credit cards or taking out a home equity loan. This is dangerous, if you lose your pending lawsuit you’ll still be liable for that money that was loaned. A better option in this type of situation is a settlement loan. They are a great way for a plaintiff in a pending lawsuit to take hold of their financial issues, and in the process protect their assets and credit history.
The best part of a settlement loan is it doesn’t have to be paid back until the end of your lawsuit. If you happen to lose your lawsuit you pay nothing back. That means the money you spent and that is left over the settlement loan is yours to keep and will not effect your credit history or any personal property you would other wise take out equity loan on. Settlement loans are based on the merit of your lawsuit, so if it’s a strong lawsuit against the defendant you’ll almost certainly get approved.
Remember, you need to make smart financial moves during your lawsuit. A traditional loan can be damaging if you fail to win your case since you’ll still be responsible for the payments. This is why the settlement loan is a far better option, you’ll be able to secure the financial funds you need to proceed with life and not be in danger of a loan you can’t afford if you lose.
Watch the video related
Frank Spencer wants to take out a loan so he visits his bank manager. Hilarious clip from the classic BBC comedy TV series from BBC Worldwide.
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I Love this man. His method is used Social Work curriculum. People like him give me a little hope for the world.
You will generally loose half of your money or more. Really use it as a last result, they have rates kinda like payday loans. Ouch…. Most lawyers will tell you to stay away from them but if you need the money now and can take care of everything then it might be worth it. You by law will have to consult an attorney before they can give you the loan too. There is a 10-14 cooling off period before you can sign for it usually too.
i’d like to think that if more of this kind of thing were going on, there would be more accountabiltiy more help given to the people who could benefit, and less likelihood of illicit skimming of the funds meant to be given as aid.
I see you have 2 scammers already.
You'll probably find this somewhere in the small print on your loan agreement but it seems to be excessive. Discuss this with the bank, preferably in writing.
In the UK we have a central complaints authority (ombudsman) for financial matters and there may be something similar where you are.
You may need a lawyer, unfortunately, if you make no progress.
wow you are my ideal….
i hope i will help the world like u ….
NAVEED MEDHI
you r the man
I loved it
Check this article from the NY times.
I've found some good sources here…
http://loan.surveyland.org/
Good Luck.
If this is money she owes you and she pays, the loan payment itself is not taxable. Interest and penalties would be.
Wow id like to see the written statics on this program
He is a great man! Everyone thinks about Rich people but no one thinks about Poor people. Everyone is becoming selfish.
His Idea is good! Should be given a try by everyone!
This is a collalarized loan and they won't make a settlement. It is a just and legat debt, and the repairs are your legal responsibiility. Only thing is to fix car and pay loan , or take the hit credit wise. Remember the car is collateral, if it is a secondary lender they may not even repo it. However as the debt ages, then whomever owns the debt will settle, but not till that car gets repo'd, or the debt changes hands, or if the owner of the debt charges it off. After the charge off they may take make a settlement, but not till they get that tax writeoff, then settle and come back as a positive on their books, i.e. profit.
Settle high, you might even get a deletion down the road. Settle low ok, but will always show the chargeoff , but will show that you eventually settled it and bal 0. You could add a dispute on to it if the car was sold to you intentionally ( or unintentionally, but they could dispute your dispute, usually don't), in disrepair, or mileage changed, something bad and not disclosed to you- and may add a few points to your settlement if you make it low, and the chargeoff still shows.
Settlements are a good way to deal w/ bad debt, but they are not apt to happen till down the road apiece. They will never happen if you are up to date. And debts with collateral, well they will settle,,,,,,way down the road.
Are you talking about for a court case? If so try your darndest to wait it out, they charge up to 25% (which is on top of the 25% or more your attorney is going to take)
man I’ve become a fan of that guy
Hi
I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. a faithful woman of God, You can get to him via his email address: dr_leopaulson@yahoo.com, Or, Please tell him that Mr Frank Bross he gave out a loan to me . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.”
Thanks.
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