Key things you should know about litigation loans
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Litigation is a key part of the UK’s fair and democratic justice system. It would, of course, be entirely unthinkable that litigation claims and the pursuit of justice were reserved only for those with the financial means to bring about a case, which is where litigation funding comes in. Let’s look at this in more detail.
What is a litigation loan?
Simply put, a litigation loan is a solution to funding a legal case. It is offered by regulated professional lenders to fund the legal costs involved in pursuing a litigation claim.
Anyone requiring support with applying for litigation funding should contact a litigation finance specialist, such as //www.novo-modo.co.uk/litigation-funding, for personalised advice on their options.
How is a litigation loan obtained?
Once you have selected and met with a solicitor, they will guide you through the process of applying for a litigation loan. The money will be paid directly to the solicitor handling the case, rather than the individual borrower.
Important things to note
There are a few things you should note:
- There may be a small administrative fee to pay
- Anyone receiving a litigation loan should meet with an independent solicitor – someone other than the legal representative for your case – to ensure they fully understand the loan’s terms.
- It is always a good idea to keep a record of all the conversations you have with both your solicitor and the lender to ensure there is a paper trail evidencing all conversations throughout the process.
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