Legal Funding | Legal Finance | Litigation News, Information and Updates

Here at Oasis Legal Finance, we have the opportunity to help people all over the country daily, and we’re proud to be in the lives of so many.  We’ve heard stories from around the nation about how the funds received from Oasis helped families put dinner on the table or keep their car.  Legal funding is having a positive impact on consumers. We also know that unexpected accidents cause our clients to have to dip into savings that would have otherwise been set aside for things like college or retirement, so we’ve set up a scholarship fund to help students of legal funding recipients go to college and been involved in our local Mothers Against Drunk Driving chapter.   

We have heard from truck drivers, waitresses, school teachers and construction workers. While their individual circumstances differ, the reason they come to Oasis looking for help is the same. These people were living their lives, playing by the rules, and doing their best to take care of their families. They worked hard, and then, through no fault of their own, an accident happened that somehow seemed to unravel all of the progress they had made.

No one plans to be in an automobile accident or an accident at work, and a financial settlement can’t replace missing a child’s baseball games because they had to go to therapy. And nothing can compensate the plaintiff for the heartbreaking conversations around the dinner table when the parent, unable to work, wonders where they can cut back in order to put food on the table and buy clothes for their kids.

One of the joys of working in the legal funding industry is being able to call a plaintiff who thought that they had nowhere to go, and tell them that Oasis has approved their legal funding request, and that the plaintiff would be able to pay the rent, or the mortgage, or for groceries.

At Oasis Legal Finance, we realize that we can help people get through these tough times, and give the plaintiffs a hand up when no one else will.

It’s hard to play a baseball game with one arm tied behind your back, but that’s often how accident victims feel when they’re trying to make ends meet.  Consumer legal funding exists to help plaintiffs have a fair shot at the game.  Legal funding gives money to consumers to help them pay for critical expenses such as: groceries, rent payments, car payments, and tuition when no one else is there to help.  We also know that not everyone has sparkling credit.  That’s ok.  Oasis is going to work hard to get you the money you need.  

There is a secondary benefit that consumers obtain from legal funding. That benefit is “leveling the playing field” between the plaintiff and the defendant.  Unfortunately, sometimes our legal system is such that “only the strong survive.” Large companies just want to wear down the little guy until the little guy is forced to take what is offered, even when it’s not fair.  It’s just business to them, but it is deeply personal to you who are involved with the case.

The other side knows that plaintiffs often will accept an offer far less than what they deserve to settle their case quickly rather than wait it out until they can settle for a fair value. Consumer legal funding enables plaintiffs to solve their immediate financial problems and wait for their attorneys to settle their cases for what they deserve and not what the other guys wants to give.

No one can play their best with one hand tied behind their back.

If your budgeting process has revealed that your expenses are going to be greater than your income, it is time to examine your options.  Bottom line, what options do you have to get the cash you need to pay your bills? As we mentioned in Part 2 of this series, there are several options to obtain financial help and we’re going to briefly go through each to help you determine which might be the best solution for you. With any option it is critical that you weigh the risks, costs, and benefits associated with each.

There are three traditional sources of income in personal injury situations. 

Family and Friends

• These are the people who have been with you through the whole process; they remember the day of the accident and were with you in the days following.  Hopefully your family, and sometimes your friends, can be a source to borrow the funds you need.  However, this can lead to a sensitive situation and damaged relationships if you’re unable to pay them back.

Credit / loans

• If you’re like the majority of Americans, you have a credit card but it might be getting close to its max.  A loan might be an option as well if you already have an established credit rating and a relationship with a bank.  Remember, both loans and credit cards require a minimum monthly re-payment and will add to your stack of responsibilities.  If you need money now, these options can take time to materialize into actual cash.  Usually a loan requires something of value that the lender can hold as collateral (i.e house, car, jewelry, etc.).  If your situation ends up where you can’t repay the loan, the lender can take your collateral and your credit score can be damaged.

Legal Funding

• Consumer legal funding is perhaps the easiest and least risky out of all the options. Money that you receive from a consumer legal funding source is non-recourse which means that if you lose your case then you do not pay back the amount funded to you. Also, unlike a loan, you do not have begin repaying the loan in the form of monthly payments. Legal funding is also quick, from the time you apply – we speak to your attorney, and approve your funding, you can, in some cases, get the cash that very same day.

To help review each of these options, talk to your family and/or a trusted advisor. It is best to get several opinions prior to making a final decision. Also, make sure your attorney knows of your financial situation. Your attorney’s experience may shed some light on the pros and cons of these options. If you choose legal funding as your solution, your attorney will have to be involved, so it would make sense to make them aware of what you’re thinking sooner than later.

Your attorney is your counselor. Don’t be afraid to ask them questions about your case and what to expect, not only in the beginning but even as your case is progressing toward resolution. Second, determine if you will need financial help during your lawsuit, and third, if you do need help to carefully weigh all your options.

Now that you are familiar with the legal process and what your potential award may be, it’s time to determine what your financial needs will be while you’re waiting for that award.

Even if you don’t have a good grasp on what your income is versus how much money you spend, you’ll find that this is a straightforward process.

If you have a budget already in place, you’re ahead of the game. If not, don’t worry! You don’t need to go through the tedious and emotional process of building out a full family budget. With a few easy steps, you’ll have a good idea of what your bills and expenses are each month.  First, write them down.  This doesn’t need to be a detailed list, but it does need to be realistic. Make sure to include items such as mortgage/rent, insurance, taxes, car payment, gas, food, utilities and other household living expenses. There may be things you need to include that are specific to your needs.

Once that’s done, you’re half way there. Now you need to write down your monthly income, and match it to your projected expenses. If your income matches or exceeds your expenses, you probably are not an ideal candidate for legal funding.  However, if your income comes up short, you have several options:

1. Cut back on any unnecessary expenses.
2. Determine the possible ways to increase your income, such as legal funding, credit and loans, or family and friends.

Though planning can be a frustrating process, it can relieve a lot of stress. No budget is perfect, but even a rough outline can help you prepare and ease the pressure.

In our next post, we’ll look at your options for additional income more in-depth.