My lawyer says he cannot ethically give information to an advance loan company & the loan cannot go forward without his cooperation but he's had my case since September of 2005 without results. Not even a response from the insurance company involved since he made the first demand in August 2007. I don't think my case is very important to him & I really need the money. There seems to be no recourse to make him take some action. Very frustrating.
2007-11-20 03:11:35 · 4 answers · asked by shrdny 1 in Politics & Government ➔ Law & Ethics
The state bar has informed lawyers that we should not give advice to accept an advance loan. The interest rates are so high that its unethical and predatory lending in my opinion. Ask your lawyer to get a move on it....Ask to see the letters where your lawyer is demanding a response to your settlement offer.
The loan is most likely without recourse, meaning you don't have to pay it back if you don't win.
The comments about the lawyer not having confidence is not accurate, as the loan company makes the decision regardless of what the attorney says or does.
2007-11-20 03:20:34 · answer #1 · answered by WVAttorney 3 · 1⤊ 0⤋
Lawsuit loan funding instead of traditional financing scheme. Lawsuit loan typically falls as non recourse cash advance, this means if you don't win, you owe them nothing. Judging from your case this may be the best and less risky idea although the fee can be high. And the reason why lawyers won't become your creditor because it's simply unethical and there's potential conflict of interest.
In which states did you register your lawsuit ?
In some states, lawyers are simply not allowed to sign contracts with lawsuit financing companies, and some lawyers will refuse to sign such proposals.
In such circumstances this kind of workaround is usually arranged, applicants will be required to sign a contract requiring the client to instruct the lawyer to repay the balance of the lawsuit loan and any associated fees to the lender out of any eventual verdict or settlement, asking the attorney only to sign an acknowledgment of the client's instruction. I hope this helps and you should be able to get it.
2007-11-20 08:04:44 · answer #2 · answered by Shaka Labbits 4 · 0⤊ 0⤋
The law is rarely swift. No matter how confident you are that you will win, there are no guarantees. You could find yourself owing a loan and not winning. The loan would be 100% due and you would have nothing. You would be in worst shape than you are now. Your lawyer is right about not getting involved in the loan process.
Perhaps you should sit down with your lawyer and explain your frustrations. Many times there is a lot happening however the client is the most in the dark. The lawyer is not going to call you with all the details of back and forth discussions that do not come close to addressing your needs. As an example, if the insurance company should pay you $100,000 and is offering $1,000 he won't call you yet.
2007-11-20 03:19:30 · answer #3 · answered by davidmi711 7 · 0⤊ 2⤋
To get cash for a settlement you first have to settle for a specific amount, If it is payable over time then a company will pay you about 60% of that money in one check and they will take over recieving your settlement money payments.
Obviously the lawyer is not convinced you will win a sizable settlement or he would be beating down the insurance companies door. He want to invest as little time as possible and if your settlement comes thru---great.
Tell him to ---- or get off the pot.
2007-11-20 03:19:20 · answer #4 · answered by we_are_legion99 5 · 0⤊ 0⤋
contact the insurance company or their attorney yourself--tell them you are anxious to get this case settled and your attorney is not being cooperative. Not sure what the particulars of your case are, but if you have a really strong case--the insurance company just wants to settle it too. besides--if you settle it yourself, you don't have to pay the attoney.
2007-11-20 03:53:48 · answer #5 · answered by s and d e 7 · 0⤊ 0⤋