Where Do the Funds Come From?
The funds in most cases, come from private commercial litigation funders, crowdfunding platforms, individuals or group investors who have elected to exploit an opportunity of either helping another, or in the hope of making money, which is referred to as a reward, should your case prove successful.
It is understandable that a consumer needs to know that the advice they receive will be lawful and the funder is not in conflict with their personal circumstances. The investor(s) do not have a direct interest in the proceedings themselves, other than the reward which may follow from a meritorious outcome.
To make an application for funding Legal Claim Funder Ltd will require the consumer’s personal details and those of the opponent/s, this will ensure that the funder is not funding both warring parties. This will also assist in determining whether LCF has any issue regarding conflict of interest.
With the relevant information, LCF will source a funder and present to them a proposal. LCF will represent the consumer in all discussions and may ask the acting solicitor/lawyer to attend, should the need arise. When funding is secured the funder will provide a confirmation to LCF who in turn, will offer the consumer the opportunity to accept or reject the proposal. The consumer will be given 30 days to consider what is being offered. Should acceptance not be forthcoming the offer will be withdrawn, and the consumer is then free to exploit any other avenue they so wish.
In most cases involving timeshare related matters the consumer will not be asked for any fees until the process is complete and should funding be rejected the consumer will not be charged for the proposal summations. Essentially a NO WIN, NO FEE submission.
Should the consumer choose to accept the funding offer, LCF will apply for the funding requested and those funds will be paid to the nominated solicitor/lawyer to pay the costs, disbursements and other expenses, as reflected in the cost budget they have supplied. Should the funder fail to deliver the funds as required, LCF will take responsibility for the offer and ensure the offer made is backed by our own reserves. All funds which are provided will be verified by LCF and confirmed and certified by a registered firm of chartered accountants who are members of the Institute of Chartered Accountants in England or Wales.
- Who can apply for funding?
- The Funding Process
- What is The Funder Reward?
- The growth of timeshare litigation funding
- What is “No Win No Fee?
- What is ATE insurance?
- What must I provide to a funder when making a submission?
- What fees are required and when?
- “Skin in the Game”
- Selecting a litigation team