Top Reasons Lawsuit Funding Requests Get Denied
Updated: Dec 2, 2018
Like any financial lending or funding institution, Black Diamond Funding has policies and protocols in place to protect is business interests and, thereby, its clients' interests as well. That's why we sometimes have to decline initial requests for lawsuit funding.
We know that waiting for settlements while you struggle to pay bills and recover from devastating auto accident, fall or medical malpractice injuries is difficult, and we're dedicated to helping client plaintiffs and attorneys in these tough situations. So, to help you best prepare for your filing your application for lawsuit or pre-settlement funding, we've listed the most common reasons for denials:
You don't have an attorney: By granting a funding request, we essentially are investing in your lawsuit. So, it's to both your benefit and ours that you are represented by an experienced professional attorney who will make sure your case is handled according to legal procedure. This significantly boosts your chances of winning your case.
You have a type of case we don't fund: Here at Black Diamond Funding, we choose to help those most in need of lawsuit funding – those who are struggling to cover day-to-day living costs because of debilitating injuries. Plus, law prohibits funding of certain types of cases, and in other types, the chances of success are slim. Therefore, we can not accept funding requests in divorce, custody, small claims, tenant, immigration or Social Security cases.
Your case is too new: Funding decisions are based in part on supporting case documentation, and that documentation can take time to surface. This may include police and accident reports, medical records and test results and insurance coverage information. In medical malpractice cases, an expert opinion report is required, too. In most cases, it will take at least one month to begin generating necessary documentation.
Multiple other factors must be considered when deciding whether and to what degree to fund a lawsuit as well. But if we can help, we will. Call 844-352-2274 to talk with a specialist about your case and your funding needs today.