With so many people either suing or being sued today, a settlement loan certainly takes the heat off the idea of being charged with contempt of court. In some places, people are taken into court for things that are minimal in comparison to the rewards issued. It puts many people into a financial bind trying to find a way to pay the court-awarded settlement.
Is it financial feasible to borrow money for a settlement? It depends upon the length of time that the plaintiff has to acquire the money to pay the settlement. For someone who has a good income and is able to save the money before the money becomes due. it is not a problem. On the other hand, for a middle-income worker or someone who was assessed more than what they can possibly save, a settlement loan is likely to save him or her the embarrassment of returning to court for a contempt of court charge. When you weigh the costs of one against the other, a settlement loan is certainly the cheaper of the two options.
The Creation of the Necessity
Why does the need for a settlement loan exist? Are people so greedy today that they look for reasons to file litigation? In some cases that is true, but in other cases the problem lies within the industries themselves that are negligent in the way they handle products that are entrusted to their care. Some of the issues that currently create the need for litigation include but are not limited to the following:
Many other situations may be revealed, but these are the ones that typically make one think of litigation in the industry, but sadly, these are not usually the ones in need of a settlement loan. It is more likely the homeowner whose child left roller blades on the sidewalk and was ordered to pay a settlement more than five times what the incident likely cost the person who was injured by a fall.
When determining the need for a settlement loan, you want to weigh the costs with and without the loan. If the litigation award is small, you may want to try to pay it over time, but if the award is substantial, a settlement loan will cost you less than a contempt of court citation. It’s important to weigh one against the other before making a decision and choose the one that fits your situation the best.
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About The Author
John Mussi is the founder of UK Personal Secured Loans who help homeowners find the best available loans via the http://www.uk-personal-secured-loans.com website.