If you are a plaintiff in one of the ADT lawsuit finance programs, or if you have been a plaintiff in any other ADT lawsuit loan program, you may be wondering if the ADT lawsuit process is any different than the procedures followed by other lenders. In order to obtain a lawsuit loan, the ADT lawsuit funding broker obtains signed agreements between the plaintiff and the lender from which the monies are borrowed. The plaintiff submits a request for funding, the funding amount is deposited into an account and the signed agreement is submitted to the bank for approval. The approval process can be a lengthy one if it is done properly, but if the plaintiffs do not proceed, the monies will be returned to the lender.
To ensure that the lawsuit loans process follows an efficient process, many plaintiffs engage the services of an attorney to act on their behalf. This helps to protect the plaintiff’s best interests throughout the entire litigation and settlement process. Once the monies have been approved, the plaintiff must repay the monies according to the terms of the agreement. Many times, this repayment schedule is a one-time settlement amount. Other instances, payment may be required at regular intervals.
Although the lawsuit finance companies do expect the borrowers to repay their loans, they do not penalize borrowers for late payments. As a result, many plaintiffs find the lawsuit loan process very convenient because they do not have to worry about repaying the monies until their case is complete and the case has been resolved. In many cases, the settlement takes longer than anticipated because the plaintiff may need time to recuperate from his or her injuries, resulting in additional late fees. ADT lawsuit loans are also readily available to plaintiffs with good credit and good employment prospects.
There are many ADT lawsuit loans providers. Many of these providers are able to quickly find potential plaintiffs through advertisements placed by attorneys. Others locate potential plaintiffs who apply for traditional loans and refer them to ADT. Regardless of how the provider obtains the information, the process typically involves meeting with the potential plaintiff in person, discussing the details of the lawsuit and formulating an appropriate budget.
Once a funding company agrees to advance a specific amount of monies for a specific case, the plaintiff will be held liable for the full amount of the settlement unless the case is completely resolved. In addition, there is typically a lien placed on the plaintiff’s lawsuit settlement in the event that the plaintiff does not comply with the terms of the agreement. These terms often include keeping up with personal finances and avoiding further injury. Therefore, if the terms of the funding agreement are not followed, the ADT lawsuit funding company can initiate court action against the plaintiff.
The costs associated with ADT lawsuit loans are significant. Therefore, plaintiffs should always discuss the cost of pursuing their case with their ADT lawsuit finance specialist prior to signing any agreements related to the case. If the case is not resolved in the plaintiff’s favor, ADT lawsuit loans could continue to serve as a financial crutch, leaving plaintiffs at the mercy of the ADT lawsuit financing company. For this reason, it is critical that plaintiffs thoroughly discuss the costs of their lawsuit with their ADT lawsuit loan specialist before signing any agreements related to the case.