What is third-party litigation?
Otherwise known as litigation funding, this type of finance is designed to cover you with the costs of ongoing legal fees and damages that you may need to pay whilst making a claim for having been treated unfairly, and are seeking compensation. Third-party litigation funders, like those that Litigation Backing works with, help to give you the money up front so you can take a business to court and claim a large settlement that is rightfully yours to have.
How does third-party litigation work?
If you decide to make an application with Litigation Backing, then our team of expert advisers will take a look at your individual circumstances in order to assess the best third-party litigation funder for your claim. We only work with reputable litigation funders, and we make sure that we only put you in contact with a third-party funder who is most likely to accept your dispute claim.
In terms of the process of third-party litigation, these are the main points that you will need to remember:
- If you use litigation funding services, then the company will take a percentage of your claim if successful in your dispute. The exact amount is agreed between the two parties prior to a contract being written
- This share is based on a no-win no-fee basis. That means that if you are not successful in your claim, then you will not have to pay
- The finance you receive from a third-party funder helps to cover the cost of court costs, expert fees as well as the legal fees that you may incur
- Regarding the amount that you will be able to borrow, this will depend on the
indivdiualcircumstances of your claim. You may be able to borrow from £1,000 all the way up to £1 billion. This is why it is important to provide our team with as much information as you can, as it helps us to assist and find you the very best third-party funder.
Why use third-party litigation funders?
There are a number of reasons to use third-party litigation funders for people when they are trying to settle a dispute. Those listed below are the ones that are the most commonly cited by our claimants:
- You want to use
cashelsewhere: you may have the money to cover the costs of litigation, but may want to save this money for other uses. For example, if you run a business, you may prefer to keep this capital to be used for other reasons in your firm. With a third-party backing willing to pursue your claim and for free, then why not?
- If you do not have the money: alternatively, you may want to use this kind of finance because you cannot otherwise afford the upfront costs, meaning you can’t afford to go to court.
- If your opponent has a lot of money: another strong reason can also be that your opponent in the
disuputehas a large business,and a lot of money to pursue the claim. Third-party funding means you do not have to worry about risking your own money,or pay out if you lose yourclaim.
- To reduce financial and human resources: if you are making a claim as a firm, then using litigation funding has a number of advantages, as it means you can reduce not only the cost of making a
claim,but also human resources too.
How to apply for third-party funding
Are you looking to apply for litigation funding today? Great! Our dedicated team of litigation funding specialists at Litigation Backing is looking forward to hearing from you. All you need to get started is to provide us with details about the case you are wanting to take up. You can do this by applying online, and fill in our online application form, which will take you less than 10 minutes in total to complete. Once completed, our team will review your claim in further detail, and then contact you to let you know which litigation finance company is most likely to approve your claim up to £1 billion in costs.