Who could have expected the closure of courts, no trials, clients being out of work, and the pressures of settling cases earlier than expected to get your clients their money? Due to COVID-19 juries are not assembling, courts are limited to virtual hearings, civil cases come after criminal cases, all causing cases to slow down. The Georgia Supreme Court early on declared a state-wide emergency and asked courts to close except for “essential functions.” The Georgia Supreme Court has even moved to suspend “all deadlines or other time schedules or filing requirements imposed by … states, rules, regulations, or court orders” under O.C.G.A s 378-3-62. In turn, cases are now taking longer to settle.
If your client has received a Pre-Settlement loan, it is almost guaranteed to be a compounding interest structure. This is the reason loans balloon to 200%-300%+. Compounding interest is sure to create massive issues when combined with an elongated settlement process. With cases taking longer to settle, clients can end up owing more in Pre-Settlement loan interest than their case may be worth. Even a case taking just six months longer to settle can end up costing your client thousands. In times like these you now must ask yourself:
- What can you do about these advances already in place to stop the compounding?
- What can you do to avoid future advances requested by clients that compound with so much uncertainty?
The ANSWER…Capital Financing! We TERMINATE* all interest in 12 months and NEVER compound interest (Simple Fee). We can buy out a loan in place where it stops the compounding or prevents your client owing more on a new advance they need.
