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Thread: Borrowing Money

  1. #1
    Join Date
    Mar 2008
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    19

    Red face Borrowing Money

    Has anyone in Ohio found a place that will loan you money on your pending settlement?:

  2. #2
    Join Date
    Feb 2007
    Location
    Calif
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    18,021

    Default Re: Borrowing Money

    There may be some information in the OH labor codes addressing your ability to offer your potential ''award'' as collateral for a loan.

    The reason it would be difficult to get a loan against your ''award'' is basically due to no one knowing that you WILL be receiving any money due to your injury...WC is a 'benefit delivery system' by law, not necessarily a ''law suit'' against your employer where you will recieve a monetary judgement. You may very well recover from the effects of your injury/illness and RTW without restriction or permenant disability, which would mean there would be NO ''award'' at all. That is the way WC is supposed to work...unfortunately for many it simply doesn't work that way.

  3. #3
    Join Date
    Feb 2007
    Location
    Western New York State
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    Unhappy Re: Borrowing Money

    From what I understand you should not take out those types of loans as they really rape you, worse than the IC!
    I was told to sit down with a bank or credit union and discuss with them your situation and see if this could be used as collateral to assist in getting a real loan.

  4. #4
    Join Date
    Mar 2008
    Posts
    19

    Smile Re: Borrowing Money

    Quote Quoting Q-man View Post
    From what I understand you should not take out those types of loans as they really rape you, worse than the IC!
    I was told to sit down with a bank or credit union and discuss with them your situation and see if this could be used as collateral to assist in getting a real loan.

    Did you do this with your bank and was successful?

  5. #5
    Join Date
    Feb 2007
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    Calif
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    Default Re: Borrowing Money

    kind of like a anuity you will loose alot of money in the end if not your whole settlement if its a third party law suite involved.

    I'm not clear on how you think anyone would loose money on an annuity...?
    If you settle a claim with a Structured Settlement, where an 'annuity' would be purchased for you, the benefits are paid out per the agreement in the annuity, tax free, and the IW could stand to actually gain money in the long run.

    loving,
    Check the laws of your state, there may be law/rule precluding you from offering your potential settlement as collateral for any type of loan.
    A potential ''award/settlement'' is not a tangible, you do not actually have something in hand to offer...and, you have no way of knowing how much it might be.

  6. #6
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    Feb 2007
    Location
    Western New York State
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    1,340

    Wink Re: Borrowing Money

    Quote Quoting loving View Post
    Did you do this with your bank and was successful?
    Yes I did and was granted a loan. I had to receive a letter from my attorney and the workers compensation board that I was on comp., and how much I was getting and when it could potentially stop (weekly cash benefits). I had all of my money deposited in this bank and taken from my account to pay the loan. I had down on paper all of my bills and what my monthly payments were and the bank was kind to assist me in setting up a payment from my account to the person(s) owed, and when payment was due and in case a due check was late to me the bank would cover a bill until the check was deposited.
    Communicate your needs and I think you will find out that there are allot of kind hearted people out there!!

  7. #7
    Join Date
    Feb 2007
    Location
    Calif
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    Default Re: Borrowing Money

    What the bank required from the attorney, and a verification of your WC benefits/weekly check, was/is a ''verification of wages'' and how long it is anticipated you will be receiving the benefits... this is not a loan with your potential 'award' being the collateral.

    There are lots of nice people out there, and many willing to help you in your plight...you just have to look for them.
    You were lucky you have a bank with a working history with you, and you got a ''signature loan'' based on your need and income. Unfortunately not everyone finds themselves in your situation.
    That's great you got the help, and were able to stay 'afloat' during a difficult time...

  8. #8
    Join Date
    Mar 2008
    Posts
    19

    Default Re: Borrowing Money

    What bank did you use? Credit is terrible, also, I am not receiving any money now and am waiting for a hearing for either TTD or loss of wages and PTD

  9. #9
    Join Date
    Mar 2008
    Posts
    19

    Default Re: Borrowing Money

    My Attorney Gave Me An Advance On My Claim...she Just Deducted It From My Settlement Check...and There Was No Interest.ask Your Lawyer If He/she Can Help You In That Way.

  10. #10
    Join Date
    Sep 2007
    Posts
    189

    Default Re: Borrowing Money

    In Florida, attorneys are not allowed to advance payment to a client, due to ethical concerns. They are allowed to advance litigation costs, however ...

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