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  1. #1
    Join Date
    Jul 2010
    Posts
    49

    Default Getting a Cash Advance Against Pending W/C Claim

    Are there legitimate finance companies in Calif. that will advance cash for w/c claim if it is in the settlement stage? I have seen a few online that have some kind of w/c funding or something along those line of credibility. This would allow me time and money to survive while my w/c carrier is starving me and stalling me to rush a settlement after years of pain and suffering, struggling to make ends meet and the medical care that takes forever.

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

    Default Re: Getting a Cash Advance Against Pending W/C Claim

    Actually, while you could probably find an unscrupulous loan shark to advance money on your potential indemnity settlement... the labor code/comp statutes ban the use of a WC claim/settlement as collateral for any such loan.

    One, you cannot force the lump sum payment of any indemnity due. The ER/IC is free to pay out over the number of weeks as determined by the rating and section 4650 of the labor code.


    Two, There is no way of telling what that rating/indemnity will be until you are MMI and a PD/WPI rating issues.

    Three, if you notice the 'small print' in those ads on TV or billboards... "workers compensation cases excluded''.

    Sorry, but you're just gonna have to wait this one out.
    If you are unable to RTW, and your Dr feels you are still disabled after exhausting the TTD, you should be eligible for SDI, another 52 weeks or so of benefits.

  3. #3
    Join Date
    Jul 2010
    Posts
    49

    Red face Re: Getting a Cash Advance Against Pending W/C Claim

    Quote Quoting BvIA View Post
    Actually, while you could probably find an unscrupulous loan shark to advance money on your potential indemnity settlement... the labor code/comp statutes ban the use of a WC claim/settlement as collateral for any such loan.

    One, you cannot force the lump sum payment of any indemnity due. The ER/IC is free to pay out over the number of weeks as determined by the rating and section 4650 of the labor code.


    Two, There is no way of telling what that rating/indemnity will be until you are MMI and a PD/WPI rating issues.

    Three, if you notice the 'small print' in those ads on TV or billboards... "workers compensation cases excluded''.

    Sorry, but you're just gonna have to wait this one out.
    If you are unable to RTW, and your Dr feels you are still disabled after exhausting the TTD, you should be eligible for SDI, another 52 weeks or so of benefits.
    I don't know what RTW, MMI or WPI stands for and I have been SSDI for a few years now. Even though I don't know what it means I do know I have reached MMI and I have an impairment rating that should double by next year. I have ulimited medical or PIP Whatever that means. I would appreciate anything anybody has to add even though you are sure it is illegal to get a cash loan. I still have hopes that somebody will loan me money. I thought the worst issue was the fact that the settlement would go directly to me and not to the attorney in California. Please clarify these accronyms for me.

    I am waiting for a reply from someone to loan me money, but now I feel discouraged that it probably won't happen. Oh well

  4. #4
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,021

    Default Re: Getting a Cash Advance Against Pending W/C Claim

    PTP is your Dr...Primary Treating Physician.
    MMI is Maximum Medical Improvement, used interchangably with P&S/Permanent and Stationary.
    WPI is Whole Person Impairment, a portion of your PD/Permanent Disability rating, the basis of any indemnity due.
    RTW = Return To Work.
    I do know I have reached MMI and I have an impairment rating that should double by next year.
    Once you have been declared P&S/MMI and rated for PD/WPI, there would be no reason for that rating to change. Once the parties agree or stipulate to a rating %, your claim can move toward resolution/settlement. Only if you were to petition to reopen the claim, which can only be done within 5 years of the org DOI/Date Of Injury... would the rating be increased/decreased as the case may be...
    I have ulimited medical...
    Sorry, but your medical is not 'unlimited'. If you are MMI, rated, and have an award of FMC/Future Medical Care, you go through the same process as all along in the claim. PTP/Dr must submit request for treatment, UR process...and PQME/AME if necessary.

    As you are receiving SSDI now, and Medicare eligible, you would have to provide a WCMSA/setaside arrangement to CMS/Medicare for review and approval before you could cash out your claim.

    You are not permitted, under Calif statute, to incumber a potential indemnity award as collateral for a loan. It's illegal.
    You may request a advance cash payment on the potential indemnity there may be due, but the ER/IC is under no obligation to provide this.

    As you are MMI, have a rating you should be receiving PDAs, Permanent Disability Advance payments now. The only way/s to get cash from that is basically close your claim by a cash lump sum payment...Or, petition the WCAB for a commutation of any remaining indemnity due.
    I thought the worst issue was the fact that the settlement would go directly to me and not to the attorney in California.
    Not sure of your meaning there... but you should be paid the PDA/s, not your atty. There are two ways for atty fees to be paid, one is commutation "off the far end", that would reduce the number of weeks benefits you would receive. The other is a commutation that reduces the weekly benefit amount. Both of those actually depend on what the rating is and how the claim is resolved.

    While you may be in the ''settlement stage", I'd have to suppose the Medicare issues are being attended to... and an offer to C&R your claim is/may be in the works.
    Have you been asked to sign a release of information form so your SSA/Medicare status can be determined ?
    That would be an important step before any negotiations are actually entered into.

    You may or may not see a cash lump sum payment... commutation or closure of the case in chief.

  5. #5
    Join Date
    Jul 2010
    Posts
    49

    Default Re: Getting a Cash Advance Against Pending W/C Claim

    Thank you for your reply to my thread. I would appreciate your response to my quote today if at all possible. I have been in this w/c experience for 5 years now. I attend w/c psycololist groups for depression for about a year now. I find that this forum has helped me alot as does the groups I attend. They are very informative because you can ask questions or just tell of your experience to get feedback on w/c issues that other people have been through. I assume you have alot of experience in this type of therapy. Thank you for your input. Troller

  6. #6
    Join Date
    May 2010
    Posts
    343

    Default Re: Getting a Cash Advance Against Pending W/C Claim

    Quote Quoting Troller View Post
    Thank you for your reply to my thread. I would appreciate your response to my quote today if at all possible. I have been in this w/c experience for 5 years now. I attend w/c psycololist groups for depression for about a year now. I find that this forum has helped me alot as does the groups I attend. They are very informative because you can ask questions or just tell of your experience to get feedback on w/c issues that other people have been through. I assume you have alot of experience in this type of therapy. Thank you for your input. Troller


    I would like to second that!!! great words and well said Troller...have a great day

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