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  1. #1
    Join Date
    Sep 2007

    Default Settlement Advances

    Hi I just had surgery in December of 06. I had spinal fusion L5-S1 with bone graft and rods and screws. I have already went through the PT and got my MMI. I do have an attorney. Actually we were about to settle my case when I started having trouble again. I am on my feet alot and started having severe back pain and leg pain again. went back to the doctor and had to have another MRI which does not look good at all. I have to go back to the docotor in october so that he can take a look at my MRI. My question is does anyone know of someone who has gotten a settlement advance? If so I know they charge like 3 to 6% of what they loan you. Just wandering if anyone has gotten one before. I am in dire need of money right now and dont know if I am going to be able to continue work for now.

  2. #2
    Join Date
    Mar 2007

    Default Re: Settlement Advances

    keydawn, I don't know where you got the idea that those loan sharks only charge 3-6% try closer to 30% and upward. Maybe 3% per day but certainly not 3-6% APR. Are you by any chance a member of a credit union? IF your credit is at all good most CU's make signature loans at a very reasonable rate. You would be better off taking a cash advance on a credit card to tide you over than using a loan sharks services. Those settlement loan sharks will clean you out deluxe.
    "He who is his own lawyer has a fool for a client"
    Abraham Lincoln

    Take Care and Be Well.

  3. #3
    Join Date
    Oct 2006

    Default Re: Settlement Advances

    Here's some information on pre-settlement loans and other lawsuit funding options.

  4. #4
    Join Date
    Jun 2007

    Default Re: Settlement Advances

    If you haven't settled your case, you should likely have your attorney have your doctor re-address the MMI issue. If something is now changing that prior decision, you should seek to have your TTD payments resumed.

    Also, under TN law, if you are released to return to work, with a medical impairment rating, but cannot actually go back to work for some reason related to your injury (can't do the work, employer doesn't have work, etc.), then you're entitled to an advance of up to 60 days of benefits.

    Keep in mind that this advance payment of 60 days would be taken as a credit against any future PPD settlement or trial judgment you might get.

    I would recommend staying away from the cash advance people, unless you have a really bad workers comp case that is likely to lose at trial. In that situation, I say take the money and run. Otherwise, it's legal loansharking.

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