We provide cash advances to injured victims (Claimants) with pending personal injury and/or negligence cases.
We are repaid only from the proceeds of the case. The Claimant keeps the funds and owes us nothing if he/she loses the case.
A cash advance is an investment made on a contingency basis. It is not a loan. The Claimant is not obligated to sign a personal guarantee or provide any collateral other than a security interest and lien on the proceeds of the claim itself. The Claimant owes Salvo Park nothing if there is no award.
Cash advances can become a distraction for the Claimant and attorney if too much cash is advanced as compared to the expected settlement. This can lead to situations where the Claimant is more concerned with amounts owed on the advances, which could interfere with the strategy best suited to maximize the settlement itself. At Salvo Park, we actively manage the Claimant’s expectations and provide advances based on his/her actual needs. We encourage Claimants to call us directly with any questions or additional requests and let their attorneys focus on litigating/negotiating the case. We confer with the attorney before any advances are made.
We generally advance up to 10% – 15% of the estimated value of the pending lawsuit. As indicated, we advance only those funds necessary to meet a Claimant’s current financial obligations and living expenses.
Any amounts owed to us are due only when the case is settled and the proceeds are distributed by Claimant’s attorney. The rate of return reflects the risky nature of the investment. We encourage all Claimants to pursue conventional financing before utilizing our services.
We do not in any way interfere with the attorney’s handling of the case. The decision on how to proceed with the case is completely under the control of the Claimant in consultation with his/her attorney. Salvo Park has no authority regarding the Claimant’s decision of whether and how to proceed with the case.
Note: Claimant should first speak with his/her attorney regarding a request for funds.
A personal injury can often eliminate or significantly limit a Claimant’s ability to work. In addition, the related legal claim can take months or even years to settle.
During this period a Claimant’s living expenses continue and he/she may not have enough money to pay bills or afford basic living expenses.
When this happens, the pressure to settle a case quickly can be overwhelming. This pressure encourages insurance companies and defendants to delay a settlement and force the Claimant to settle the case for less than its true value.
Our clients typically use cash advances for day to day living expenses such as:
- Monthly mortgage or rent
- Medical bills
- Utility Bills
- Car payments
- Food costs and tuition payments
Salvo Park will review the financial needs of the Claimant and tailor the advances according to his/her needs. This could be a single cash advance or several cash advances provided on a periodic (e.g. monthly) basis.
We will work with the Claimant to create a personal budget of monthly expenses, which can be used while the case is being settled. This service is totally free of charge.
To begin the process the Claimant provides some basic information. This can be done in minutes and we would be happy assist in compiling the necessary information.
Transfer of funds can be made within 24 hours after we review the case and the Investment Agreement is signed. This review includes conversations with Claimant’s attorney and inspection of documents that substantiate the claim (e.g. accident reports, medical reports, insurance coverage verification, etc.).
