Timeshare Litigation Funding
Trust, confidence and dialogue between you and your funder are key elements to ensure your journey to a meritorious conclusion is smooth. TESS does assist in the funding of litigation claims, offers a service which tries to secure the funding you require. TESS will take your instructions and prepare a submission to a funder or a cluster of funders to further your quest to obtain.
TESS requires copies of your key documents, proof of payment, a completed questioner and a pre-signed litigation funding agreement. When returned, TESS will provide all the risk assessments and submissions to a funder who has expressed an interest in investing in timeshare legal actions. Once funding is approved, TESS will charge a fee, however should funding be declined or refused TESS does not make a charge. “no win no fee”
How long does the process take?
As with all remote business to consumer contacts, all consumers are entitled to a “cooling off period” therefore when we received your request, we are required to give you a 14 day “cooling off” period, therefore nothing will happen until that period has concluded.
Then TESS will begin its work which will take about 21 days. During that period, you can withdraw your instruction and no fee will be charged. When TESS has made the submission, and has received an offer of funding which falls within reasonable offering criteria, TESS’s work has been completed and at that stage our fee is due.
What if I do not take up the funding offer?
That is not a problem, you can reject the offer and elect to advance the case yourself or abandon the claim. Having the benefit of an offer you will know it has been independently reviewed and someone will be prepared to fund your legal action.
Knowing your case has been professionally risked assessed and knowing that another is prepared to put his “money where his mouth is” you may want to proceed and fund the matter yourself. You can as you are not obliged to accept the funding offer. Any offer of finding should be viewed as an option only.
Some people use the service, as pre-action advice, as it gives a consumer an independent appraisal of prospects. .
In all litigation if you believe you have a good case and an independent person agree with you and is prepared to back it, you should give just consideration to financing it yourself as you will get to keep all the damage award. That said you will be at risk of paying adverse costs orders should you lose.
Who will fund my court case?
Putting is bluntly, funders are high risk investors and are prepared to gamble their own money to receive a higher return than those offered in conventional investments. Imagine you place a bet on a roulette table the odds of winning are less than 50% therefore on average you will always lose. If the roulette table contain 60% Red squares and 40% black then if you backed Red all the time the chances of you winning after a series of bets should deliver a profit, but there is risk in that, the ball might land in Black more of the time than Red.
The truth is, the funders only have an interest in the outcome, not the individuals, they want to back winning cases delivered by winning teams of lawyers. Therefore, as they do have an interest in the case, they will insisted that the panel lawyers representing you are professional, compliant and capable of deliving the outcome they and you want.
Some funders back 1 case, others many cases, whilst others back a cluster of cases. Some back high risk cases for high returns whilst others are more prudent and only elect to back less risky cases. Sometimes a funder may elect to have a spread of tradition investments and non-tradition investments hoping to get a higher return than normal investments. On one day will have no offers whilst on other many are clamouring to fund cases. In saying this we do have many investors, who will back most cases TESS recommends.
What if I am refused funding?
No charges will be made, and you will know that should you litigate your case you will be a significant risk which another considers too risky to fund.
Can I cancel the funding agreement at any time?
The funding agreement provides you with access to money to fund your case. The funder will pay sums to your legal team in exchange for a reward, should you elect to cancel the funding arrangement you can and at any time, and continue to run the case yourself, however you will be required to pay the funder back the money they have advance plus a lower % of the expected reward. This will compensate you for the risk you take in the further advancement of your claim.
What if the claim I advance takes a turn for the worse before it gets to court?
This is risked based product and should the risk alter during the case’s progression to court, the funder does reserve the right to seek advice from your appointed Lawyers as to prospects, if the case “risk merits” alter and your legal team believed it is likely that you will lose the case. The funder with your agreement will be required to pay all your Lawyers’ fees to date including the adverse costs demanded by your opponent. Your case is abandoned leaving you in the position of being protected however, should you elect to advance the case yourself after the adverse risk assessment has been delivered, you can and all the costs paid by the funder will be waved, in exchange for you taking on the risk of the adverse costs risk.
Who controls the case?
You do at all times and with your legal team.
What if I lose the case
The funder will pay for all the costs and any adverse costs you incurred as a result of the failed litigation.
What is a risk assessment?
When anyone advances a case through a legal system, the outcome cannot be predicted, but it can be assessed having regard for the nature of the case, the existing case law and the merits of the case. That risk is assessed, if a case is expected to be meritorious and you chances are above 50% you are likely to be made an offer of funding.
Can I be ripped off or scammed?
When scams are perpetrated most scammers ask for money upfront, then fail to provide the benefits promised. As we do not take a fee until the offer is made, you cannot lose anything. If funding is later withdrawn TESS undertake to honour the funding offer and will fund the case itself. When funding has been secured you will, not be required to pay anything as the funder will support and meet your costs and will pay your own regulated or licenced lawyers.
What it I am not sure?
If you are unsure you should not act or apply for funding.
How do I know the Lawyers will send me my money?
TESS only uses registered licensed or regulated lawyers. Should they not give you’re your money they will be struck off ,possibly imprisoned and the sums claimed from their regulator body.
Why use a funder?
From start to finish you are secure in the knowledge that your case will not cost you any money, should costs escalate those costs are paid for by the funders and should you lose you will bear no adverse costs awards. The funder wants you to win, will stay with you all the time, as they have a financial interest in the outcome, you will be directed to trusted lawyers which are regulated or licenced, who have been vetted and approved.
Before taking this products you should be aware that there are other funding products available and consumer should consider all options.
If you have cover in respect to legal services cover and that policy extension was paid for when you bought the product, you should make a claim on the policy and they might fund your case.
Should you belong to a trade union or professional organisation again you should make contact with them and see if the membership extends to legal cover
After the Event Insurance or ATE.
Law firms can utilise funding (whether on a full or partial basis) when instructed on Conditional Fee Agreements (CFAs) and Damages Based Agreements (DBAs). Law firms can utilise funding (whether on a full or partial basis) when instructed on Conditional Fee Agreements (CFAs) and Damages Based Agreements (DBAs).
Most importantly, all funders recognise the independence of the legal process. They do not manage or seek to influence the prosecution of the claim by any legal team.
Posted on: 16th May 2017