Since the Access to Justice Act was brought into force Hampshire Trust has introduced and developed a wide range of products to accommodate the requirements of personal injury claimants and their advisers.
To avoid the confusion of a myriad of frequently overlapping management documents, facility letters and client agreements the Bank has developed a single comprehensive disbursement funding product which is flexible and streamlined - the Personal Injury Package for Solicitors.
This product provides for the payment of fixed disbursements at the outset and a flexible, interest efficient, facility which will enable the client to make further payments as required in the future.
The groundbreaking facet of Personal Injury Package for Solicitors is the cash flow benefit that it brings for solicitor’s practices. Once liability has been established and provided the CFA is in suitable terms they can render an interim account to the Client and draw down funding to pay that account from the Facility.
Personal Injury Package for Solicitors benefits from the secure, web based interface which enables solicitors to authorise draw downs and see loan account information at any time on-line. This system called HELIX (Hampshire’s External Legal Information Exchange) simplifies process, increases efficiency and provides better loan management information to solicitors and clients.
To summarise, the benefits include:
- No tie-in to compulsory insurance requirements
- Helps unlock capital that may be tied up in the practice funding client disbursements
- Funding is available at any stage for both new and existing cases
- Drawdowns may be used to pay disbursements already incurred and ongoing disbursements, subject to an agreed limit
- Distance Marketing Directive compliant, allowing client loan agreements to be signed up remotely
- Competitive interest rate
- Payments made by BACS
- No non-utilisation fees
- Loans repaid on conclusion of litigation
- Operated via a secure internet interface called HELIX which allows information to be obtained and account administration 24/7
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