When you don’t have the cash to pay your legal fees…

By April 6, 2022Blog

It’s very common for people to find themselves strapped for cash when working through a separation or divorce.

Sometimes, just covering the day-to-day expenses can be a challenge, let alone finding the money to pay your legal fees.

It is a tricky position to be in. You need to progress your property settlement to get back on some sort of level financial footing – but you don’t have access to the money needed to engage a lawyer to help you secure your fair share.

Legal finance

Here at Lakey Family Law we have a legal finance arrangement in place with Plenti, so that we can help clients who find themselves in this difficult position.

While it is similar to other personal loans out there, legal finance has some unique advantages which include.

  • No upfront costs
  • No repayments until your property settlement is finalised.
  • The ability to drawdown on your loan – meaning you only pay interest on the amount you’ve drawn, rather than the total loan value.

How it works

  1. Like any other loan, you need to apply for the finance. This can be done quickly and easily online.
  2. Plenti then works with us to determine if your matter and circumstances meet their lending requirements.
  3. Providing you meet the lending requirements, your loan will be established for a set amount (based on the total expected cost of your legal fees).
  4. Plenti then pays our invoices on your behalf (with your approval of course), drawing down on your total loan amount.
  5. When your matter is finalised, you then repay the loan using the funds from your settlement.

 

To find out more about Legal Finance through Plenti take a look at this Borrowers Guide, or call or email us – we’ll be more than happy to answer your questions.

The information contained in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
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