Personal Injury & Clinical Negligence
LAW FIRM FREQUENTLY ASKED QUESTIONS
Frequently Asked Questions
How do I join your approved panel of law firms?
To join our panel of approved law firms we will assign you an Affiniti relationship manager who will support you through your application. We will complete a pre-set due dilligence and approval process. Please contact us for more information.
What undertaking do I have to give?
|Affiniti requires the solicitor to undertake to repay the amount of the loan plus accrued interest out of the proceeds of the claim or the After The Event (ATE) policy to the extent that there are sufficient funds to do so. There are additional undertakings requiring the solicitor to notify Affiniti in the event that the claimant acts or threatens to act in such a way to undermine the good faith agreement between the parties or prejudice the litigation|
What is the loan for?
|The loan is used to cover the disbursements associated with the case, for example expert reports, court fees and the ATE insurance policy premium.|
How is interest calculated?
|Interest is calculated daily on a simple basis. Interest is applied to the final sum repayable to Affiniti Finance.|
How much can the claimant borrow?
|Each case is unique and as such we do not have prescribed minimum and maximum loan amounts.|
When can the application for funding be made?
|The application for funding can be made at any time during the legal proceedings.|
Is there a cooling off period for the claimant?
|If the claimant changes their mind within the first 14 days, there is no impact on the claimant and we will close our file. If 14 days has passed and the claimant has secured alternative funding they will be liable to repay the capital plus interest. No early repayment fees are chargeable.|
What is the application process for the claimant?
|You will introduce the case to Affiniti Finance and we will send the claimant the Application Form. If the case and circumstances meet our requirements, we will issue a Loan Agreement to the claimant. After signing the Loan Agreement, the claimant has a 14 day cooling off period in which they can change their mind. The funds will then become available to you.|
How long does the loan application process take?
|Claimant applications take, on average, two to seven days.|
Where is the loan facility held?
|The funds are held with Affiniti Finance until you request a drawdown, at which point the funds will be sent to your account.|
Is the claimant required to take out insurance?
|The claimant is required to take out an After The Event (ATE) insurance policy before we can finance their loan. This is not applicable for non-recourse loans|
Can the claimant stop proceedings?
|If the claimant wishes to discontinue proceedings, they must consult with us first to determine the best course of action for all parties and refer to the relevant Clause of our Loan Agreement. The proceedings may only be discontinued with our agreement. If they discontinue the proceedings for no good reason, without notifying us and obtaining our agreement, the loan plus interest will become immediately repayable to us. If during the course of the proceedings, they believe the circumstances change so that a successful outcome is no longer achievable, they must contact us to discuss the situation.|
What happens if the case loses?
|In this event, the After The Event (ATE) insurance will cover the cost of the loan. We will write off the interest and the claimant will not have to pay anything to Affiniti Finance.|
What happens if the claimant dies during proceedings?
|In the event of the claimant's death, the loan is settled against their estate.|
Do I earn a referral fee for recommending Affiniti Finance?
|We do not offer financial incentives. Our finance solution is one option available and you should discuss other sources of funding with your claimant.|
Is the loan regulated?
|The loan is regulated by the Financial Conduct Authority under registration number 664254|