The Show-Me State: Showing How Consumer Legal Funding is Helping Missourians Everyday

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As the deep-pocked and powerful opponents of consumer legal funding “forum shop” from state-to-state attempting to silence the right of citizens to seek a fair and just settlement when they are injured, residents of Missouri have every reason to be on high alert.

It’s time for residents and policy-makers in “The Show-Me State” to demand those opponents actually show them a problem that needs fixing. In state after state, the U.S. Chamber rolls into state capitals from Washington, D.C. trying to sell a solution to a problem that doesn’t exist. Missouri is just the latest example where such tactics may soon be on display.

Every day, hard-working citizens across the United States, and in Missouri, are relying on consumer legal funding to save their homes and put food on the table while they wait for their legal claim to be heard in a full and fair manner.  Not only is there not a problem that needs fixing, there are Missouri citizens who are thankful consumer legal funding is an option for meeting their needs.

Here’s what Latonia, a Missourian, had to say about her experience with consumer legal funding when she had nowhere else to turn for financial assistance, “You helped me from being evicted [from] my home. Thanks a lot!”

Or Kevin, also a Missouri resident, who needed a financial lifeline while he awaited resolution of his claim, said that consumer legal funding “helped me pay [my] rent to keep [me] from losing my place.  I’ve been off work due to my injury, and needed cash to pay [my] bills and get food.”

Unfortunately, big insurance companies continue to prey on citizens like Latonia and Kevin in their time of need, hoping to maximize financial leverage on the less fortunate in hopes of settling legal claims before they have gone through the full and proper process.    

For Latonia, Kevin and all Missourians who rely on consumer legal funding, they are counting on state policy-makers to “show” those big insurance companies that’s not how you treat people in Missouri.

 

One B-I-L-L-I-O-N Dollars ….

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Even Dr. Evil Couldn’t Hatch a Plan this Sinister

No, we’re not talking about the famous line from Dr. Evil in the Austin Powers movie series. Instead of a sinister plot hatched inside the lair of a movie villain, the billion dollars we’re talking about is even scarier to average, hard-working Americans.

Recent reporters indicate that a billion dollars is the amount the U.S. Chamber of Commerce has spent to lobby regulators and legislators in the United States. The sad truth is that a portion of that billion dollars is being spent to silence the voices of the hard-working Americans who rely on consumer legal funding.

This kind of money is being used by the Chamber is to ensure that a consumer who has a legal and legitimate claim will not have access to legal financial assistance that they need in order to put food on the table or keep a roof over their family’s heads.

In state-after-state, their team of high-priced lobbyists aggressively pushes unnecessary legislation that would make it impossible for an industry that serves thousands upon thousands of customers to operate.

The US Chamber is being paid by the Big Insurance companies to do their dirty work by putting out false and misleading information about the true nature of Consumer Legal Funding. They are distorting the truth to ensure that they, along with the Big Insurance industry, have total control over consumers. They want to be able to control when and if a legitimate and proper case settles by making consumers financially vulnerable.

Whether it’s Austin Powers foiling the plans of Dr. Evil in his underground lair or organizations like ARC disrupting the schemes of the executives in the wood-paneled suites of the U.S. Chamber, justice will ultimately prevail .

“Waste to Our Legal System”? Tell that to Sharon, a Former EMT and Firefighter from Lebanon, Tennessee.

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In a recent Wall Street Journal article, Harold Kim, executive vice president at the U.S. Chamber of Commerce’s Institute for Legal Reform claimed, “The [consumer legal] funders add a lot of waste to our legal system.”

Tell that to a former EMT and firefighter from Lebanon, Tennessee named Sharon. She suffered significant injuries in an automobile accident that required three surgeries. As a result of these injuries, she was unable to work, which meant no household income while her insurance claim was being adjudicated or settled.

This is the exact scenario why consumer legal funding was created. As Sharon’s medical bills were piling up and everyday expenses became a financial burden, she had nowhere else to turn while waiting for her legal claim to be heard.  Sharon sought out consumer legal funding through Oasis Legal Finance and by securing just a few thousand dollars, she was able to pay down those mounting bills and make ends meet.

In describing her experience with consumer legal funding to the Wall Street Journal, Sharon said, “Oasis and my lawyer explained everything to me. It’s been a huge help. You just can’t imagine.”

So, to Mr. Kim, the U.S. Chamber official quoted in the Wall Street Journal story, just where is the “waste” you describe? The true “waste” in the system, Mr. Kim, isn’t from an injured firefighter in Tennessee who is just trying to make ends meet by relying on consumer legal funding. The true waste in our legal system is the millions of dollars the U.S. Chamber and powerful insurance companies are spending to prevent everyday citizens like Sharon from getting necessary financial assistance. It is up to states like Tennessee and others to stand up to these billion-dollar bullies and make sure consumer legal funding remains a financial lifeline for their citizens.

Why consumers need Consumer Legal Funding

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Recent Study Shows More and More Americans Living Dollar to Dollar – Increasing the Value of Services Like Consumer Legal Funding. 

When the recession rumbled onto the scene in 2007, most Americans couldn’t imagine the intense impact it would later have on their financial well-being.  The long and slow recovery hasn’t helped the financial stability for Americans either.  With financial assets being devalued over the past six years, most Americans don’t have extra money to spare.

In fact, according to a recent FINRA Investor Foundation Study, about 40 percent of Americans couldn’t come up with an extra $2,000 dollars within a month’s time.  Even more telling was the fact that 60 percent of Americans don’t have enough money in reserve to survive financially for three months if money were to dry up. 

The study also found that respondents with lower income and education levels, as well as many minority groups are more likely to have difficulty handling an unexpected expense.

An example of an unexpected expense is the lack of a paycheck due to an on-the-job injury or an automobile accident.  Such events leave many Americans unable to work and unable to collect income for months.  These lack of funds often results in the out-of-work American being forced to quickly settle a legal claim with an insurance company that is less-then-fair, so they quickly obtain enough money to pay their bills. 

With no money to pay for bills and big Insurance companies taking advantage of the financially disadvantaged, many of these folks, through no fault of their own, tend to get the raw end of the deal.

Fortunately, for the hardworking Americans who may have had a set-back due to an unexpected injury resulting in a lack of income, there is Consumer Legal Funding.

Consumer Legal Funding provides successful financial lifelines to Americans experiencing financial hardships due to an on-the-job injury or automobile accident and are awaiting to be heard in a fair and full manner with regard to their legal claim.

Is it too much to ask to preserve the Consumer Legal Funding industry?  The industry that is leading the way in offering a non-recourse financial lifeline to those consumers who need a helping hand and want to see their legal claim go through a full and fair process.

If you are pro-consumer I would guess your answer would be NO.  For any Industry to actively attempt to limit or eliminate the ability for Americans to access funds through Consumer Legal Funding is unthinkable.  Especially in a time when a majority of Americans are living dollar-to-dollar and paycheck-to-paycheck.          

Helping Ted’s Family Keep their Health Insurance

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Ted is like most Americans.  He works hard to provide for his family.  However, life sometimes throws a curve-ball and temporarily limits one’s ability to fully provide for their family. 

In the case of Ted, an hourly worker from Illinois, an on-the-job shoulder injury limited his ability to work full time.  Through some workman compensation benefits, and what he thought was continued health insurance coverage, he knew he could sustain some of the financial burdens he would incur from his injury and his temporary inability to work. 

It wasn’t until several months had passed when Ted shockingly discovered his health insurance had been canceled by his employer.

Upon contacting his employer about the cancellation of his health insurance policy, Ted was given two options:  Pay the exorbitant amount of $8,000 dollars in back payments, or sign up for a COBRA policy for nearly $2,000 dollars per month.  These options, of course, were financially impossible for Ted’s family to meet

With no other options to secure health insurance for his family, Ted found out about consumer legal funding through Oasis Legal Finance.  Through consumer legal funding, Ted was easily able to secure the proper resources to re-acquire health insurance for him and his family until he could get back on his feet. 

Ted, as you can imagine, was relieved, saying “[T]he entire process was effortless and was a HUGE weight lifted off [my family’s] shoulders. Thank you so much for your help. The entire process was effortless. Without your service my family would have been without health insurance for God knows how long.”

Time and time again folks are put into precarious financial situations due to injuries that often limit an employee’s ability to work while awaiting a fair and just settlement.  Thanks to consumer legal funding, these folks now have a financial lifeline.      

Funding people. Funding lives. Funding families like Ted’s. That’s consumer legal funding.

A Solution in Search of a Problem

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A Solution in Search of a Problem

Zero. Zilch. Nada. Not one.

Last month, at a statehouse hearing in Indianapolis, not a single instance could be cited of an Indiana resident who was harmed by relying upon consumer legal funding to meet their family’s challengers.

Under direct questioning from legislators, not the witness for a state regulatory agency, nor a state lobbyist representing the most powerful insurance companies could name a single case, not one, of an Indiana citizen who had lodged a complaint about using consumer legal funding.

Yet, consumer legal funding, which provides a financial lifeline to citizens when they most need it, is under attack in Indiana.

Why? The answer is simple. Money. Big money.  The powerful insurance companies have it and want to keep more and more of it — even in the face of deserving claims for injured parties.

It’s the age old story of power and leverage. For years and years, large insurance companies have taken advantage of this power and leverage over injured parties who desperately need a quick settlement to their case. Now, thanks to consumer legal funding, citizens can both meet their financial needs and receive a fair and just settlement.  Now that Indiana citizens are on level footing with insurance companies, Indiana policymakers should keep it that way.

Funding lives, not lawsuits.

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Meet Robyn – “Forever Grateful”

 Funding lives, not lawsuits.

 Consumer legal funding is about funding people and funding lives. Not lawsuits.

 Consumer legal funding can often be the only financial lifeline that exists for a citizen awaiting resolution of a legal claim or settlement. That was certainly the case for Robyn, a woman from Indiana who was injured in an auto accident.

 Working for a company that offered no short-term disability nor having accumulated enough paid leave, her recovery began to take a tremendous financial toll on Robyn and her family. Constant doctors’ appointments and a surgery that required her to take two months off from work meant that Robyn’s bills began to mount.

There were remaining payments on the car that was totaled in her accident. There was a constant threat of foreclosure on the family home. Utility bills started to pile up. And finally, a husband who unexpectedly lost his job.

Fortunately for Robyn and her family, there was consumer legal funding.  Robyn was able to obtain the resources she needed to make sure a roof stayed over her family’s head, the lights stayed on, and food was put on the table while her attorneys were able to properly finalize her settlement.

But don’t just take our word for it, take Robyn’s:  “I have no idea what I would have done without them (Oasis Legal Finance) being as attentive as they have been in seeing that our financial needs are taken care of in an expedited manner.  I’ve never worked with such a well-organized group of people when it comes to financial difficulties and finances.  They seem very sincere and always helpful when it comes to personalizing their efforts for the good of others. I’m forever grateful they are there when I need them and wish them all the best.”

Governor signs bill to regulate Consumer Legal Funding in Oklahoma

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Alliance for Responsible Consumer Legal Funding would like to thank Oklahoma State Senator Brian Crain (R) and State Representative Leslie Osborn (R) on the passage of Senate Bill (SB) 1016 regarding Consumer Legal Funding. Consumer Legal Funding provides funds for individuals in financial distress while they wait for their legal claim to be resolved.

SB 1016 imposes extensive and common sense protections for consumers who are involved in a Consumer Legal Funding transaction in the State of Oklahoma.   Consumers can rely on easy to understand language to assist them in their decision to seek consumer legal funding.

“Our goal with this legislation was to protect consumer, while ensuring the industry could operate in the state,” stated Senator Brian Crain. “This legislation sets in place some of the toughest consumer protections in the country on the industry.”

SB 1016 also sets up a rigorous formal licensing process where the companies operating in the State of Oklahoma will now be required to be licensed by the Administrator of Consumer Credit. Consumers will now know that Consumer Legal Funding companies are reputable firms who have been licensed and approved by the State of Oklahoma.

Representative Osborn stated “Companies will no longer be able to operate in the state without being fully licensed. This will ensure that only the reputable firms in the industry will have their product available to the consumers of Oklahoma.”

Among the restrictions codified in SB 1016 are prohibitions on Consumer Legal Funding companies paying referral fees to an attorney or medical provider;  ensuring companies have  no influence in the legal claim; and restricting the funds in a Consumer Legal Funding transaction from being used for attorney’s fees or court related costs.

“We would like to thank Senator Crain and Representative Osborn for their leadership on this issue,” stated Michael Pekin, Founder of Oasis Legal Finance. “This important legislation will ensure that consumers are protected and this product will be available to those who need it now and in the future.”

This legislation will now guarantee that the legal system in Oklahoma will be protected by prohibiting outside parties from having any influence in the final outcome of a consumer’s legal claim. In addition, it puts into place important protections for the consumers of Oklahoma who need the financial assistance Consumer Legal Funding provides.