If you have an approved court order or settlement agreement but not enough money until payout, you can still unlock fast cash flow solutions with Roadbridge’s RAF bridging finance for attorneys.
Road accidents disrupt every aspect of your life and typically leave you with physical and financial burdens. While the Road Accident Fund (RAF) in South Africa is designed to provide compensation, the payout process can be notoriously slow, leaving victims in dire financial straits.
Fortunately, Roadbridge, a specialist in RAF bridging finance for attorneys, is here to provide a lifeline.
Understanding the Road Accident Fund
The RAF was established to provide financial compensation to victims of road accidents in South Africa. This compensation can cover loss of income, medical expenses, pain and suffering, and even funeral costs in the case of fatalities.
While the RAF aims for a fair and efficient claims process, final payouts can take several months or even years to reach clients. This delay can cause significant financial hardship, especially for those who have suffered serious injuries and are unable to work. Mounting hospital bills and caring for dependents also becomes very difficult.
A financial lifeline
Bridging finance provides victims with an advance on their expected RAF settlement. This advance acts as a bridge, allowing them to access a portion of their compensation upfront, relieving some of the financial pressure faced while waiting for the final RAF payment. But bridging finance does not just benefit victims – it can also be extremely beneficial for attorneys.
What are the benefits of bridging finance for attorneys?
- Improved cash flow: We understand a law firm’s cash flow cycle. RAF bridging finance allows attorneys to access a percentage of their legal fees upfront. This can improve cash flow within the firm, providing greater financial stability and flexibility.
- Increased Case Capacity: With improved cash flow, law firms can take on more RAF cases simultaneously, resulting in increased revenue and growth for the firm.
- Reduced Financial Risk: Bridging finance can help law firms mitigate the financial risk associated with lengthy RAF claim settlements. It provides a safety net, ensuring that the firm’s operations are not disrupted by delays or unexpected expenses.
- Streamlined Operations: By outsourcing the financial aspect of RAF claims to bridging finance providers, law firms can focus on their core competencies: legal representation and case management, leading to increased efficiency and productivity.
- Enhanced Client Service: By offering bridging finance as a service to their clients, law firms can differentiate themselves from competitors and attract more clients. It also demonstrates a commitment to client well-being by providing immediate financial relief to those in need.
The process for securing RAF bridging finance with Roadbridge is streamlined into 5 simple steps:
- Initial assessment – Once a settlement agreement or court order is in place, the attorney contacts Roadbridge for an initial assessment.
- Documentation submission – The attorney submits essential documents related to the case for evaluation.
- Fast approval – Roadbridge offers a rapid decision-making process, often approving applications within 24 hours.
- Advance payment – Upon approval, the client receives an upfront payment.
- Repayment – Repayment is handled directly by Roadbridge once the RAF settles the claim with the attorney.
Some important Considerations for attorneys include:
- Eligibility: Bridging finance is generally available for finalised RAF claims with a settlement agreement or court order in place.
- Advance amount: The amount advanced depends on the specific case details and the client’s financial situation.
- Fees and charges: It’s important for attorneys to understand the fees and charges associated with bridging finance. Roadbridge offers a transparent process, outlining all costs upfront.
- Client communication: Clear communication with clients regarding the bridging finance option, eligibility, and potential costs is crucial.
Road Accident Fund bridging finance offers a valuable tool for attorneys representing RAF claim victims. With Roadbridge, attorneys can offer their clients immediate financial assistance when they need it most because we look beyond the balance sheet.