FAQ’s – ABOUT THE LITIGATION FUNDING APPLICATION PROCESS
WILL SPARKLE ONLY ACCEPT LITIGATION FUNDING APPLICATIONS FROM SOLICITORS?
Although solicitors usually submit the forms, Sparkle Capital will accept litigation funding applications from any party. However, please note that any funding application that is agreed will then require a solicitor to be appointed by the Claimant.
HOW LONG DOES THE APPLICATION FOR FUNDING TAKE?
The funding application will take approximately 3 weeks. Sparkle aims to have an in-principle decision within 3 days, with final terms offered within 14 days. Once the terms have been agreed, documentation may take a further 3 days before monies can be drawn down.
HOW MUCH DOES THE LITIGATION FUNDING APPLICATION PROCESS COST?
There is no cost to apply for funding. However, claimants should be aware that their solicitor may be incurring costs for submitting an litigation funding application.
WHAT DO SPARKLE NEED IN ORDER TO ASSESS WHETHER TO FUND A CASE OR NOT?
In an ideal world, the following information would be well-presented in as whole and complete a manner as possible.
– Application form;
– A detailed summary of the case;
– Pleadings (draft or finalised);
– Copies of correspondence with the opponent;
– Expert or Witness evidence where available;
– Counsel’s advice;
– Completed costs budget;
– Evidence of opponent’s financial strength;
– Solicitor’s won risk assessment of the claim.
WHO ASSESSES AND DECIDES WHICH CASES TO FUND?
Sparkle Capital products are administered by Acasta Europe Ltd. As such, the legal underwriting team at Acasta Europe assess all cases in detail and decide if funding will be given.
DO YOU HAVE A COMPLAINTS PROCEDURE?
As the product is administered by Acasta, the complaints procedure is managed by Acasta Europe Limited as part of its regulatory obligations to the Financial Conduct Authority.