Clients
Family law
Novitas Loans has ceased lending to new customers.
We will continue to support our existing customers and will consider drawdowns against existing loan facilities. If you would like to discuss the status of your case, please contact your solicitor. If you would like to discuss your Novitas loan, please call us on 0333 321 6070.
A straightforward loan you can trust
A Novitas loan is different from most standard loans
- Your solicitor will take care of the process for you, managing the application and payment of legal costs from your loan (with your approval)
- Unlike a bank loan, interest is charged only on what you use, not the full amount
- Lending rate that is fixed for the whole duration of the loan
- In divorce cases, the loan can be treated as a ‘joint asset and finance’ and reflected in your final settlement, unlike a loan from family or friends
How your loan works
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Application
If you believe that a loan is appropriate for you, your solicitor will complete and submit an application to us on your behalf. You will be asked to approve this by email.
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Approval
Before your loan is approved we ask you to take independent advice from another solicitor to make sure you understand the loan and the implications if you don’t repay.
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Funds released
Funds to pay invoices are requested by your solicitor and only released with your approval, giving you full visibility of your spending. You can use the loan at any point in the proceedings, as and when needed. The interest rate is fixed for the whole length of the loan, not compounded. You'll receive regular statements showing exactly what funds are being drawn.
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Repayment
When your case is concluded, repayment is made from your final settlement. Typically this means your solicitor will repay Novitas first from any proceeds before sending you the remaining amount.