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Clients: Clinical negligence

Application process

    What is the loan application process?

    The first step is a conversation with your solicitor to understand the funding options available to you. If you choose to go ahead with a Novitas loan, your solicitor will arrange insurance, complete and submit an online application and you will receive an email from us to approve it. 

    Once you have approved the application. It can take up to three weeks to get the loan in place. It may take longer if queries arise from your application or credit search.

    If your loan is approved, you will need to sign and return the loan agreement documentation. 

    Once we have received all of the documentation there is a 14-day statutory cooling off period during which you can change your mind about continuing with the loan. Thereafter your solicitor can make requests to draw funds from your loan.

    Can I apply for a loan if I am acting for myself?

    No. Your solicitor accepts obligations to Novitas, so you need to be represented to use our loan service. If you subsequently choose to act for yourself, you will be in breach of the loan agreement and will need to make repayment immediately.

    Do I have to take independent legal advice?

    No. Once you have the agreement pack, we recommend that you take independent legal advice, however this is optional. Independent legal advice ensures you understand the loan and the implications if you do not repay it. You have the option to sign a waiver to confirm that you do not wish to receive such advice.

    What credit checks do you do?

    We carry out standard credit checks as part of the application, known as a soft check, which does not affect your credit score. If you have a County Court Judgement (CCJ) or Individual Voluntary Agreement (IVA) to pay off an existing debt we are unlikely to lend, but please consult your solicitor.

    If you make the first drawdown more than one year after your Novitas loan is made live, or you later require a loan extension, we will carry out a further credit check.

    What do I have to sign?

    You will need to sign the following:

    • Pre-contract information sheet
    • Consumer Credit Act regulated loan agreement
    • Adequate Explanations document, which contains the information you need to be aware of when entering a finance agreement
    • Deed of Assignment over proceeds so any lump sum payments are used to pay off the loan before the remainder is passed to you 
    • Instruction letter by which you provide the necessary instructions to your solicitor
    • Independent legal advice waiver

    Do I need to provide security for the loan?

    You will need to sign a ‘Deed of Assignment’, which means Novitas is repaid from the proceeds of any settlement you receive before the remainder is passed to you.