If your solicitor believes a Novitas loan is appropriate for your circumstances, they'll submit an application to us on your behalf. You'll also be required to seek Counsel's opinion regarding your prospect of success.
Before your loan is approved we ask you to take independent legal advice from another solicitor to ensure you fully understand the loan and the implications if you don't repay.
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 during 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.
After 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.