Does the loan repayment come from the proceeds of my settlement?
Yes, you assign the proceeds of your settlement to Novitas by way of a 'Deed of Assignment' when you enter the loan agreement. For example, any lump sum payments or proceeds from a property sale are used to repay the loan before being passed to you.
Repayment is at the end of your proceedings, but if you breach the loan agreement we may ask for repayment of the loan at any time. This can include, dis-instructing your solicitor without our agreement or failing to follow advice from your solicitor in any material way that impacts whether Novitas will be able to recover the monies loaned to you.