Funds will be paid directly to the solicitor’s client account to clear any approved outstanding invoices.
Drawdown requests can be made through the online portal which, once submitted will send an email to your client requiring their confirmation that Novitas can release funds to you. Once approved, Novitas will aim to send funds to the firm's client account within 48 hours.
As the solicitor firm gives certain undertakings to Novitas, any new firm would also have to be approved, otherwise this is a breach of the loan agreement and the loan will need to be repaid immediately.
What happens if the customer decides not to continue with the claim whilst on funding?
The solicitor firm must notify the insurer and Novitas immediately and a claim will be made on the policy. The client may be liable to repay the amount already drawn down depending on the reason for the case stopping, for example, in the case of customer fraud or cancelling without a valid reason