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Solicitors: Clinical negligence

Settlement

    Is the client liable to repay the loan?

    Yes. The client instructs the firm to repay the facility from the proceeds of the case and takes out insurance in the event the case is lost.

    Is the firm liable if the case is lost?

    No, the insurance policy will repay Novitas. However, the firm will need to notify Novitas as soon as possible if the case in unsuccessful.

    Can the client repay the loan early?

    Yes. There are no penalties for paying the loan off early. We calculate interest daily so the shorter the time they have the loan, the less they will pay in interest.
    Note that the loan is not a revolving credit facility.
     

    Can Novitas ask for repayment at any time?

    Any breaches of the loan agreement by the client can result in Novitas calling-in the loan and requiring full repayment of the loan and any interest owing. This can include dis-instructing you as their solicitor without agreement from Novitas or failing to follow advice from their solicitor which impacts our prospects of recovering our funds from the anticipated financial settlement.