You are required to repay the loan from any proceeds of settlement before passing on the remainder to the client. Your client will give you permission for this by signing a deed of assignment with Novitas.
You must keep Novitas notified of any material changes in the case. Material changes are defined in the agreement and your client will sign an irrevocable undertaking to allow this.
A partner must approve each loan application sent to Novitas.
Access to the Novitas scheme is only available to firms with an experienced clinical negligence practice. The solicitor firm must sign the Global Terms with Novitas, after which they will be provided access to the Novitas online solicitor portal, where they can add and administer the funding facility.
The agreement includes the following undertakings:
to only use the scheme for cases you believe meet the lending criteria
to inform Novitas of any material change in the case that may impact its ability to recover the loan
to pay Novitas from any proceeds you receive as part of the settlement, before you send the outstanding balance to the client.
Once you have read these FAQs, if you are interested in the scheme then please contact Novitas for an initial discussion and to arrange a meeting.