The loan contract is between Novitas and your client.
The money is drawn down from the facility as it is needed and paid directly to your client account to pay outstanding invoices for your fees and disbursements associated with the case. Your client does not have to use the entire loan amount and interest only accrues once the money is sent to your client account.
There is nothing for the client to pay until the case concludes as interest is rolled up on a simple basis i.e. there is no compounding of interest. The client instructs your firm to repay the funding from the proceeds of the settlement.
You will have a dedicated online portal to administer the facility, where you can make new applications, make drawdown requests, and monitor the status of any applications or drawdown requests.
The scheme is only available to clients of approved firms, and Novitas will consider each case individually.
This is a fully recourse loan and the client is always responsible for repayment of the loan. If the loan is not repaid by the client, Novitas or the insurer may ultimately take legal action to recover the loan monies.