Does the client have control over how we use the money?
Yes. Each drawdown request is sent to the client for approval. You can only draw the money from your client account against invoices the client has approved. You can also clear off any outstanding legal bills using the loan.
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.