The answers included in these "Frequently Asked Questions" are for information purposes only.
1. What does OFS offer?
Finance to personal injury Law Firms to fund invoices for Medico Legal, Engineers, Accountants, Investigators and other specialists reports required to advance personal injury matters.
2. Who is behind OFS?
A group of high net worth investors who have recognised the need for this service from both injured persons and solicitors for this service.
3. How does the process work?
See the “Our Process” page on this site.
4. What does OFS charge?
OFS charges a rate of Interest commensurate with our funding costs.
Note: OFS charges no application, termination or ongoing fees.
5. Who is responsible for the repayment of an OFS loan?
The Law Firm. OFS envisages that (without offering legal advice) each Law Firm would have arrangements in place to reimburse its costs from settlement proceeds upon conclusion of matters.
The party to the Agreement with OFS is always the Law Firm, not the injured client.
6. So, is the repayment to OFS dependent upon the client receiving compensation?
No. OFS does not offer the service on a speculative basis. It is on a deferred fee basis. All accounts are to be paid upon conclusion of claims irrespective of the outcome, upon transfer of matters to another firm or no later than 3 years after payment of the invoice by OFS, whichever is the earlier.
If, after 3 years have elapsed, there is a likelihood of settlement within a reasonable timeframe, it may be possible to negotiate an extension of the funding for a particular matter.
7. Is there a minimum amount of invoice OFS will pay?
Yes. The minimum individual invoice available for processing is $500.00.
8. Can I apply for an increased account limit if I have exhausted my limit?
Yes. OFS will review requests for account increases on a case by case basis but may need some additional information to consider such requests.
9. If the Law Firm decides that it wishes to proceed, and OFS approve the facility, how long does it take from initial meeting to payment of first invoices?
It would be reasonable to estimate 7 days, from initial meeting, provided we receive the necessary paperwork in a timely manner.
10. What are the upfront costs?
No. There are no origination or document preparation fees.
11. Does OFS only fund Plaintive Lawyers?
12. How do I apply for an OFS facility?