Following the recent news of our capital raise, we are delighted to announce our first new product of 2019. 2019 will be a transformational year for Spectra as we launch a minimum of 3 new products.
The first of these, Plevin Litigation Funding (“PLF”), was piloted through Q1 of 2019 and is now being rolled out to selected law firms. This puts us well ahead of our expectations for 2019 with 2 further products to follow hot on the heels of PLF.
PLF is a unique off-balance sheet solution which provides law firms with a contribution towards their own fees as well as the ongoing disbursement funding required to litigate specific cases that derive from the Plevin v Paragon Personal Finance Ltd decision of 2014 (i.e. rejected PPI claims). This is the first and only solution of its type which has been tailored specifically for this specialist claim area.
The unique structure, focusing on rejected PPI claims, ensures that although disbursements are funded as they are incurred, the law firm does not face any finance costs or requirements to repay funding until the case concludes. This means that the law firms cashflow remains unaffected enabling them to grow and take on more cases. A further benefit is that the funding is only repayable by the law firm in successful cases and does not require the claimant to enter into any form of CCA loan agreement. Should a case be unsuccessful there is specific ATE insurance from one of the world’s largest and most trusted A-rated insurers to repay the funded amounts. As is standard market practice for ATE insurance, premiums are only paid upon case conclusion and only if the case wins!
The market solution that we have created extends beyond funding and insurance through our other strategic partnerships who are able to provide vetting and valuation services for rejected PPI claims. This means that help is on hand to ensure that a claimant’s claim is appropriately assessed should the law firm not have the required level of expertise in-house.
Finally, we believe that this is a product that only makes sense when litigated in the hundreds of thousands of claims and so should firms be seeking to expand aggressively to conduct more of these cases then we are able to introduce other trusted partners who provide legal process outsourcing to do exactly this.
All in all, we believe this is a compelling, all-encompassing solution designed to ensure that the maximum number of claimants achieve their rightful redress and further demonstrates our commitment to access to justice.
Should you be interested in finding out more about this product then please give Matthew Gwynne a call on 020 7043 0746.