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The Anatomy of Bridging Finance: How RAFPay Bridges the Gap

Car accidents are a harsh reality for many South Africans and often result in severe injuries, permanent disabilities, or even fatalities. In South Africa, where we witness more than 800,000 road accidents each year, that translates to approximately 2,200 crashes occurring every day on our roads. The Road Accident Fund (RAF) is an important lifeline for those impacted by these accidents.

In the unfortunate event that someone, whether they are a South African citizen or a foreigner, is involved in a car accident through no fault of their own and sustains injuries – they may be entitled to receive a settlement payment from the RAF, with your assistance as their personal injury attorney. And the size of that settlement will largely depend on the strength of the case you advocate for on behalf of them.

 

What’s the Catch?

The RAF claims process doesn’t happen overnight. As an experienced personal injury attorney who’s all too familiar with these types of cases, you understand that it can take three years or more, from the accident date, for the RAF to make a payout.

After your client’s settlement is given the green light, there’s usually a waiting period of 180 days or more before their RAF claim is fully settled. Larger settlements may require more time for disbursement compared to smaller RAF payouts.

This delay can become a significant problem, especially when your clients need funds urgently. During this waiting period, the bills for medical treatment, legal costs, and everyday expenses can pile up and become extremely overwhelming since many of them lack the means to manage the financial demands that result from a serious accident.

As their attorney, you may also feel added pressure, knowing that they rely on you to see their settlement through. Let’s be honest – the last thing you need, while trying to concentrate on the legal intricacies, is a continuous stream of calls from clients asking about when they’ll receive their funds. Having to manage their expectations and make sure they handle their finances responsibly is already challenging enough.

So, How Can You Help Claimants Bridge the Financial Gap During This Waiting Period?

There are a few options to consider. The most common one is advising that your clients apply for a bank loan; however, this option has its downsides. Bank loans involve credit checks, a lengthy approval process that can drag on for weeks or even months, and the potential risks if your clients struggle with regular repayments.

An alternative worth exploring, one that may not have crossed your clients’ minds, is bridging finance. Bridging finance all and significantly reduced risk, doesn’t involve credit checks at all, and can be approved in just 24 hours.

How Taurus Capital Can Help You Help Your Clients Through RAFPay

Taurus Capital, established in 2016, is a trailblazer in delivering globally recognised best practices for litigation funding and financial solutions to South Africa’s legal community. Leveraging our vast experience in the personal injury legal sector, we launched RAFPay, a proactively innovative and highly beneficial bridging finance solution that offers claimants an upfront payment of their Road Accident Fund court order or settlement agreement.

RAFPay has been a significant help to thousands of road accident victims here in South Africa, allowing them to immediately access a portion of their owed funds, typically within just 24 hours, provided they have legal representation and a finalised case.

RAFPay in Action

A few years back, in 2016, one of our clients experienced a severe car accident. Her attorney diligently worked over several months to successfully negotiate a R750,000 settlement with the Road Accident Fund. However, as of July 2020, the owed funds had not yet been disbursed.

Taurus Capital stepped in and provided her with an initial 40% upfront payment of her claim, with the remaining amount due upon the RAF’s court order settlement. These funds proved to be a lifeline for this woman, who needed to settle lingering medical bills and provide support for her family, especially as the lockdown had curtailed her earning capacity.

In 2017, another individual suffered a serious road accident, enduring a year-long wait for any response from the RAF. Thanks to the relentless efforts of his attorney, he was eventually granted a court order worth R2.5 million.

Faced with the urgent need to support his family and grandmother, he turned to Taurus Capital’s RAFPay, which provided him with an immediate 40% advance payment of his awarded amount. This vital payment brought him much-needed peace of mind and the means to care for his loved ones while he awaited the remaining court-ordered funds from the RAF.

These are just two instances among the many thousands of claimants who have found relief through RAFPay.

The main goal of RAFPay is to speed up the process and make sure claimants can receive up to 40% of what they’re owed sooner. This way, they can maintain a healthy quality of life while they recover from their injuries and continue to meet monthly financial obligations, such as rent, car payments, and medical bills. Besides aiding in financial matters, RAFPay also helps restore a sense of dignity to accident victims and their families.

Why Should You Care?

RAFPay is the bridging finance solution that can provide your clients with the financial flexibility they require at this moment, freeing you to focus on your legal work without being constantly interrupted or bothered by clients seeking updates on their fund disbursement status.

What Are the Benefits of Choosing RAFPay?

RAFPay offers many compelling advantages to streamline the financial aspects of your clients’ RAF claims. Here are some of them:

Immediate cash advance

RAFPay provides your clients with an upfront cash payment based on the amount they’re entitled to receive, considering legal fees and deductions. This payment is linked to their finalised RAF court order or settlement agreement.

Highest payouts with transparent fees

At Taurus Capital, we offer the most substantial payouts available in the industry. We’re transparent about our monthly charges, so your clients will know exactly what they’re paying. There are no hidden fees.

Personal support

Your clients will have a dedicated consultant assigned to assist them while you can focus entirely on your legal responsibilities. Our team is here to answer any questions that you or your clients may have and walk you through the entire process.

The Bottom Line

Your clients who have been injured are facing growing medical bills and unexpected expenses while dealing with RAF claims. You witness firsthand the significant emotional, physical, and financial impact these serious injuries have on both the victims and their families.

Taurus Capital’s RAFPay bridging finance solution provides your clients with quick access to the funds they require and allows you the time and space needed to fully dedicate your attention to your legal obligations. With RAFPay in place, you can focus on your work without worrying about how your clients will meet their basic needs.

Get in touch with Taurus Capital to find out more about RAFPay.

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