Woodville has identified a significant gap in the market whereby Solicitors practices cannot fund the cases available to them, nor their
disbursements. Such cases are then not taken up, but by funding the WIP, disbursements and associated costs the Solicitor now has
means to take on the case.
Upon case settlement, the loan is fully repaid prior to client receipt and sent directly to Woodville from the Solicitor.
It is expected such loans would be for a period of 6-9 months. Using the assignment rights over each claim / case along with associated
insurance, substantially reduces the risk of default to a figure of less than 1% per annum, with any default being absorbed by Woodville.
Woodville operates in a market where traditional bank funding routes are generally not available. Strict and detailed underwriting is carried
out on each Solicitor through whom we offer the loan facility. Equally strict lending decisions are made based on Company history, turnover
claim history etc. Where Woodville loans are made available, the Solicitor is then able to proceed with the case.
Woodville is a responsible lender who promotes its lending business through a series of targeted marketing initiatives in parallel with the
insurer. Woodville has been approached by many UK Solicitors with requests to fund cases they cannot fund from elsewhere. Woodville is
looking to increase the size of its loan book to satisfy this increasing demand.