FAQ
Q:
How do I apply?
A:
Either the Plaintiff or the Plaintiff's attorney will contact Ardec and make their request. Ardec will then ask for certain documents pertaining to the settlement or case in liquidation. Ardec will also submit a one page questionnaire for the Plaintiff and the Plaintiff's attorney to review and sign.
Q:
How do I get paid?
A:
Ardec offers several forms of payment. Payment can be made by
check or via wire. Plaintiff's that have no bank accounts can go directly
to Ardec's Bank and cash a check for up to $5,000.00 as long as plaintiff
has the necessary identification.
I do understand that you will have many other types of questions that will
need answers, Please call Ardec at 212-330-6300 and any of our staff will be very patient in answering any questions you might have.
Q:
How long before I receive my money?
A:
If Ardec receives all documents needed, it will take no longer then 24 hours to receive payment.
Q:
What amount will Ardec buy on the Plaintiff portion of the settlement?
A:
Ardec will immediately pay the plaintiff 50% of what the plaintiff is entitled too after all legal fees and disbursements are calculated. The 50% balance of your settlement will be paid as soon as Ardec finds out that the Plaintiff has no other liens against any other party involved in the case.
Q:
I am the Plaintiff and I take an advance from Ardec on my case in litigation. What happens if I lose the case?
A:
Being all assignments to Plaintiff's are NON RECOURSE, you will owe Ardec nothing if your case is lost.
Q:
What are the up front costs?
A:
Ardec does not charge any up front fees.
Q:
Why should I sell my settled case with the City of New York or the State Liquidation Bureau?
A:
The City of New York, The City of New York Transportation Authority,
The City of New York Housing Authority, The City of New York Board of Education
and The City of New York Health and Hospital Corporation are protected by
Statute and have the right to withhold payment up to 90 days after the receipt
of all closing papers.
The State of New York Insurance Department Liquidation Bureau can take as
long as necessary due to the fact that all payments are provided by State
funding. The average time for the State of New York Liquidation Bureau to
make payment is about nine months, depending on what fund the State is paying
from.
Q:
Does the City or State pay interest while payment is in process?
A:
Neither the City or State will pay one penny of interest. In essence, if you wait for the City or State to make payment, you are giving them an interest free loan.