Loan for Legal Fee?

question

I need to set up a loan as cheaply as possible in order to commence legal action. Initial assessments of costs are in the region of £6k, however if this ends up going to court then forensic accountants and a barrister will have to be paid for and so I could need up to £20k. This money will b paid out in monthly charges which will obviously vary depending on the work done that month. What is the best way of borrowing this money?

question

I should add that I have an MBNA credit card which would allow me to spend up to £10k. I could afford to pay about £400 off a month, but it gets complicated by the fact that I don't know how much will be going out each month to the solicitor in legal fees, so I wouldn't be able to pay off in full every month and I don't know what the final charges will be. I'm dealing with a narcissist, so this could be protracted and it's not going to be pleasant - I'm dreading the whole thing.
I've got some life insurance (approx £25k) that I can access in mid 2017 that I had hoped to either pay off some of the mortgage or put towards what will be a pitiful pension. Because there are so many intangibles and the Solicitors fees will be going out in drinks and drabs, I can't get a grip on whether to use the credit card (but I may not be able to pay off in full each month), get a cash tranfer from a credit card ( but then I'd be paying interest on a lump sum from the beginning), or get a loan from the bank (where I'm guessing that I'd have to again ask for a lump sum, as I don't think they would allow me to add to it as I go along) which again means that I'd have to pay interest from the beginning?
Any suggestions?

stator

You could take out a 20 month interest free credit card, do all your normal spending on the 0% credit card and use the cash to pay your legal fees + CC minimum payment.

You don't say if you have any equity in your house and whether you could remortgage?

I pressume this isn't a case that a no-win-no-fee solicitor will take?

James_B.

The best suggestion is that you take on a job that will let you cover the costs yourself. If your wages are insufficient then it's not very likely that anyone will let you risk their money on your scheme.

What are your earnings at present, and can you easily increase them?

jonesMUFCforever

If the solicitors are confident that you have a strong chance of winning they can claim the fees from the other side.
Otherwise I agree with James above.

question

Thanks for taking the time to answer my question. I will certainly look into your suggestions further.

bargainbetty

You should be able to ask the solicitor for an estimate of fees prior to any litigation. If you have a case in law, the solicitor should be able to advise on the shortest course of action. Bear in mind that you instruct them - do not be afraid to ask them to explain a course of action prior to undertaking it to ensure you are taking the best/fastest route to resolution.

Best of luck