If you’re unfortunate to suffer personal injury as a result of another person’s or company’s negligence or intentional actions, you can institute a lawsuit and sue for loss of income and payment of medical bills. If you’re successful, a judge will award you some money as compensation. While receiving your full compensation in one lump sum seems like an attractive choice, it’s not usually a good long-term strategy. That’s because you could use up all your money faster that you expected without proper management. Therefore, receiving a stream of annual payments in form of a structured settlement is advisable. A Structured Settlement is defined as a legal settlement paid out as an annuity rather than in a lump sum, usually with certain tax advantages for the recipients and savings for the payer. It’s an agreement between you and the defender under which you agree to receive your settlement award in the form of several periodic payments rather than one lump sum payment.
Can you sell a Structured Payment?
Sometimes the judge can award you a structured payment but you were expecting a lump sum payment. You may need the entire sum for something important and start looking for options available to you. The good news is that it is possible to sell settlement and receive enough money to settle your financial problems. The first step is to visit several institutions while shopping around for the best deal. Once you accept a cash offer, documents are sent to you for signing and then you return them to be filed with a local court. A hearing date will be scheduled and you should appear before a judge to determine whether your request is in your best interest. If the request is approved, the judge will sign the order which is sent to your financial institution for acknowledgment, upon which you can receive your money through wire transfer or in cash.
There are many reasons why people sell their structured settlement and they include the following
- Buying or renovating a home
- Divorce settlement
- Starting a business
- Investing in property, stocks or a retirement fund
- Paying off debts
- College education fund
Best Structured Settlement Companies
A structured settlement firm is also known as a factoring company and it helps people sell their structured settlement payments for the most cash. If you want your compensation up front, there’s always a financial institution available to buy your structured settlement in return for a lump sum payout. These companies can buy your entire settlement or only a part of it. When you speak to a representative, you’ll learn that there are many factors that will affect how much money you can expect to receive. This includes the total amount of structured settlement you are selling, number of payments you are selling, and the frequency of payments made.
Choosing a Structured Settlement Company
Before going to court and having a judge approve your request, you need to find a company to buy your structured settlement. When comparing companies, the first thing to look for is the amount of time they’ve been in business. You also need to look for a company with a reputation for excellence. A good company will provide you with a quick quote and have a genuine interest to assist you. After coming to an agreement, you should also receive your cash within the shortest time possible. Here’s a look at some of the best companies in the business.
- JG Wentworth: It’s a diversified financial services company focused on providing access to financial solutions through various avenues. Having been in the business since 2002, it has established itself as the biggest buyer of future structured settlement and annuity payments in the US. It offers free, no obligation quotes, personalized solutions and the best price guarantee.
- Olive Branch Funding: Established in 2010, the company specializes in buying annuities, structured settlements and lottery winnings. It works one-on-one with individuals or families requiring upfront cash in return for future payments. The company offers tailored solutions to suit your unique requirements. Their experienced representatives will work to develop the best solution that helps you meet your financial goals in the shortest time possible.
- SenecaOne: This factoring company buys annuity settlements and lottery and casino game winnings. Established in 2002, the company offer superb customer service and provides you with all the information you need. It also offers cash advance, various discounts and quick access to your funds.