What is a Structured Settlement?
A structured settlement can simply be defined as a stream of regular payments that a perpetrator or defendant pays out to the injured party usually through the purchase of an annuity issued directly by a life insurance company. This type of settlement ensures that victims of personal injury or medical malpractice lawsuits are taken care of and promised long term income or compensation tax free.
They say that money alone cannot make up for the pain caused by a severe injury. However, a structured settlement income is highly recommended to help folks with their lives after a severe injury. This type of settlement can be an ideal solution for a lifetime of fiscal security after a severe tragedy. The good news is, when these needs change, your contract cannot be altered. What’s more, if this happens you have the power to sell your future payments in exchange for a lump sum.
Selling Your Structured Settlement Payments
If you are thinking about selling your structured settlement it is very important that you understand how the process works. Most people always come to a decision of selling their structured payment when they have an emergency that requires a large sum of money. Here are some of the most common reasons why people may want to sell their structured payments:
- Medical emergencies
- Buying a new home
- Paying off huge debts such as college debts
- Money to start a new business
- Buying a new car
- Unexpected moving expenses
Once you have made up your final decision, you can start the process by contacting the best structured settlement companies like FundFirst Capital or SenecaOne. Some of the questions that you will be asked include why the settlement was granted, how much does the settlement pays in a month or installment, who pays on the settlement, and so on and so forth.
After collecting all the necessary information, you representative will be guide you through all the options available, and what to expect from each option. Usually, there are three options available: partial sale, entirety sale and lump sum sale. This process also involves you making a decision on the amount of payment stream that you want to sell and how the sale should be structured.
The next thing to do is to fill up the necessary paperwork and send them to court to be reviewed by a judge. Once your request is approved, your funds will be wired to your account electronically or you will receive a check.
Best Structured Settlement Companies
You can decide to sell your structured settlement payments anytime you want and receive the cash within a few days. However, for this process to be successful you need to find a reputable structured buying company. There are many structured settlement companies out there, so it is wise that you do some thorough research before picking one. Make sure that the company you choose adheres to your agreement.
Reputation: A good company must have a reputation to maintain. One of the best ways to find out if the company in question delivers what it claims is to check with the Better Business Bureau (BBB). BBB will help you to find more information about the companies that you are interested in. What’s more, there will be information about their business practices, customer support and more.
Experience: Another factor to consider is the amount of time the company has been in business. It is always a good idea to choose a company that has been in operation for a long time and has a history of success.
Ability to get quote fast: As mentioned earlier, many people come to a decision to sell their structured settlement when they have an emergency to take care of. This means that you want to get the cash as quickly as possible. In this light, it is always recommended to choose a company that invests its time and resources on you.
Here is a look at some of the most recommended structured settlement companies:
- J.G. Wentworth: This company has been in the business of purchasing structured settlement for more than 20 years now. It offers the best prices on the market and guarantees you a customized transaction to suit your needs. JG Wentworth has an extensive experience in purchasing structured settlements payments and can help you get the money that you are looking for.
- Olive Branch Funding: Olive Branch Funding is another company that offers structured settlement services. The company has an extensive experience in this field and this makes them your best choice when it comes to selling structured settlement payments. It is also a company that can get you the best quote quickly.
- SenecaOne: SenecaOne is an annuity and structured settlement purchasing company that is situated in Bethesda, Maryland. The company promises you customized plans and the best quotes in the market. This is the most recommended company for you if you prefer partial sale option