A structured settlement refers to a form of negotiated insurance or finance arrangement whereby the claimant, most often a person who has suffered from personal injury, agrees to receive some tort of the compensation money on a periodic basic based on legally agreed terms as opposed to being paid in lamp sum. Most money paid through this format are payments from a medical malpractice or a personal injury. The money is distributed over a long time frame and this may then be equated in part to the income the injured person could be generating during the period in question. In most cases this form of settlement can be implemented to avoid the cost of a lawsuit where the concerned parties agrees to it without having to go through the legal frame work. It can either be filed by the plaintiff or the defendant depending on their interest. In such cases the plaintiff may stream the money into the claimant’s account in relation to the agreed terms of settlement.
Is it possible to sell your structural settlement? This kind of question is asked by most people. Yes, you can sell your structural settlement but before you proceed you need to note that there is a process to this. First of all, you need to ask yourself a number of question before proceeding. Question like why do I really need to sell my annuity? Is there an alternative to it? Do you really need the money? Do you have a valid reason as to why you need the money? After answering the questions honestly you can then review your answers and proceed with your decision. Most people sell their structural settlement due to reasons such as raising fees for their children, a sudden emergency that needs a lot of money in lump sum or in order to buy a new property. Whatever reason you may have it is important to ensure that it is not a luxury! Once you have established your reasons, you can then proceed and call a structural settlement company to find out how much you can fetch from your structural settlement. Most often than not, trusted brokers will find you the most competitive prices on market for your structural settlement and even link you to the buyer. In the United States, there are a number of federal laws that will ensure your right is protected all through and that all the pertinent details are disclosed to you in writing. Some of the contents of the details may include the number of months of the settlement being sold, amount of money you will receive and most importantly the difference in the money you would receive in the event that the structural annuity was maintained as opposed to selling it.
A structural settlement company can be basically defined as a company that deals in buying out structural settlements by finding the appropriate buyer. These companies to some extent works to bail out the claimant as the financial support given to them might be too little to meet their current financial needs. When you want to sell your annuities it is worth considering a number of factors that will lead you to the best company. Three of these factors include: (i) The best company will have your interest at heart. Their number one priority should be to assist you as opposed to those that need to make a fortune out of your “misfortune”. The company need to have a well established level of professionalism and have the ability to answer your questions to the latter. (ii) You also need to consider the time the company has been in operation. Most reliable companies have a long operation history and thus trustworthy and (iii) Time is money and therefore it is important to get involved with a company that will be able to get quotes within a short turn around time. The company should be able to get you the quotes very first so that you can make a decision on which individual you are likely to cash in your structural settlement. Lastly the companies should provide you with adequate information to enable you to accurately answer some of the question that can be asked in the court by the judge while doing the transaction.
Below is a few companies that you may need to look into when you want to sell your structural settlement
(i) JG Wentworth
This is one of the largest company in the United states that has been in operation for well over 25 years. They provide the best services to their customers, give them options on how to get their money and they also boast of an A+ customer rating on the services they provide.
(ii) Olive Branch Funding
This is another company that has been in operation for a longer period which better customer services. They have a good listening team and always ready to ensure they treat their customers with dignity and respect at all time.
(iii) SenecaOneThis is a reliable company, with friendly, flexible and faster services to the customers. They ensure you get what you want at the time you want it. They have been in operation for years and thus can be trusted with your structural settlement.
In summary, structural settlement can be cashed out, however it is upon you as an individual to determine which company the best quotes that meet your standards.