At the dawn of a booming industry for factoring companies, uninformed busybodies spread lies about structured settlement purchasing companies. When I wanted to sell my structured settlement payments, I was piqued by the voluminous information published against factoring companies. Structured settlement payments have now become entrenched in lawsuits for compensation of tort victims or lottery winners. While structured settlements emerged back in the 1950s, companies that buy annuities evolved later onwards from 1990. Nevertheless, the practice of branching out a set of future income stream has not been a cure as most personal injury plaintiffs always find themselves in need of quick money. A handful of structured settlement purchasing companies offer a fair market price to help annuitants cope with a sputtering economy and financial insecurity.
When I was five years old, I was bitten by a dog sustaining brutal neurological and respiratory damage that required surgery. After my parents instituted a personal injury lawsuit against the wrongdoer, I was awarded a settlement of $175,000 to be spread out in five installments set to kick off when I turned eighteen. Before I received the first payout, my parents died in a car accident and I ended up in an orphanage. In early 2016, I received my first payment of $15,000; the money petered out fast as I had just got married and blessed with a daughter.
I started exploring for all options on the table; I decided to sell my structured settlement payment.
Sell Structured Settlement-Legal Formalities in the US
In the US, all states have a Structured Settlement Protection Act with a cross-cutting purpose of protecting you from the exploitation of annuity buyers. The structured settlement buying company I choose disclosed up front specified information and salient terms of the contract as well as sought consents from all interested parties. The court stood between the sale of my structured settlement payments to safeguard my interests, however, my application was later signed off by the judge.
What Did the Structured Settlement Company Offer For My Future Payments?
As a recipient of a structured settlement payment, I was selling the whole package for an immediate lump sum. The structured settlement buyer had a fair discount rate for the settlement figure at 20%. The rates were highlighted clearly showing the finance company’s expenses of funding the lump sum I was given, legal costs and a small profit from the transaction. The remaining amount was disbursed to me in a large one-off cash payment, which was considerable compared to all my future payments amassed due to the low discount rate.
The Transfer of My Vested Rights in the Structured Settlement Brought Financial Sanity
As the structured settlement could only put money in my pockets in future, I preferred selling all payments in total to offset losses. My child needed immediate medical care and I had received a foreclosure notice threatening to evict my family and sell our home. The extraordinary, unprecedented and imminent needs of my family rendered the sale appropriate in the circumstances.
New York Courts Are Strict With Selling Structured Settlement, What Happens if the Judge Declines Approval?
New York, Arizona, Pennsylvania and a handful of other states have Structured Settlement Protection Acts and tend to involve the court more in the process. With a cream of the crop factoring company well-versed with the legal landscape, my application was placed before another judge who gave me the go-ahead after a first one declined to approve. In one of New York’s court where I appeared, the judge observed that he could approve the transaction, but I had to place material before the court showing the immediate need for the funds and my financial acumen.
Distinguished structured settlement companies You Can Entrust
Peachtree Settlement Company
I choose Peachtree as my buyer after feasting on their online visibility and contacting a customer representative via Live Chat. The company has advanced knowledge of the court procedures, judge-made orders and help clients with structured settlement payments, annuitants or lottery winners retrieve fast, easy lump sum cash.
Stone Street Capital
Stone Street Capital dominates as one of the renowned and reputable top structured settlement companies offering lump sum awards, fair agreement and pre-settlement funding to tort victims who cannot access their money when they need it.
Fairfield Funding can purchase your annuity proceeds or structured settlement without sucking up all of your future payments, provides a lucrative offer and independent advice while they have exceedingly low processing, unhidden fees.