What Are Structured Settlements?
A structured settlement can be described as a negotiated arrangement where a personal injury victim agrees to resolve a legal claim by receiving parts of the compensation in the form of weekly, monthly, yearly or any other periodic payments. This is completely different to a situation whereby all the compensation money is paid once in a lump sum arrangement. Structured settlements provide a great plan for lifetime stream of income after successfully winning a lawsuit against an individual or a company that inflicted injury to your body. Wrongful death situations can also lead to legal claim for compensation that can be paid in the form of structured settlement. This arrangement provides financial security to the victim given that payments are paid on periodic intervals and are therefore not likely to be misused at one go. Even if the accident victim or settlement beneficiary misuses the claims from the first payments, there are more to be paid until when the entire agreed structured settlement amount is expended.
Can I Sell My Structured Settlement Payments?
You have a right to sell your structured settlement payments if you are in urgent need of lump sum money. Emergency situations that require money right away can make you sell your structured settlement payments. For example, if your home burns down and you are in need of cash to build a new one and cannot wait for the periodic payments, you can opt to sell your structured payments for quick lump sum money. There are many tax benefits of selling your structured settlement.
The process of selling the payments is a bit complicated, but with a reputable buyer you can do it much quicker and easily. You will need to present your case of cashing out structured settlement payments to a judge and with the help of a structured settlement buying company, file all the needed paperwork in good time before transferring the payments. If the transfer goes through, the buyer will pay you the agreed lump sum amount and you will forfeit the remaining structured settlement payments to the buying company. You should be careful with the company you choose to sell your payments to; some are run by unscrupulous individuals who take advantage of unsuspecting sellers of structured settlement payments by giving them raw deals. For example, you should avoid companies that pass attorney and compliance fees to you after selling the structured settlement payments.
Choosing the Right Structured Settlement Company
Structured settlement companies provide a quick and reliable way for selling your periodic structured settlement payments for quick cash. Instead of waiting for the periodic payments to be channeled to your account after every month or year, you can sell the structured settlement payments to a reputable company for one huge lump sum payment. Since there is a regulation that requires the seller to see a judge before transferring the payments, it is important to get a top-notch buying company that will help you with the paperwork required for successful transfer. The regulation is intended at protecting you from crooked companies that are fleecing on unsuspecting settlement sellers. Choosing the best company to sell your payments to should not be a big problem. The right company should be certified and permitted to provide the services by both the local and federal governments. The best company to hire should also have a big clientele-base full of happy customers. Avoid companies that have previous clients complaining about the level of services or professionalism they got after selling their structured settlement payments. You should also avoid companies that do not have enough resources to make your selling successful. Here are some of the well-known companies that buy structured settlement payments.
- JG Wentworth: JG Wentworth provides competitive quotes for structured settlement payments and is one of the leading buyers that also offer free consultations. The company also provides legal representatives to accompany you to the court before reaching an agreement on selling your structured payments.
- Olive Branch Funding: With years of experience on financial matters, Olive Branch Funding provides quick cash for anyone looking for ways to sell their structured settlement payments. Like JG Wentworth, this company will help you file the legal paperwork to facilitate easy transfer of the payments.
- SenecaOne: With their Headquarter in Bethsaida, MD, SenecaOne is one of the few structured settlement buyers that offer 100% free consultation by visiting their local offices. This company also provides online help for anyone looking for competitive prices for their structured payments.
Lastly, it is important to point out that there is need to do your own personal research to find out more about these companies before selling your payments. This will help you get the right buyer for your customized structured settlement payments.