Leaving the complicated legal language aside, structured settlements are simple. The personal injury plaintiffs who settle or win their cases can choose to take their winning money either as a one-time lump sum or as a series of payments. This series of payments is referred to as a structured settlement. A structured settlement is a common way of compensating the relatives of someone whose death was a subject of a wrongful death claim. Relatives may be entitled to get a stream of tax-free payments, to restore the loss of income that was previously earned by the loved one. The affected person files a lawsuit seeking cash from the person who is responsible for the tragedy. With a structured settlement, a Defendant agrees to pay the affected party a lump sum over a certain period of time for her future financial needs.
Selling Your Structured Settlements
Selling your annuity payments or structured settlement can be a great move if you have a range of financial issues. Whether you want to fund your business, pay your students loans, or clear your bills, selling your payments can help you get back in control. Get a lump sum of money by selling your payments so that you can improve your life and that of your kids.
How Do Sell the Settlements
The process of selling your annuity payments is straightforward. Follow the steps below and you’ll be good to go:
- Make the decision to sell – If you need money for a serious issue, selling settlements won’t affect your financial future.
- Contact reputable companies for a free quote – Such companies include the likes of JG Wentworth, Oliver Branch Funding, SenecaOne, etc.
- Get a Cash Advance – Most of the reputable companies offer you with a cash advance so that you can start using the money immediately.
- Go to court – After submitting all the paperwork, you will be required to give solid reasons for selling your settlements before a judge. If the Judge accepts the terms for selling the settlements, he or she signs the agreement.
Structured Settlement Companies: How to Choose the Right Company
Sometimes, the recipient of a structured settlement seeks out a buyer to purchase the annuity payments. A structured settlement company pays the purchaser a discounted lump sum in exchange. This system tends to benefit both the company that buys the payments at a discount and the consumer by allowing them to access money upfront.
Since some companies take advantages of the less informed consumers, it is crucial to know how to look for when selecting a settlement company. Here is a roundup of what you should consider when choosing a structured settlement company:
- The experience level: You will defiantly want to choose a company that has been in business for many years with a track record of success. The more experience they have, the less likely they’ll disappoint you. This means that you will be successful in pursuit of the structured settlement.
- Access to a good customer service: Make sure the company provides access to a good customer service. Also, ensure the company has a dedicated representative for their clients for the whole duration of the settlement transaction. This will help you reduce stress and fear related to the transaction process.
- Company’s reputation: To avoid scams, do your homework and research companies that have a good reputation. Avoid companies that have a history of bankruptcy. Such companies may put you at risk. Find about the company’s legal history by asking for court documents in the state that they’re registered in.
Here are three examples of reputable structured settlement companies.
a) JG Wentworth
JG Wentworth is the biggest purchaser of structured settlement in the US and been in business for more than 20 years. JG Wentworth offers a variety of financial services such as prepaid cards, mortgages, and personal loans. Other services that customers can enjoy include:
- Personalized solutions
- Professional customer service
- Free Quotes
- Cash Advances and Signing Bonuses
b) Olive Branch Funding
Olive Brand Funding provides cash to plaintiffs who are expecting structured or annuity payments. The company offers consumers with lump sums payments that they need in exchange for future structured payments. It allows users to get fast payment on everything from annuities and lawsuit settlements to lottery winnings. The company is best for those who need a quick access to their funds.
SenecaOne structured settlement company has an experience of over 20 years. The company not only guides consumers through annuity payments but also provide financial counseling to help consumers achieve long-term financial goals.