Structured settlement payments can be an excellent way to reach financial goals quickly and safely, but any cashing-in of those future payments requires valid reasons and will incur fees.
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The purchasing company will discount your settlement amount to cover its costs and to make a profit. Before any structured settlement sale can proceed, it must be approved by the judge.
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Selling structured settlement payments is a great way to get cash quickly. Selling structured settlement payments gives you access to money that rightfully belongs to you; whether for unexpected medical bills, paying off high-interest credit cards, avoiding foreclosure or another financial hardship, selling structured settlement payments grants access to that much-needed lump sum of cash. If you are considering selling structured payment payments to provide financial relief, do your research and look for an offer that offers fair pricing and attentive customer service.
After you have identified a factoring company that you feel comfortable working with, they will evaluate your situation and provide you with buyout options tailored to your needs. They can liquidate your structured settlements in full or part, or sell them for a specific timeframe and then return them at the end. This usually takes 1-3 months.
Get Approval
Structured settlements are subject to state law and require court approval before transfer can take place. This allows them to ensure the sale is in your best interests while adhering to state and federal laws.
If you are looking for a company that will buy your structured settlement, make sure it is reputable and has a high court approval rate. It should also be able to offer you comfort. Avoid dubious factoring firms which ask you to sign documents prior to its issuance or within months thereafter and do not claim they have legal representation representing you.
Once you accept a quote, the factoring company will arrange for you to appear before a judge in your county to gain court approval for the sale. Once approved by a judge, they may ask some questions to ensure it meets with your financial interests before notifying your insurance provider and coordinating annuity transfer.
Get Cash Now
Structured settlement payments provide long-term financial security. But emergencies may require you to access cash quickly. You can get the cash you need in an emergency by selling some or all your future structured settlements. Just be mindful that each transfer requires approval by a judge; selling for improper reasons (like getting more sports car or trying to avoid foreclosure) could have serious repercussions; the judge might find your sale not in your best interests and reject it altogether.
After you have chosen a buyer, he or she will set up a court date to file an annuity petition and notify your insurance company and oversee the transfer. This usually takes between one and three months.
Get Help
There are various companies offering to purchase structured settlements. Look for a company that offers a good discount, responds to your questions quickly and clearly, and has experience in managing court-ordered transfer procedures. Once they provide you with a quote for you to accept and complete all required paperwork.
Remember that you must have a valid reason for selling payments, such as a financial hardship or if there is an opportunity to invest. Before authorizing the sale, a judge will confirm that it is in your best interest.
You can choose to sell a small portion of your structured payment and receive an immediate lump-sum. The majority of people choose this option when they urgently need money. Any amount that is not sold can be sold at a later date. It can be useful when dealing with sudden medical issues or foreclosure issues.