Annuities related to structured settlement are nothing but an instrument typically made use of to provide the “victims of personal injury” or medical malpractice with regular and tax-free (mostly) payments over a sustained period of time. Then who buys structured settlements from the seller, let’s see now:
As opposed to confronting unanticipated problems and impediments associated with the receipt of a “large lump sum amount”, the plaintiff (recipient of money) gets seamlessly safeguarded from erroneous acts. There is certain kind of misunderstandings that might prompt them to spend a substantial part of that money. And they badly require managing their lifetime expenses in the first place.
The Process of Selling Structured Settlements
Beginning the process of selling structured settlements is not too complicated. However, it does require you to take certain well-informed decisions in terms of the manner in which you intend to go about selling it and knowing about best structured settlement companies.
Ask yourself the following questions:
- Do I absolutely require cash on hand right now?
- Do I need money for a genuine reason, or is it because of some extraneous considerations or simply because I am tempted to money on something that is a luxury and not really a necessity at this time?
- Do I need to take a decision now or can I wait for a few more years?
- Will the decision to stop future payments in lieu of the payment of one lump sum amount help or harm your financial security?
It is extremely important for you to ask yourself these honest questions. If you do not, then the judge deciding on the approval of the cash for structured settlements certainly will.
The idea is not to put undue emotional pressure on yourself, but to make sure that the decision to take a “lump sum payment must be for a genuine reason like paying for medical bills, buying a new home or investing in your child’s education”.
You can get all the help and information that you might need to nudge you closer to making a choice, but eventually, it’s got to be you who need to take a call on whether you require a regular, smaller installment of payment over a long period of time, or a lump sum amount all at once.
You may not want to rush yourself into making a decision bereft of calibration and discretion and buying structured settlement. Take your time and when you do take a call, it might actually be possible for you to get a quote in as little as s few hours. Within a few months, you could be in possession of the money that you were aiming for.
Who buys structured settlements?
There is a pretty big list of the companies that buy structured settlements. They distribute settlement payments along with “brokers” that can be approached for selling the structured settlements for a lump sum payment.
In other words, there are brokers and insurance companies that could be willing to purchase the settlement, so the idea is to look at the right place.
Best Company to Sell Structured Settlement:
Which settlement firm is the best one to sell? Although there is no definite answer as to who is the best company that would be buying the settlements, there are some things that can be taken into consideration for structured settlement annuities. These include:
#1. The duration for which the company has been in business
#2. Its “reputation and goodwill”
#3. Its rating
#4. Its profile on the Better Business Bureau
#5. The amount it is willing to pay and also its ability to resolve impending issues if any
#6. The absence or presence of any clandestine clause
While interacting with the buyer who buys structured settlements, you will need to convince them that they are taking the “right decision to buy”, sometimes at a “discounted price”. The discount marks the difference the costs of the structured settlement firm and profit and also the difference between your payments in future and their existing worth in cash.
Each state entails its own regulations in accordance to the Structured Settlement Protection Act (SSPA); hence, make sure that both the buyer and the seller comply with the same.
After the acceptance of “cash offer”, the buyer who buys structured settlements will dispatch the required transfer documents for you to sign and notarize. As soon as the documents are returned, the legal process commences.