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Your Right To Sell Structured Settlement Payments

If you have a structured settlement, you have a right to sell your payments.

As they are facing a crisis like foreclosure or not having transportation to get to a job, many structured settlement owners choose to sell some or all of their payments. When a structured settlement is set up, it’s typically tailored to meet the needs of the injured or surviving person. Unfortunately, sometimes those needs change and the structured settlement owner needs access to his or her money right away. Selling future payments allows someone to get access to the money they need quickly. We can only know so much about someone’s future needs, so this right is vital for people to be able to move forward.

Federal and state laws exist to protect consumers against deceitful companies. People might need quick access to funds to which they currently have no access as they are tied up in a structured settlement. These settlement owners often turn to settlement purchasing companies to purchase their upcoming payments. The purchasers become the receivers of some or all of your future payments. In exchange for giving them this income, settlement buyers like Fortune provide you with a lump sum, a payment large enough to solve your current financial struggle or to kick-start your life. Unfortunately, there are many companies out there saying they have this same goal as they wait to prey on people who are in a desperate situation.

When working with a structured settlement buyer, make sure you have all of the end-of-deal fees in writing and no attorney or compliance fees are passed onto you. Bottom line: if your quote says you should get $65,000 for selling your payments, then that is the amount that should be listed on the check. Don’t let companies, big or small, take advantage of you; you deserve to have what you need.

Purchasing Companies

With an increase in the number of structured settlements, more and more people had special circumstances.

Life happened, and individuals who were scheduled to receive payments found themselves unable to borrow against the settlement income when emergencies came up. In many cases, people simply couldn’t wait for their money to arrive and wanted a way to access the settlement money which they knew would come to them eventually. In came the secondary annuity market and structured settlement buyers. A secondary market was created when structured settlement buying companies emerged as a solution to this particular group of settlement owner’s problems. The problem was the need to borrow against the greater settlement and the accompanying lack of ability to do just that. Settlement buyers offered a solution.

Settlement buyers offer settlement owners immediate cash in exchange for selling some or all of the future payments the owner is going to receive. When a secondary market transaction occurs, instead of getting the future payments, the buyer is the recipient of the payments and the former owner gets a lump sum from the buyer.

The Process Step-by-Step

The process of selling settlement payments is different from the perspective of the buying company than it is from the perspective of the original settlement owner.

Here is what the Purchasing Company does:

Get contacted by a client. The process starts by someone interested in selling their settlement payments reaching out to the settlement buying company.

Consider the offer and Calculate the quote. The specialist at the company looks at the discount rate that would be applied in the particular sale. The professionals consult and decide what is best.

Explain the quote to the client. A representative of the purchasing company, such as Fortune Settlement Solutions, explains the amount of money that can be given to the settlement owner for the future payments. We answer any questions you might have and explain the specificities of the scenario.

Issue the contract. Once you, the client, agrees, the settlement purchasing company (such as Fortune Settlement Solutions) sends the contract out to you.

Waiting on court approval. The company waits for a judge to sign off on the sale. The courts need to approve any changes in the administering of the settlement payment.

Sending money to client. After the judge approves the sale described in the contract, the purchasing company mails or wires the money to the client.

Here is what you do:

Decide if selling works for you. You, a settlement owner, examine your financial situation to determine if selling is in your best interest.

Research purchasing companies. You, the owner, looks around for a structured settlement purchasing company. You consider factors such as how closely they will consider your specific situation.

Examine your quote. The company you choose issues a quote to sell payments. You, the owner, can either accept or reject this quote.

Fill out the paperwork. You, the settlement owner, fill out the paperwork, typically including the original settlement agreement and the agreement from the issuing insurance agency.

Going to Court. You, the owner, present the contract to a judge after which he decides if the sale will or will not go through.

Receiving your money. Once approved, you, no longer a settlement owner as you have now sold your settlement, get the money in a matter of days.

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