If you have been involved in an accident that was not your fault and has caused you a substantial amount of injuries, you may be entitled to a structured settlement payment. In many cases, you will receive a lump sum which is typically much less than you would receive if you were to file for a personal injury lawsuit. Structured settlements are usually reserved for individuals who were injured due to the negligence of another person or company. This can be an unwanted source of income for people who do not need the additional money right away, but who really need it to make ends meet. However, there are companies that specialize in buying structured settlements, so this does not have to stop you from seeking a lump sum of money for yourself.
Some of these companies actually buy structured settlements on your behalf, while others simply act as a broker that buys and sells these settlements for you. If you are looking to find a structured settlement buyer, your first step should be to consult with a qualified attorney who deals with these types of transactions on a regular basis. For instance, if you only know that you want to receive $10k to cover high-interest credit card debt, an honest buying company will not force you to sell over $25k worth of structured settlements. Instead, a quality buyer will work directly with you to secure the best possible deal at a very low discount rate.
The company that you choose to work with should be able to explain to you all of their options and the best interest of each particular situation. It is not uncommon for these companies to offer a lump sum payment or even multiple payments at discount rates. By working with a company like this, you can save a lot of time by being able to quickly compare different offers. You can also rest assured that you will never receive any type of “shocking” break on the sale of your structured settlement to obtain instant cash from the sale of your settlement.
The Benefits of Structured Settlement Buyers
Most of the largest structured settlement buyers won’t even do any due diligence on your specific case, even though they’ve been buying structured settlements for decades. They simply need the money to get started and fill their coffers. Unfortunately, many people who’ve decided to sell all or part of their structured settlement payouts or an annuity are actually doing so due to changes in their financial circumstances that have rendered them financially unstable. They are no longer able to earn as much income as they once could and qualify for the same retirement benefits that they used to. In many cases, these people are simply better off selling some of their future payments to a large structured settlement buyer than continuing to receive lower income from a pension.
One good thing to know about structured settlement buyers is that if you’ve already sold some of your payments, some companies won’t require you to give them an advanced deposit (even if you’re still paying them!) – they simply want the money up-front. The downside to this is that you’ll now be responsible for depositing the money into an escrow account, which may take several months to recuperate. Once it’s received, structured settlement buyers can disburse the money according to their wishes, usually in about two to four weeks. Most buyers will accept your payment in a lump sum, but some will require a monthly withdrawal.
While cash advance fees are often involved when selling settlement payments, these payments are much less than what a structured settlement buyer will charge in order to buy all or part of your payments at one time. Usually, a buyer will require up to three months to process your money, although some will allow you up to six months to receive the entire amount you’re selling. If you’re not sure where you stand financially, a structured settlement buyer can help by taking some of the payments and paying bills or taking care of creditors, etc. They may also offer budgeting advice and help negotiate for you with insurance companies and creditors. If you’re having financial difficulties, this kind of assistance can be invaluable.
A Structured settlement is an agreement between two people that provides them a way out from a lawsuit and allows them to agree on a regular payment. Their lawyers may cancel or skip court dates with little or no notice. Structured settlement purchasers are also frequently required to bring an expert to accompany you to court to negotiate the final terms of their payment plan. This process can be costly and time-consuming. That is why it is important to work with a structured settlement buyer who has plenty of experience buying these types of settlements.
Structured settlement buyers do their business the same way a realtor does when selling a house. They will interview you, review your situation and take the information they gather to present to you and the judge. A good Structured Settlement Buyer will be honest with you about all aspects of your case so you can have a clear understanding of what is going on. Some Structured Settlement Buyers will give you an in-depth consultation where they look at your case from many angles to help you make a determination. This information should give you confidence in your ability to sell Structured Settlement Payments.
You may think that just because the lawyer is a Structured Settlement Buyer, you are not being interviewed directly by the company. Nothing could be further from the truth. The Structured Settlement Buyer is responsible for researching, gathering, and presenting relevant information to the court so they have a complete picture of what you are trying to accomplish. This includes interviewing your witnesses and other individuals involved in the case, in order to get an objective opinion as to whether or not a sale is in your best interest. Then the entire case is presented to the judge for court approval, which means you will need a Structured Settlement Buyer with the experience and skill to ensure your case goes to court approval.