Structured Settlement Companies
The decision to sell your structured payment is one of the most crucial and sensitive choices you can make. It is critical because you can ruin your family’s finance for the foreseeable future if you get it wrong. Nonetheless, you may have convincing reasons to sell your right. You are probably reading this article because you need reputable structured settlement companies that can buy your structured payment. You have come to the right place because you will find quality information about such companies in this article. The knowledge will enable you to be able to make quality decisions about selling your structured payment.
Why Sell Your Right to Structured Settlement Companies?
Selling your structured settlement should be a last resort. You should not consider it if you have an alternative. So, you need to take a long, hard look before you make up your mind. Besides, you will appear before a judge before you can finalize the deal. Hence, you must be ready to offer a reasonable explanation for your decision to exchange your right for cash. Below are some crucial reasons that can force you to sell your structured payment:
To Pay Medical Bills
There are situations when a lump-sum is preferable, and catering to your health is one of those moments. Your health is crucial, and it makes perfect sense to sell your structured settlement to provide for it. It may be your family member’s health instead of you. As long as it is a well being need, it is the right decision.
Cover a Divorce
Divorces are traumatic, and people often try to settle them as fast as they can. It gets worse when it lingers. Divorces affect those involved emotionally and financially. During such critical moments, many people often need structured settlement companies to settle legal and therapy costs.
Starting a Business
Starting a business often requires an initial investment. Some people request loans, but many people do not have such opportunities because of poor credit ratings. So, they end up selling their rights to structured settlement companies to fund their business.
Paying off Credit Card Debt
One of the most common reasons people sell their structured settlement payments is to shed credit card balances. Many people across the country struggle to pay monthly bills. Some juggle one to three credit balances to make ends meets. So, sometimes, they end up having to sell to structured settlement companies to keep floating.
Who Needs the Services of Structured Settlement Companies?
Typically, it is often people who are involved in personal injury legal cases that usually have structured settlements. Nonetheless, there are different categories of people that need the services of structured settlement companies. Let us explore three of them.
Individuals with Structured Settlements
Structured settlements serve as one of the most effective ways to settle personal injury disputes. Plaintiffs get the payment as compensation for their sufferings. Structured payments are often paid monthly or annually in installments. Since these payments are not once and for all, they provide a regular stream of income for the individual. However, there may be dire situations when you need to exchange them for a lump sum. Such moments require that you contact structured settlement companies.
People Who Possess Annuities
Annuities are similar to structured settlement in many ways, but they are not the same. Unlike structured settlement, annuities have nothing to do with lawsuits. They are settlements that have no connection to survivor benefits or inheritances. Annuities are insurance products you can purchase from insurance companies. People often buy them as part of their retirement plans. You will need the services of structured settlement companies if you need to sell them.
Those with Lottery or Contest Winnings
In most cases, jackpot winnings are set up as structured payments because of taxation. Hence, winners sometimes have to choose between getting a lump-sum payment or a structured payment plan. Such people can also contact factoring companies to exchange their structured payments for cash.
Types of Structured Settlement Companies
You need to be conversant with the types of structured settlement companies because it affects how fast you receive payment. Therefore, part of your research should be to know the nature of the company when choosing a buyer. The types of structured settlement companies are:
Another name for a structured settlement broker is an annuity broker. A structured settlement broker is an expert with specific training in structured payments. Brokers have the expertise and experience to make the entire process of obtaining an advance or full payout seamless. They serve as intermediaries or trusted agents in commercial negotiations or transactions. Brokers receive a percentage of the transactions as payment for their services. They act as licensed or appointed agents of a licensed broker or insurance company.
Direct funded companies possess their sources of capital. Hence, they are free to make decisions on the purchase of settlement payments. Unlike other companies, they do not depend on a third party to guarantee funds. Their dealings are often seamless and without delays. It is in your best interest to sell your structured settlement payments to such companies. Contacting such organizations will ensure that you avoid the frustration of waiting for more than necessary. So, do your findings to ensure that you get offers from direct-funded structured settlement companies.
How to Recognize Top-Quality Structured Settlement Companies
You must contact reputable structured settlement companies to ensure a hitch-free experience. Indeed, many structured settlement companies exist. Nonetheless, they are not the same. They are different in the quality of services and deals. The tips below will help you to make quality decisions regarding the choice of structured settlement companies:
History of Bankruptcy
You should consider the bankruptcy history of a company before having dealings with them. Ensure you avoid structured settlement companies that have an account of declaring bankruptcy. It shows that such companies are not financially sound. So, you should not trust them with something as sensitive as a structured payment. Request court documents about a company’s legal history in the state of registration. In some states, you can have access to a free searchable index of court documents on the internet. Leverage this opportunity if you are a resident in such states.
Rate of Denials
Note that courts do not grant every structured payment deals. A judge considers various factors before the approval or denial of a structured settlement sale. One of these factors is the credibility of the company. The judge will ensure that the company is offering you the best deal before the approval of the sale. Therefore, it is not a good sign when a company has a high denial rate. You should go for an organization with a low denial number.
You can know top-quality structured settlement companies by the total amount of structured payments they procure. High total dollars of purchased structured payment shows that the organization has a knack for completing structured settlement deals.
Customer reviews say a lot about potential buyers. Read reviews about a company that is not on its website to gain insight into the quality of its services.
Top Structured Settlement Companies
It is easy to find structured settlement companies. Nonetheless, it can be tricky to find fantastic ones. After considering factors such as rate of denial, history of bankruptcy, and quality of services, below are the best options:
Fairfield funding is not as significant as the other structured settlement companies on this list. Nonetheless, it offers incredibly transparent services that quickly make it one of the best. It leverages its size to provide more personal service experience to clients. The company only hires professionals and is reputable for being upfront about structured settlement fees.
Moreover, the company’s website provides a series of educative videos about its operations. Therefore, navigating the company’s structured settlement buyouts is effortless. Fairfield offers one of the lowest price cash advances. You can have access to the company’s cash advance within five days after the request. Fairfield does not require interest for the cash advances, and the transaction is super fast. Besides, the company pays notary, legal, processing, and other fees.
J.G Wentworth is a household name among structured settlement companies. The company has a rich history of structured settlement purchases. J.G Wentworth also purchases other financial products like mortgages and annuities. The company has over $10 billion in loans provided to date. J.G Wentworth’s website offers all the information you need to sell a structured settlement. You will have access to an outline of the sales process and prepare for your court date.
Furthermore, the company’s website addresses some common misconceptions about structured settlement buyouts. Moreover, J.G Wentworth is flexible with its organization of structured settlement buyouts. The company buys part or all of the settlement, depending on what you are willing to sell. Besides, the company purchases a specific number of payments or a portion of monthly payment for a certain length of time. J.G Wentworth also procures life contingent annuities and offers cash using a buyout that suits your need. So, you will not have to sacrifice your entire settlement.
Stone Street Capital
Stone Street Capital is the perfect description of a reputable structured settlement company. This organization has been in business for over 25 years and is one of the first to offer these services. Hence, you can be sure that you are dealing with a credible company with a pedigree of enduring excellence. The story of the industry cannot be complete without mentioning the contributions of Stone Street Capital.
More so, the company has senior management employees with rich experience in structured settlement payments. Stone Street Capital is more than a structured settlement buyer. The company also purchases lottery contracts, gambling jackpots, and annuities. Stone Street Capital provides one-on-one consultations through phone, chat, and email. The company offers a cash advance option while ensuring that you receive payments within 45 to 90 days.
Peachtree Financial Services
Peachtree Financial Services is one of the excellent structured settlement companies you can trust. The company buys structured settlements directly. It also offers funds to other organizations for structured settlement buyouts. The company’s website provides a great deal of information about the structured settlement buyout process.
The company provides personalized services by ensuring that you work with the same agent until the end of the deal. This approach effectively eliminates errors due to working with multiple agents. Moreover, Peachtree Financial Services agents have a culture of communicating with you with simple terms. They will not rush you to decide by working with you at your pace.
Tips for Excellent Decision-Making when Dealing with Structured Settlement Companies
Finally, let us explore tips that will enhance the quality of your decision when selling your structured settlement.
Seek Legal Counsel
You need every help you can get to ensure that the process of selling your structured payment is effortless. Hence, seek legal counsel before searching for structured settlement companies. Note that structured settlement laws are not the same across all states. So, speak to an attorney in your state regarding the legalities surrounding trading structured settlement payments.
Get Quotes from Different Structured Settlement Companies
It is better if you get quotes from at least three companies before making your decision. You cannot know the best deal until you make comparisons.
Take it Slow with Cash Advances
Many structured settlement payment companies offer cash advances to make the waiting process easier. Nevertheless, remember that you will have to repay if the buyout agreement falls through. Therefore, do not accept the cash advances if the need is not urgent.
Most people will prefer not to be in a situation where they will have to sell their structured settlement payment. However, circumstances such as starting a new business or settling a divorce may warrant that you sanction the deal. It is not the end of the world. Just ensure that you choose the right company that will not leverage the urgency of your need. Contact any of the companies above to save yourself the stress of finding a top-quality option.