Structured Settlement Quotes
Structured settlement quotes are big deals because of their importance to your finance. You may be reading this article for the sake of curiosity to learn a new concept. Otherwise, you may be reading this because you want to learn about the basics of getting structured settlement quotes. Regardless of your category, you will find this write-up educative and exciting. It is a complete guide that contains all you need to know about obtaining structured settlement quotes. Therefore, endeavor to read through patiently with the desire to find useful information. You can be confident that your effort will be worth it in the end.
Structured Settlement Quotes: Why Do You Need It?
There is no point in knowing so much about it if you do not need structured settlement quotes. Nonetheless, you cannot see whether you need it or not if you do not know what it is. Meanwhile, you have no business discussing structured settlement quotes when you do not understand structured settlement payments. So, the best place to begin is to explain structured settlement payments. Structured settlements are agreements between plaintiffs and defendants to pay a certain amount over a specific period. These payments are compensations for personal injuries.
The plaintiff is supposed to get the payment on an installment basis. This structure ensures that the individual has a steady stream of income for a while. Nevertheless, there may be situations that demand that you trade the payments for instant cash. That is when structured settlement quotes come in. If you do not have structured settlement payments, you do need structured settlement quotes. Why? Structured quotes are what you get from potential buyers of your structured settlement payments. They contain the details of how much you will get from the sale of your right.
More so, these quotes differ across various structured settlement companies. The rate at which a company gives you a quote and patience to listen to you shows its quality. Some organizations are patient enough to listen to your questions and allow you to bid your time. Meanwhile, some companies are slow with their response and offer terrible customer services. You should avoid such companies.
Structured Settlement Quotes: Should You Get One?
Since you now understand structured settlement quotes, you are in an excellent position to decide if you need it. Evidently, you do not need it if you do not have structured settlement payments you want to sell. However, determining whether you need a quote goes beyond whether you possess settlement payments or not. If you do not intend to sell your right, you also do not need structured settlement quotes. It is after you have decided to sell your structured settlement payments that you need one. Hence, you need to determine if you need to sell your settlement payments first.
Note that you cannot sell your structured settlement because of flimsy reasons. Besides, you should not put your payments up for sale if you have other options. It must be a choice you make because there is no other way out. You may need to sell your payments to get lump-cash because you need to settle a divorce. In some cases, it may be to pay off credit card or start a business. No matter your reason, you need to be very sure that there are no other means. You will wish you did not decide the future if you rush into it.
Furthermore, it is in your best interest to seek your financial advisor’s counsel before making this decision. You may see reasons why you should not sell your structured settlement payments after speaking to a financial expert. You may find alternatives that you can explore. Take your time and be sure that you are making a quality decision before you proceed.
Structured Settlement Quotes: Legalities
You must consider the legal implications of your actions before you get structured settlement quotes. If you are sure that you want to sell your settlement payments, you should be conversant with the legalities. There are federal and state laws that guide trading structured settlement payments. Some of these laws protect claimants while regulating the activities of buyers. Therefore, you need to be aware of these laws so that you will be able to know your rights. Understanding these regulations will also enable you to know when a buyer is taking undue advantage of your situation.
For example, you should be conversant with the Federal Structured Settlement Protection Act of 2002. This act contains regulations that protect your right. Besides, these regulations also spell out conditions of eligibility for the sale of structured payments. Hence, you need to find out whether this act permits you to sell your right based on the current need. Moreover, there are state laws that guide trading structured settlement payments. You also need to know these laws so that they can guide your decisions. You should speak to an attorney in your state during this process.
Seeking legal counsel will give you a hint about what to expect when you present your case to the court. You need the approval of a judge before you can sell your structured settlements. Therefore, you can have an idea about the likely response you will get by seeking legal advice. You may not need to obtain structured settlement quotes after speaking to an attorney. Note that court decisions are based on what the judge feels is in your best interest.
Structured Settlement Quotes: How to Get It
Structured settlements buyers are known as factoring companies. They purchase structured settlement payments. Nonetheless, some of them also deal in insurance annuities and lottery win payments. You can find such companies across different states in the United States. In fact, you likely think you already know how to get structured settlement quotes. You may be thinking that all you need is to contact a buyer. However, it is not that simple. You need to understand some techniques that will enable you to get the best offers.
The first thing you need to do is to research about factoring companies. The essence of this research is to find a reputable company that you can trust. Note that structured settlement buyers differ in the quality of their services. Some companies will assign a specific representative to you. This agent will help you from the beginning until the day you receive your payment. Some companies have a habit of being slow with payment processing. You must know the history and reputation of an organization before obtaining structured settlement quotes from them.
More so, there is no harm in getting multiple quotes. You must be in control throughout the process. Letting potential buyers know that you are asking other companies for quotes puts them under pressure. They will want to offer you the best-structured settlement quote because they do not want you to go elsewhere. Get several quotes and compare them before choosing the company that gives you the best deal.
Structured Settlement Quotes: Best Offers
You should not assume anything, especially when selling your structured settlement payments. You need to have a clear understanding of the process. Moreover, you cannot recognize a fantastic offer when you do not have an excellent grasp of what it entails. One of the essential things you need to know in structured settlement quotes is the discount rate. When you shop, you want to buy from a company that offers you the highest discount rate. You consider such offers scintillating and mouthwatering.
Nonetheless, you must not apply the logic of shopping when seeking structured settlement quotes. Things are different in this industry. The best offer when selling your structured settlement payment comes from the lowest discount rate! How? You will not get the exact worth of your settlement payment when trading it for lump-cash. A factoring company will buy the amount at a discount rate. Hence, the higher the discount rate, the lesser you will earn, and vice versa. A company that offers you the lowest discount rate wants you to receive more.
If you are not comfortable with not earning the full amount of your payment, you should forget about selling it. You will never find a factoring company that will offer you the exact amount the payment is worth. Hence, your best bet is to get structured settlement quotes from companies with the lowest discount rate. Getting the best discount rate is one of the reasons you need to contact multiple companies for structured settlement quotes.
Structured Settlement Quotes: Best Companies
Since you know what a fantastic offer entails, you need to find a reputable factoring company. Excellent structured settlement payments buyers always put you first in their dealings. They know that you need cash urgently but will not exploit your desperation. Such companies have a low number of rejections and no record of bankruptcy. How can you find a company like that? Here they are:
Novation Settlement Solutions
Novation Settlement Solutions offers one of the best customer services in the industry. The Florida-based factoring company has a reputation for providing pleasing structured settlement quotes. Moreover, the company is willing to answer your questions via email. Besides, you can get offers through your phone from this organization.
DRB Capital has the trust of structured payments sellers in the industry. The company has the approval of the Better Business Bureau (BBB). Moreover, DRB Capital is one of the few companies that offer customized services. The company assigns an agent to you that will help you throughout the process. You will continue to have access to this same representative until you receive your payments.
This factoring company has a reputation for offering incredible customer services. Fairfield Funding has the trust of many people in the industry. The company often gets customers through referrals. This shows that the company has many happy clients. You can join this list by contacting it for structured settlement quotes.
Only a few companies can match the customer service quality of Oasis Financial. This Illinois-based factoring company has been in the industry since 2012. The company’s longevity is a product of its reputation for new structured settlement quotes and professional services.
Structured Settlement Quotes: What Next?
Getting structured settlement quotes is not the end of the process. The activities after obtaining a quote, determine whether you will be able to sell your payment or not. After receiving an offer from the company, you need to seek a judge’s approval before you can proceed. You will get a court date through an attorney to appear before a judge. The essence of this court date is to ensure that you are making the right decision.
More so, it is not automatic that you will get approval for the sale. The judge will consider your age, employment status, buyer’s reputation, and other factors. It is not likely that you get approval if you are not yet 18. Besides, if the factoring company has a reputation for exploiting clients, it is expected the deal falls through. After getting court approval, the company will process the payment so that you can get a lump-cash. The duration of this process depends on the factoring company.
If you did not know what structured settlement quotes were before, now you know. Besides, I am confident that you now understand how to go about the process. Note that you cannot decide to sell your structured settlement payments out of the blues. It is a decision you need to make after critical considerations. Besides, you should carry your financial advisor and attorney along before you make this decision. Do not hesitate to consider other options if you have one. Nonetheless, if you have to sell your payments, ensure you go about it the right way. Find a reputable company, and things will be more natural from that point.