Most civil cases, especially those pertaining injury lawsuits and compensations, do not make to trial because the parties involved reach settlement earlier in the litigation process. The plaintiff discontinues any further legal action after receiving some compensation from the defendant or the insurance of the accused. The settlement payment can be in the form of lamp-sum money or structured payment to be made over a given period. With the structured settlement, the plaintiff receives a regular payment over a given period or for the rest of his lifetime. The structured settlement is particularly vital, especially where the plaintiff suffers a catastrophic injury that can be permanent. In most cases, the defendant’s insurer funds the annuity policy of the plaintiff, and the annuity produces a continuous stream of income to the plaintiff over a given structured settlement period. The annuity contract should be able to cover a variety of the plaintiff’s expenses.
Selling Your Structured Settlement: What To Keep In Mind
Receiving a regularly scheduled payment can seem a pretty good deal as you will have enough money to settle your bills and always know when the next check will arrive. However, the situations may change, and you may need a lump sum of money, and you may have to sell the structured settlement. Selling structured settlement is a legal undertaking and may require a legal adviser to help you complete the process successfully. For instance, you may need a good amount of money for the followings:
- Settle your college loans or other debt
- Buy your dream home
- Pay for your medical expenses
- Capital to start a business
The regular monthly payment may feel restrictive, and to make your goals and dreams a reality, you may have to sell the annuity payments for a lump sum that allow you pursue your dreams. The process of selling the structured payment is easy and straight forward. You just have to make the decision of selling the annuity payments, set a court date and receive the cash. Many companies are ready to buy structured settlements, but you have to choose a company that competitive, fast and operate a dedicated customer service. Once you receive the lump sum, you can use to achieve the goals that you could not have been able to achieve small scheduled payments.
Factors to Consider While Choosing the best Structured Settlement Company:
Although there are hundreds of structured settlement companies in the market, some are not honest and should be avoided at all costs. You need to hire a trustworthy representative to handle the selling of selling your structured settlement. Here are some of the factors to consider while choosing the best-structured settlement companies:
- Experience in the business: you need to ensure that you receive the best out of your structured settlement. Although there is nothing technically wrong with having an inexperienced company to handle the transaction, hiring a company with a well-established company is critical in ensuring that the process is completed successfully within the least time possible. New companies have no track records of the handle such transactions and can be very risk to entrust such a critical transaction. Your representative should be able to convince the buyer to pay a good amount of ready cash from the structured settlement. Each state has its regulations concerning the structured settlement, and having a layer with enough experience in structured settlement representation within your state is critical.
- Reputation: you have to work with a reputable to represent your case in the court during the settlement transfers. However, identifying a reputable company can be hectic. While most of them have a lot of testimonials on their website from their past clients, some testimonials might be made up. Look for a company that is registered and rated by the Better Business Bureau. You may also have to conduct further research and find out the number of Structured Settlement cases it has handled successfully.
- Availability and ability to get quotes from client fast: the best companies are always available and are always able to get a quote from buyers very quickly. This allows you to compare quotes right away and choose the best quote that offers the highest possible deal. The more the number of quotes, the higher the possibility of obtaining the best cash settlement from your structured settlement.