These companies, such as the recently popular JG Wentworth, provide their clients with a lump sum of money that they can use towards paying off their debt. For many people, however, this is not a good solution to their financial problems. What Is A Structured Settlement? A structured settlement is any type of legal contract that requires an individual or company to make monthly payments to another individual or company. Typically, a structured settlement is awarded after a court case in lieu of a lump sum of money. This is usually done so that the defendant can afford to make the payments, lowering the risk that they will declare bankruptcy and leave the injured party with nothing. How Much Money Will I Get For Selling My Structured Settlement?
Structured Settlement Calculator Now Available for Cash Payout Estimate on My Structured Settlement Cash
While most lawyers and their clients may not have much knowledge about the sale of structured settlements, some leading experts in the field have offered their guidance for a Structured Settlement Roundtable. The industry experts interviewed cited the biggest mistakes that plaintiffs make when entering into structured settlement agreements include: over-structuring which does not take into account changing circumstances and liquidity needs; not understanding their contractual rights; not understanding state protection statutes; not seeking professional advice; and not soliciting and comparing multiple offers and inquiring about options. Earl Nesbitt, former Executive Vice President and General Counsel for Settlement Capital Corporation and founding member of the National Association of Settlement Purchasers (NASP), advised that both plaintiffs and their lawyers should make sure that the underlying settlement documents allow a payee to transfer and assign their future structured settlement payments to a third party in a court approved transaction completed in accordance with an applicable State Transfer Statute. Individuals wishing sell their structured settlement payment rights need to be aware of the legal hurdles they need to jump, since state judges or responsible administrative authorities are typically required to apply a “best interest” test which considers the welfare and support of the sellers’ dependents as well. Furthermore, according to Ohio lawyer Patrick Hindert, a leader within the structured settlement industry and co-author of “Structured Settlements and Periodic Payment Judgments”, most state laws governing the sale of structured settlements require a finding that sellers either have received independent professional advice or have knowingly waived the right to receive it. At least eleven statutes require findings that sellers have in fact received independent professional advice and waivers are not permitted. Lastly, the experts interviewed also advised that potential sellers of a structured settlement need to shop around in order to compare their options. One factor to take into consideration is whether a purchaser belongs to the National Association of Settlement Purchasers (NASP), a professional association that promotes best practices among its members and provides industry education.
Selling Structured Settlements: Advice from the Experts – Newark Law | Examiner.com
It is easy to know to unload a settlement thanks to the very easy sell structured settlement calculator. Roger Byrne, marketing manager of SSC, is excited to launch this intuitive calculator. Only a few pieces of information are required for the structured settlement calculator to make an estimate. A user must enter into the structured settlement calculator the year their payments started, as well as the year their payments are expected to end. Monthly payment amounts and payment frequency is also required. With only these four pieces of information, a lower range and higher range estimate can be made; the structured settlement calculator does not need to know an annuity’s or structured settlement’s present value.
Before You Sell Your Structured Settlement Read This
People are dealing with some very difficult circumstances in the US at moment. If you sell a portion of your structured settlement to a company, they may harass you sell the remainder. If you discover you got a raw deal on the first sale, and decide to sell the rest to another company, the first company may refuse to work with another factoring company, making them the only one who can purchase any future sale at whatever price they set. “Strategic Capital has always been fair with people,” says Taylor.