Structured Settlements: A Litigation Procedure For Civil Lawsuits

Structured settlements have existed since the 1970s as a means of compensation to plaintiffs in civil cases that involve any form of personal injury. Such civil lawsuits seldom make it to trial if the parties involved reach an agreement in the initial litigation process. Simply put, a structured settlement is a stream of guaranteed future income paid to the plaintiff by the defendant in a civil case through the purchase of an annuity. The defendant is required by law to arrange for his/her life insurance company to pay the injured party a periodic amount of money in the annuity contract. The annuity contract contains details pertaining to the duration of the structured settlement and whether the money is to be paid all at once or periodically. Settlement consultants provide the parties involved with invaluable services to determine the immediate and future needs of the victims and the appropriate amount to include in the settlement.

To Sell or Not To Sell Your Structured Settlement? Points To Consider

With the current state of global uncertainty, unforeseen crises may occur at any time and it’s important to know the rights you hold to sell your structured settlement in the case of any eventuality. When the settlement is initially drafted, it is done so as to cater for the needs of the injured person but sometimes these needs change over time and the plaintiff may require access to their money right away. The terms of the settlement cannot be renegotiated and this calls for a different approach. Plaintiffs have the option to either sell some or the lump sum amount of their payments. Purchasing companies make this possible by buying out your future payments in exchange for an agreed sum of money. It is important to note that before cashing out your structured settlement, you will have to present your case before a federal judge in court and file all the relevant paperwork. The settlement buyer should be in a position to help you with this and ensure you do it correctly. Due diligence is advised when dealing with some of these purchasing companies who try to prey on people in desperate situations. However, federal and state laws are effectively in place to protect consumers from such unscrupulous industry players.

What To Look Out For In A Structured Settlement Company

Companies That Buy Structured SettlementsKnowing what to Look out for in a settlement company can save you and your dependents any looming disappointments that are characteristic with unprofessional companies. Firstly, the right company will offer you personalized solutions through a real life representative and not the generic automated responses that cannot address unique consumer needs. Opt for a company that takes its time to guide you through the selling process and helps you decide whether selling your annuity payments is actually the right move. Find out about their reputation. This can be done through word of mouth or scouring the internet for useful insights into the company and its operations. Also, different settlement companies will value your settlement differently. You can use a free online annuity calculator to get an approximate value of your settlement. Compare the results you get with the purchase price offered by the different companies to negotiate a better deal. Choosing the right settlement company doesn’t have to be nerve wrecking and most of these companies provide top-drawer representation to make sure you get your cash when you need it.

  • JG Wentworth: J.G. Wentworth is a buyer of structured settlements. They set the highest standards in the market driven by customer satisfaction. It’s not surprising if your assigned representative exceeds your expectations. They tend to be thoughtful and patient throughout the whole process. The team at Wentworth strives to make the whole transaction as painless as possible combined with top-notch legal representation.
  • Olive Branch Funding: Once you experience what Olive Branch Funding has to offer, you will never settle for less. They take on the big boys with innovative and foremost authority. Using a cutting edge feature known as the docusign, which allows you to sign documents electronically, you can get your money even faster.
  • SenecaOne: The purchase quotes at SenecaOne give it a competitive advantage. The discounts and coupons offered by this company are unmatched and sweeten the deal tenfold. One gets the feeling that they’re actually fighting for you to get the best purchase price for your settlement thanks to their nose to the grindstone work ethic.

Read also:

Sorry, comments are closed!