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Credit virus Debt
Secured And Unsecured Debt. What's The Difference? It’s easy to just think that debt is just debt, but in reality, there are different types of loans, and it’s important to know what which type you have. You will need to understand the...
Debt Consolidation – Watch out for Payday Loans
Most any large city has a number of small shops offering payday loans. They’re often found in strip centers; sometimes they double as pawn shops. They have a simple business – they lend you money until your next paycheck. The system is pretty...
Getting Cash Now for your Structured Settlement
If you've agreed to accept a structured settlement, it's likely
that you felt a sense of relief that your financial
uncertainties were being resolved, and that you'd have the funds
necessary to pay your bills, support your family and go on...
Structured Settlement Payments - The Who and The What
A structured settlement is a series of payments made over a period of time. People usually get them as a result of a lawsuit. For various reasons, people who receive these payments, sometimes wish to cash them out and get a lump sum payment. There...
Take A Structured Settlement Or One-Time Lump Sum Payment?
If you are involved with a legal decision, financial claim or insurance arrangement, the financing process to settle and resolve the claim can often take two forms. Either a one-time lump sum payment, or a long-term periodic series of deferred...
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Getting Cash Now for your Structured Settlement
If you've agreed to accept a structured settlement, it's likely
that you felt a sense of relief that your financial
uncertainties were being resolved, and that you'd have the funds
necessary to pay your bills, support your family and go on with
your life. When you agreed to the terms of the settlement,
hopefully with the help of a financial advisor, you accepted a
series of financial payments that made sense for you at that
time.
Perhaps you'd suffered personal injury in an auto or other
accident, you were awarded damages in a product liability case,
or you were the victim of medical malpractice or were even the
plaintiff in a wrongful death suit. You agreed to a periodic
(usually monthly) payment, maybe in the form of a lifetime
income stream, that seemed to be the answer to paying your
ongoing living expenses and perhaps your medical costs. You made
the best decisions you could at the time, with the information
you had - based upon how life was then, and what you expected
for the future.
But life seldom works out as we expect. Maybe you're on the road
to recovery from the accident or other event for which you
received the settlement, and want to move and buy a house, get
married, go to school, or buy a business. Maybe medical bills or
high interest debt is an undue burden on you that you need to
resolve now. Or, if your family has grown, and your children no
longer need for you to provide for their education or other
expenses, you may want to spend more of the money you have
coming to you now, instead of later.
What can you do to match your finances - specifically your
structured settlement - with the life you now have or want to
have? You should always consult an attorney or a financial
advisor, but here's a basic overview of your rights and options
in assigning your structured settlement:
Settlements are funded by single premium annuities, issued by
insurance companies. Instead of paying you a lump sum amount,
the party found responsible for injury or damages to you has
paid a one-time lump sum to an insurance company, which has, in
turn, invested it. The insurance company has projected the
interest rate or securities dividends they will receive on the
lump sum, and based upon the length of time and number of
payments you chose or were offered for the structured
settlement, they calculated the periodic payment amount you're
now receiving.
So who owns what? The insurance company owns the annuity, and
you, as the beneficiary, are entitled to an income stream, or
the series of periodic payments. Because you don't own the
underlying asset, the annuity, you therefore can't sell the
annuity contract to another party to receive your money.
However, under federal and state law you can, with court
approval, sell all or a portion of the payments you are entitled
to receive in the future. In doing so, you can receive a lump
sum cash payout now.
What are your options? As an annuitant, or the beneficiary of
the structured settlement annuity, you are, in most instances,
able to assign to a third party the payments you are entitled to
receive in the future. Some Structured Settlement Agreements
state that payments cannot be assigned, and your legal counsel
will advise you of options and alternatives if yours is written
with such a clause. Fortunately, state laws and recent case law
have rendered contracts written with such provisions
unenforceable, although other regulations may apply.
How can you determine
today's lump sum value of your structured
settlement payments? This depends, in part, upon the amount of
each payment and when it is due. The payment amount and schedule
will be outlined in your Structured Settlement Agreement. It is
also affected by the financial strength of the issuer of your
annuity, because the better the financial position of the
issuer, the more likely it is that the purchaser of your cash
stream will be paid. The current financial climate, as well as
interest rates will also affect your cash-out amount. Your
financing company will explain these calculations and
assumptions to you.
What steps do you need to take?
- First, you really need to take a hard look at whether
receiving your funds now will truly be best for you and your
family. This is a big financial step, not to be taken lightly.
That said, your circumstances may have changed sufficiently so
that a lump sum or partial payment in the form of a lump sum
makes sense, and is better for your family's current and future
lifestyle and financial stability.
- Next, contact a reliable financing company that purchases
structured settlement income streams. They can guide you through
the process and help you consider alternatives, such as the sale
of a portion of your structured settlement income stream, if
this best meets your needs.
- The financing company will assist you by hiring an attorney
experienced in structured settlement assignments. The attorney
will explain to the court your desire to change your settlement,
and any changes in your life that have caused you to make this
decision. Because the attorney will be petitioning for judicial
approval, he will need to understand your current finances,
obligations and desires.
- Having all your documentation and agreements, and furnishing
them promptly to your advisors and potential funding sources is
key to receiving a cash payout in the shortest possible time.
Because court approval is required, the time from the initiation
of the request to the final approval is typically 45-90 days.
So, just as with other large financial decisions, such as
obtaining a mortgage or refinancing, it's in your best interest
to begin the process with a little time to spare, before you
feel a time crunch. You deserve an equitable deal, as quickly as
is possible, not just the deal you can make in the very least
amount of time.
- What can you expect now? Once you have chosen a finance
company and attorney, the courts will put you on the docket and
hear your petition for receiving your funds in a lump sum.
They'll want details of the future payments due you, the
proposed amount of the lump sum distribution, and any costs you
will incur as a result of restructuring your settlement. Their
basis for granting you an approval is satisfying themselves that
the assignment of your payments to another party and receipt of
current cash will be in your best interest and in the best
interests of any dependents you may have.
- Once you've agreed upon a lump sum amount with your finance
company, and obtained court approval, you'll receive a wire
transfer or a cashier's check for your lump sum amount. You'll
now have the cash you need - right when you need it most.
About the author:
Sovereign Funding Group (http://www.sovereignfunding.com) is an
experienced, reputable company that offers convenient, no-risk
services to help you with the selling of your deferred payments
and business financing.
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| National Structured Settlements Trade Association (NSSTA) |
| Provides structured settlements using periodic payments to resolve claims. |
| www.nssta.com |
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| Structured Settlements |
| Setting up structured settlements for personal injury claims. |
| ilf.hartfordlife.com |
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| Structured Settlements, Structured Annuity, Structured Settlement ... |
| Full-service plaintiff structured settlement firm since 1986, providing services and strategies for personal injury lawyers and clients during the ... |
| www.structuredsettlements.org |
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| Structured Settlements | Annuity Purchasers |
| Structured Settlement Buyers. Purchasers specializing in structured settlements and lottery winnings. Site contains attorney, broker and investor ... |
| www.ppicash.com |
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| Structured Settlement Cash for Structured Settlement Annuity ... |
| Annuity Transfers Homepage - Buyer of Structured Settlements · Home | Sell Your Payments | Brokers | Investors | Testimonials ... |
| www.annuitytransfers.com |
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| EPS Structured Settlements Group: A Structured Settlements Company ... |
| EPS Settlements Group is located in Denver, Colorado and is a founder of the structured settlements industry. |
| www.epssettlements.com |
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| Mckellar :: Structured Settlements |
| News. ... Skip Intro Always >> |
| www.mckellar.com |
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| The Structured Settlement - What You Need To Know |
| About two thirds of states have enacted laws which restict the sale of structured settlements, and tax-free structured settlements are also subject to ... |
| www.expertlaw.com |
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| Settlement Capital Corporation - sell structured settlements,sell ... |
| Direct purchaser of structured settlements and other annuities. |
| www.setcap.com |
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| John Hancock Insurance and Financial Services :: Explore Our ... |
| A structured settlements annuity provides injury victims or the victim's ... John Hancock Structured Settlements and Attorney Fee Annuities are just two ... |
| www.johnhancock.com |
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| Structured Settlements - Prudential Financial |
| Your company may become liable to pay a settlement as the result of a legal proceeding. A Structured Settlement Annuity provides ongoing periodic payments ... |
| www.prudential.com |
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| Finance - Structured-Settlements Ezine Articles |
| EzineArticles.com allows ezine or email list publishers to upload or download free expert content that can be used within email newsletters or websites. |
| ezinearticles.com |
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| Understanding Structured Settlements: A Novice's Guide to the ... |
| Learn what a Structured Settlement is in plain English. Find Structured Settlements company, payments, broker, annuity and loan info. |
| www.noendpress.com |
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| structured settlements, personal injury, annuity, disability, accident |
| Structured Settlements allow income to be spread over time, which is safer ... Structured settlements are often ideal under the following circumstances: ... |
| www.structuredsettlementhelp.com |
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| Structured settlement - Wikipedia, the free encyclopedia |
| Structured settlements were first utilized in Canada and the United States ... Structured settlements are now part of the statutory tort law of several ... |
| en.wikipedia.org |
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| Structured Settlement vs. Lump sum - What to do? |
| More and more claimants are choosing structured settlements. ... Most structured settlements come in the form of an annuity, which is sold by a third party, ... |
| injury.freeadvice.com |
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| Welcome to The Halpern Group, experts in structured settlements ... |
| Offers structured settlements, consulting and negotiation services to attorneys representing injured clients. |
| www.halperngroup.com |
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| Structured Settlements Leader J.G. Wentworth, JG Wentworth ... |
| Structured Settlements Leader JG Wentworth, JG Wentworth Settlement Funding - More than 25000 individuals have come to JG Wentworth to finance their dreams ... |
| www.jgwfunding.com |
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| DOG BITE LAW - Structured Settlements |
| For those reasons, changes were made to the Internal Revenue Code that enable knowledgeable attorneys to create "structured settlements." ... |
| www.dogbitelaw.com |
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| Structured Settlements Law – Lawyers, Attorneys & Free Legal ... |
| I am confused by the number of internet sites that plug offers of structured settlements, sale of structured settlement annuities, and attorneys who offer ... |
| injury-law.freeadvice.com |
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