How To structured annuity payments

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structured annuity payments

The structured settlement allows the recipient to have a fixed income over time. However, there are times when the person who is receiving the structured settlement is in dire need of cash injection due to increasing expenses or due to an unprecedented cash outflow. In these instances, an individual can sell structured settlement plans at a discounted price. The steps in factoring the structured settlement are as follows:

1. You need to consider your cash requirements before you
sell your structured settlement. You can sell structured settlement plans in full or you can opt to sell only part of the structured settlement.

Then, you need to look for a company that offers structured settlement discounting. Obtaining multiple quotes for the sale of your structured settlement is advisable so that you will have various options. It is important to learn as much as you can about the company that will buy your structured settlement. You should browse through customer reviews, look at their track records and read their information sheets to see their structured settlement history. You should visit the Better Business Bureau prior to selling your structured settlement to a certain company.

2. After choosing a company that you are comfortable with, you should accept that company’s offer to buy your structured settlement. You need to provide the company with the documents that validate your claim to a structured settlement. The document that establishes your claim to a structured settlement can either be the benefits letter, an annuity policy or a structured settlement agreement.

3. Next, you need to do some paperwork. FedEx or a courier will send the necessary documents for the sale of the structured settlement to you. Legal processes vary from one state to another, but commonly structured settlement sales transactions cannot proceed without an independent professional financial review to make sure that selling the structured settlement will be in the best interests of the individual. The cooling period for the sale of a structured settlement ranges from 3 to 10 days, but in most states there is a waiting period of ten (10) days. Within this timeframe, the individual can cancel the sale of the structured settlement with the financial institution. During the waiting period, the buyer has no right to proceed with the structured settlement processing as provided by federal laws.

4. The next phase in the sale of your structured settlement is documentation processing. The processing period will depend on two things: the state where you currently reside and the purchasing company that you are working with. The buyer will request the benefits letter which ratifies the seller’s right to a structured settlement.

5. After this, you will be dealing with a local attorney who will help you with the legal side of your structured settlement sale. This lawyer will be legally assigned to you to submit all of the necessary documents to the specific court on your behalf.

6. In 3 to 6 weeks, a date for hearing the sale of your structured settlement will be set. You should expect that this notice will be delivered to you via Certified Mail. The majority of states require the seller to appear in court to hear the sale of the structured settlement on the scheduled date. During the court hearing, the specific details of the structured settlement sale such as the discount rates, the reason for the need to sell structured settlement annuities, the employment of the individual and prior transactions will be scrutinized by the judge who is hearing the case.

7. When the judge approves the sale of the structured settlement, the court order is given and forwarded to the insurance company. Such approval is vital to proceed with the sale of the structured settlement. This will serve as the ticket that allows the insurance firm to transfer the annual structured settlement payments to the transfer company.

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