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Structured Settlement Loans

A structured settlement is a payment arrangement that insurance companies or responsible parties in a lawsuit use to pay what they owe you. Although you may be entitled to the money right now, collecting on that payment is the tough part. Depending on the elements of your situation, you receive a lump-sum from the payer, or courts may approve their paying you a regularly scheduled agreed-upon amount.

However, you might need money immediately. You likely have past-due medical bills affecting your credit, house payments, and general provisions for you and your family. It is for this reason that companies purchase structured settlements to benefit you.

After winning your claim or drawing upon your annuity, you will receive payments in the form of a structured settlement by an insurance company or responsible party. They might pay you monthly, quarterly, or annually depending upon the arrangement under which courts structured the payment.

However, you likely require the money right now and wonder what your options are. That is where purchasing structured settlement companies come into the picture for your benefit.

A Six-Step Process to Get You the Money You Need

Typically, purchasing structured settlements work like this: the company you hire will transfer the structured settlement into their name in exchange for a lump-sum payment. The amount that they offer you will be less than the amount of money you would have received over time.

They have administrative and legal costs to cover, and over time, the payments may earn them profit. You may be able to sell a portion of your payments or the entire series. Ultimately, it depends on what makes the most sense for you.

There are six steps involved in the process, including:

  1. Determining if you want to sell your entire structured payment or just a portion of it
  2. Vetting purchasing structured settlement companies to ensure they are knowledgeable and experienced
  3. Submitting a request for a no-obligation quote that helps you understand what to expect
  4. Signing an agreement with the structured settlement payment company to initiate the process
  5. Going to court with your structured settlement company to ensure that the courts cover their administrative requirements
  6. Receiving a lump-sum payment after a court approves the change

Do not let the prospect of going to court again intimidate or exhaust you. The court administration hearing involved is a mere formality. The judge assigned to your case is responsible for creating and maintaining court records. If an inaccurate payee is listed, then the courts have not done their job in upholding justice.

Choose the Right Purchasing Structured Settlement Company

It is critical that you thoroughly vet the purchasing structured settlement company you are considering.

Conduct careful research using resources such as online reviews and whether they are a member of the National Association of Settlement Purchasers. You should also take the time to personally contact viable candidates before you even submit a quote request.

Carefully Consider If You Want to Submit a Quote Request

While you are under no obligation to accept their offer, you may want to save yourself the hassle of engaging with a business that uses aggressive sales techniques to pressure you into hiring them. Also, make sure that they will provide the terms and conditions that outline your relationship.

Hire a Company that Is Willing to Answer All of Your Question

Address any questions before signing on the dotted line. If they seem resistant, it may be an indicator that they engage in unscrupulous techniques that do not provide you with the best deal.

The Highest Bidder Is Not Always a Good Choice

To that end, it is worth mentioning that the highest bidder does not always indicate that they are the best fit. You are selecting a company to seek court approval for a change in payment administration as well as sending you the money. Therefore, you will want to be extremely careful with whom you decide to work.

The most important thing you can do is perform due diligence to yourself and your family members by choosing the right purchasing structured settlement company.

Next Steps Toward Selling Your Future Payments

You do not have to sit back and wait indefinitely for the money that is yours. Working with our team allows you peace of mind in knowing that we will be available to answer your questions every step of the way.

If you receive a structured settlement, but need cash now, we can help you get there. Let our team of legal professionals assist you in starting the process.

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