If you have won a personal injury lawsuit and have been awarded a sizable monetary settlement, or settled out of court for a large sum, you may be receiving structured settlement payments. Since the 1970s, these have become a common alternative to lump sum payments, primarily due to two factors:
- significant increases in the amount of personal injury awards
- changes in the Internal Revenue Code that allows the recipient to have tax liability waived (subject to certain conditions)
A structured settlement pays out to the recipient a tax-free, guaranteed income stream in installments over the life of the settlement. Structured settlements were first used in Canada following a massive lawsuit over Thalidomide, a drug taken by pregnant women in the late 1950s and early 1960s that caused birth defects.
Structured settlement payments are a valuable asset that can be valued and sold within a competitive marketplace. People who receive structured payments may elect to sell this asset, or part of it, to a structured settlement annuity buyer who will then provide them with an immediate lump sum of cash for a fee.
Recipients of structured settlements and other types of annuity payments (such as insurance settlements) sometimes need immediate cash. Some circumstances in which one may wish to have a large lump sum immediately include:
- Pressing financial obligations
- Time-sensitive business or investment opportunities
- Education expenses
- Medical expenses
The present market value of a structured settlement annuity depends on a number of different factors, including the total amount and timing of future payments, current interest rates and the creditworthiness of the life insurance company that issued the structured settlement annuity.
What You Are Selling
Keep in mind that you are not selling the actual structured settlement. The actual settlement is typically an annuity that is owned by the insurance company, which holds the money and disperses it to you in accordance to a contract. When you sell part or all of your structured settlement, you are actually selling the right to receive payments, which is then transferred to the funding company.
How to Sell Structured Settlement Payments
It is your legal right to sell structured settlementpayments, or some portion of them, to a third party. Most states have enacted legislation that allows the sale of structured settlements following a brief court proceeding. Typically you only need to provide evidence of the annuity contract, the settlement agreement and personal identification to get the process started. A reputable settlement buyer will take care of the legal matters and process any necessary documentation.
If you decide to sell structured settlementpayments that you are receiving, your first step is to call a representative at CBC Settlement Funding. After confirming that you are the legal owner and recipient of the settlement, our professionals will explain your options. There is no fee, nor is there any obligation on your part at this point. Clients are encouraged to take a few days to consider the options and seek advice from their own financial and legal advisors.
If you decide to sell structured settlementpayments to CBC, your customer service representative will prepare all the necessary documents. Preparation takes between 24 to 48 hours. When the documents are ready, they are sent to you via overnight delivery. Again, you are encouraged to review the documents and have your own attorney and financial advisor look them over as well.
Once you commit to the process, simply sign the documents and return them to CBC Settlement Funding. Our lawyers will then file them with the court.
Typically, it usually takes the court three to six weeks to review the documents and ensure that your decision to sell structured settlementpayments to CBC is in your own best interest (permission is granted in most cases). After your request is approved by a judge, your lump sum payment will be sent to you via a wire transfer or a cashiers check within a day.
CBC Settlement Funding
When you decide to sell structured settlementpayments that you receive as the result of a lawsuit or insurance payout, CBC Settlement Funding can provide you with a lump sum cash advance for all or part of the total amount. CBC Settlement Funding is accredited by the Better Business Bureau and prides itself on its superior level of customer service. Contact one of our customer representatives today for more information on customized cash options to fit your financial needs.
Annuity Purchasing. Whether it is a single premium annuity or a structured settlement annuity, CBC Settlement Funding can help you get the cash you need.
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