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Process Walkthrough: 4 Common Question Questions about Selling Your Settlement Annuity

Process Walkthrough: 4 Common Question Questions about Selling Your Settlement Annuity

After polling our annuity consultants, we’ve come up with a sequential list of questions that are asked during the duration of our interactions with you.

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1)      Why do I have to wait to sign my contact?

It is important to note that each state has determined a minimum required number of days that must pass before we are able to send your contract with a notary to be signed. After we have spoken with you and determined a purchase price, we will send you a disclosure. A disclosure is simply our written offer to you that shows the net lump sum you will receive in exchange for the exact payment(s) that we are purchasing. After you have acknowledged that you received the disclosure, we can start the countdown for the required wait period established by your state. This can take between three and fourteen days.

2)      What happens after I sign my contract?

Once we have all of the necessary paperwork and legal documents, a petition is then filed at your county courthouse. After your case is reviewed, you will receive a court date where a judge will approve the settlement and grant your cash settlement.

3)      Why do I have to go to court?

Each case must go before a judge and be approved before we are able to proceed and fund you your lump sum. When you go into court, the judge will determine if selling your payment(s) is in your best interest. In order to determine this, a judge will examine your reasons for cashing out. Many of the clients of Fairfield Funding intend to use their lump sum to pay for medical bills, school tuition, put a down payment on a house, or start a new business.

4)      After a judge approves my case, how long does it take to get my money?

This part of the process depends heavily on the insurance company- some companies work faster than others. After we receive an acknowledgement from your insurance company stating that the transfer has been completed and approved, we can then send you a check or wire your lump sum directly into your account within 24-48 hours.

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