4 Common 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.
1) Why do I have to wait to sign my contract?
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. 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, and 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 acknowledgment 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.
Bara is a seasoned expert in the structured settlement and annuity field, with a successful career in structured settlement factoring. Her experience spans prominent companies such as J.G. Wentworth, Peachtree Settlement Funding, and Liberty Settlement Funding, where she managed substantial marketing campaigns. Constantly updating her knowledge, Bara is committed to providing exceptional experiences and maintaining her position as a trusted professional in the industry.