SELL STRUCTURED SETTLEMENT
Answers to commonly asked questions about selling structured settlements:
What interest rate will I be charged if I sell structured settlement payments?
The interest rate applied to determine the purchase price varies depending on the following factors: The Insurance Company issuing payments, Payment Dates, Payment Amounts and the current Economy. Companies that buy structured settlements use a calculator that determines the time value of money based on the payment dates and amounts. Then, they factor in the current economy and the insurance company issuing the structured settlement or annuity payments to you. The interest rate charged when selling structured settlement payments will usually range from about 6.0% to 18%.
On average, it takes 30 – 45 days to sell structured settlement payments. Selling your structured settlement payments requires court approval which is usually the main cause for any unexpected delays in the transfer. Each state has an individual statue that may determine some of the waiting periods required throughout the process and can be a factor in the amount of time it takes to sell structured settlement payments.
Can I sell my structured settlement payments?
Yes, you can absolutely sell structured settlement payments if they are not the result of a worker’s compensation or a class action settlement. The most commonly sold structured settlement payments arise from wrongful death, personally injury and medical malpractice but we can buy much more! Even beneficiaries of a structured settlement can sell structured settlement payments.
How do I sell my structured settlement payments?
You can sell your structured settlement payments by working with a company that purchases structured settlement payments. They will help facilitate a transfer. Regardless of who you work with, the process should begin with a disclosure statement outlining what you are selling and receiving. Next, after a state statute determined wait period, you will sign a contract. After the contract, the company will file a petition for court approval in your state which will allow them to set a hearing date. If the judge approves the transfer, you will receive your lump sum.
From our blog: 5 Things To Know Before Selling Your Structured Settlement