Structured Settlement Purchasers

Written by Jacey Harmon
Bookmark and Share

Structured settlement purchasers are businesses that engage in buying structured settlement annuities. These annuities are typically bought by insurance companies to settle personal injury claims or lawsuits of wide varieties. A person may consider selling a structured settlement for a variety of reasons. There is a process involved with selling a structured settlement, though.

Structured settlements are funded by a non-assignable annuity. This means that the annuity itself can not be given or sold by the payee. Instead, the payee has an option of assigning the payments to an individual or business. Oftentimes, to assign the payments of a structured settlement, you will need a court order. The business that is buying the settlement will know if your jurisdiction requires a court order for you to sell. The business should also be able to handle all court fees and documents for the seller.

Before committing to selling a settlement, it is important to get a variety of different quotes from settlement buyers. You will want to get the best possible price for your settlement. Without getting a series of quotes, you will not be fully informed as to the true value of your settlement. Many businesses have made it possible to request a quote through their websites. This drastically reduces the time it will take to get a series of quotes for you to make a more informed decision.

Receiving Money After Selling Your Settlement

If you live in a state that requires a court order to sell your settlement, you are a slave to the court system. The time it takes to get a court date and go through the proper proceeding will be a major factor in determining how long it will take to receive any money. The whole process can take up to two months, or it can take just three weeks. The efficiency of the buyer as well as the court system will determine how long the process takes.


Bookmark and Share