Posted by on August 12th, 2011
It can be as fast as 30-90 days on average, maybe sooner. you finally received a good money settlement for your personal injury case. you may now be looking for how to turn your structured settlement to a lump sum. you were injured and it was not your fault. your family now has so many bills and financial problems because of an accident that was not your fault. The good thing is that you are now getting monthly payments to help with your financial problems and suffering. you would like to get your life back. Extreme financial stress and worries means you do not have control of your life anymore. Get control and freedom back with a lump sum of cash. Many people are trading their structured settlements to a lump sum. a cash lump sum is often desired to pay outstanding bills or other expenses. it is easy to turn a structured settlement to a lump sum
First, find a settlement funding company by searching in a site like Superpages.com and use the term - settlement funding -. another way is to fill out a form on this web site, it will be sent to a settlement funding company professional, they will then contact you. Get the best offer and make sure it's from a reliable finance company. a structured settlement funding company manages the transaction to exchange payments to a lump sum of cash. The process is simple; you must request a certain amount of money or the desire to get a lump sum instead of continuing to receive payments. The next step is the finance company will need a copy of your structured settlement; they will conduct a phone interview. then the legal team and analysts will review your contract interview answers and come up with an offer. you will accept or not accept. a court date will be scheduled to get a hearing and court order, which is required by new laws. a judge will decide in your best interest to permit the lump sum exchange for future payments. Many factors determine amount offer from the finance company. Such factors would be interest rates, annuity rating, reputation of the annuity settlement company, market conditions and more. you can provide reasons to turn a structured settlement to a lump sum for following:
* Pay bills that are out of control and ruining our credit
* Avoid foreclosure of home or condo
* down payment for new house or condo
* new car or payoff existing car
* Home repairs such as bad leaking roof
* Business funding problems
* Medical treatments or equipment
* Education bills and tuition
If you have an injury settlement for say $250,000 paid over 25 years, you may be receiving payments around $800- $1,200 per month from your original settlement. if you are looking to raise a lump sum of $30,000 you may have to give up more payments in the future than you thought. The value of money in the future is less than value now. The farther out the payments, each year out, the less money they are worth. which means you may have to give up $50,000 in future payments to get $30,000 today, more or less depends on the finance company offer. you may have to give up 35 future monthly payments of $1,000 to get $30,000.
As the time passes for the 50 payments that you have exchanged, your remainder of payments will start up again. Check the Present value or Future value with a calculator from a money web site. this will give you an idea of what to expect when an offer is given from a settlement finance company. once a judge signs a court order and the process is complete the money gets wired or delivered to you in a week or so on average. most people are approved and the process takes from 30-90 days on average, time depends a lot on court's caseload.
Structured Settlement to a Lump Sum
Tags: financial stress, money, personal injury case, structured settlement, worriesRelated Posts
You can leave a response, or trackback from your own site.Source: http://www.allaboutstructuredsettlements.com/structured-settlement-to-a-lump-sum/
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.