You might have been initially excited at the thought of obtaining a settlement agreement. However, when your settlement does not get you the money you need when you need it most, you may be looking into alternative options.
Selling a settlement agreement may be in your best interests, depending on the circumstances of your case. When you are interested in accessing your settlement funding in advance, do not hesitate to contact High Rise Financial loan specialists to discuss your eligibility for pre-settlement funding.
Selling a Structured Settlement
Many people find that they are interested in selling their structure and settlement when they need access to a portion of their settlement ahead of time. Perhaps you are interested in putting a down payment on a new home, or you are struggling to cover the costs of your student loan payments, for example.
However, once you have reached an agreement with the party responsible for causing your damages and a life insurance company has picked up your annuity, it is impossible to change the terms of your agreement. Fortunately, you may be able to sell your structured settlement and obtain your funds when you need the most. Here are some of the most important steps you should take when preparing to sell your structured settlement:
Contact Your Personal Injury or Civil Attorney
First, it is important that you contact your personal injury or civil attorney to find out whether you have the right to sell your structured settlement. If the terms of your agreement prohibit you from transferring your settlement, you may be out of luck.
However, if your attorney gives the go-ahead to move forward with your settlement, it is important to discuss your options and which way is the best way to access your funds in advance.
Evaluate Your Reasons for Selling
It is important to consider your reasons for wanting to sell your structured settlement before you take the leap and transfer your agreement. If you are hoping to purchase a fancy new sports car, for example, it may be in your best interest to take out a personal loan instead. However, if you are interested in purchasing a new home, the judge may be more willing to allow the transfer of your structured settlement.
Research Structured Settlement Buyers
If you are going to sell your structured settlement, it is important to do considerable research into the insurance company purchasing it. If the insurer goes under, so will your settlement. You also want to be sure to avoid brokers who may charge exorbitant fees.
Apply for Legal Funding for Advanced Financial Relief
While you are waiting for your proposed structured settlement to transfer, it could be months before the request is approved in court. While you are waiting, you can contact High Rise Financial loan specialists to obtain an advance on your structured settlement funds.
Get Your Structured Settlement Purchase Agreement Notarized
Structured settlement transfer agreements will not be finalized until they have been notarized. You can make use of a mobile notary service if you hope to get your transfer agreement resolved but need a notary to meet you on your schedule.
To apply for free, call (877) 735-0016
What Kinds of Structured Settlements Can Be Sold?
You might be surprised to find that some types of structured supplements are easier to transfer than others. There are two primary types of structured settlements. These include:
- Life-contingent settlements – With a life-contingent structured settlement, beneficiaries are prohibited from selling structured settlements.
- Guaranteed payments – With guaranteed payment structured settlements, your payments can be transferred or passed on to beneficiaries.
There are multiple types of payments that can be sold for a lump sum settlement for guaranteed payment structured settlements. These include:
- Time certain payments paid in equal amounts over a period of years
- Income for life payments are designed to provide payments over the course of your life expectancy
- Deferred defined benefits which delay the start date of structured settlement payments
- Treasury-funded benefits which are adjusted to account for the current cost of living and inflation
- Step annuities which adjust to inflation over time
- Variable income payouts which are influenced by stock market fluctuations
- Index-linked payments which are tied to the growth of the stock market’s S&P 500, with the potential to increase a maximum of 5% annually
- Joint and survivor payments which include structured settlements involving multiple individuals
Although the type of structured settlement you are hoping to sell is important, the way in which your settlement came in is critical. This is because there may be local, state, and federal laws in place that could impact your ability to transfer or sell your structured settlement.
Who Has the Right to Sell a Structured Settlement?
Under the law, if you are hoping to sell your structured settlement, you will need to go to court to do so. The court system has the authority to approve or deny your request based on the specific details of your case.
For example, a minor child would be prohibited from selling their structured settlement, as the court is looking out for their best interests until they reach the age of 18. However, if the minor child’s parents can prove to the court that selling their child’s structured settlement is the best move for the child, the court may be willing to grant the request.
The judge presiding over your case will review your physical and mental health, your age, your income and expenses, and other factors to determine whether your request to sell or transfer your structured settlement should be approved or denied.
Contact High Rise Financial to Apply for Pre-Settlement Funds Today
Selling your settlement may be well advised depending on the specific financial details of your case. A lawsuit loan may be the best way to access the money you need with minimal risk.
Contact High Rise Financial today with questions or concerns regarding the application process. You can reach us by phone or through our quick contact form to apply today.