Are You Under A Rain of Bills and Debts? You Can Cash In On Your Structured Settlement For A Lump Sum Payment
Life sometimes knocks you on the horns of a dilemma. In the battle for survival, you can always play Mr. Right Guy, and yet the forces of nature will let you stew in your juices. The reason why I put it that way springs from the circumspect manner in which I do everything. I’ve never been involved in a high school bully fight, texted while driving or discarded deleterious effluents to our pristine lakes. Nevertheless, negligence from other folks can inflict immeasurable harm on innocent victims. In early 2012, I had just walked into a warehouse to verify my imported goods when a thunderous explosion hurled me a few yards from the door. The court imposed liability for personal injury on the owner of tins packed with potassium nitrate and other explosive compounds.
The tort lawsuit dragged for days, but I finally brought the defendant to book with a compensatory award and finding of liability. My attorney negotiated a jury award mapping out a structured settlement kitty where I would get periodic payments in a future income stream. Although I had a feather in my cap from my jury-awarded money, my life reeled into a state of despair as I could no longer work. The structured settlement payments would only be released per month and lump sum annuities sporadically. I later found myself in a haunting predicament whether to sell the structured settlement cash flows or remain tied to the inflexible policy. I decided to sell a portion of the future income stream for a good lump sum monetary award.
Sell Structured Settlement in Florida
Why Did I Decide To Give Up The Benefits Of A Structured Settlement For A Lump Sum?
My financial circumstances had changed since the lawsuit ended. The monthly payments and variable annuities scheduled far-off in the distant future could not meet the exigent, substantial monetary requirements. Accordingly, I decided to assign the rights to receive payments to structured settlement purchasing companies in return for a lump sum.
Application Lodged in County Court Where I resided
The Florida structured settlement transfer protection laws require structured settlement funding companies to submit a petition in the circuit court where I lived. The judges within your county jurisdiction can reasonably determine whether the transaction serves your best interest. I appeared in court to answer several questions on the transfer. The court also examined the documents and found I had no dependents, spouse or child I was legally obliged to support. The judge made findings the transaction would serve my best interest. The discount rate, lump sum payment, and processing fees had to be fair to get court approval.
What is the Disclosure Statement and Why is it Important?
A disclosure statement refers to the document highlighting the key figures in your transaction. My disclosure statement revealed the aggregate periodic payments I sought to assign, the discounted present value of all those cash flows, list of processing fees, the lump sum payment due to court approval, discount rate and annual interest rate. The document embodies the final amount you will walk away with if you seal the deal. You should ensure the factoring company has no hidden charges by confirming and re-confirming with their employees beforehand.
What is the “Quotient Rate”?
The Florida SSPA describes the quotient as a percentage worked out by dividing the total payment value by the discounted present worth of the income stream turned over. In a new bill to amend the statute, the Florida legislators passed a bill expunging the need for the structured settlement company to include the quotient percentage. The quotient has no real impact on the pricing of a factoring transaction.
With the Court Approval, You Should Be In the Money
After a final order sanctioning the factoring deal, structured settlement purchasing companies forward relevant documentation to the insurance company. The insurance company cannot rebuff the transfer at this point once the court approves the transaction. You should get you funds in a short while.
Top-Notch Structured Settlement Funding Companies
Olive Branch Funding helps you craft a plan to transfer your structured settlement payment rights, fetches a legal representative to draft a transfer agreement and files a competent petition in the circuit court of your county quickly and affordably.
Woodbridge Structured Funding has thousands of officials under the wings to knuckle down to work out a lump sum payment offer suitable for your future income stream. They know how to sway the judge to sign off your deal by complying with all laws.
Stone Street Capital has substantial experience under the belt as a buyer of structured settlement payments, annuities and lottery wings while they have their mouth-watering lump sum offers and extremely low discount rates give you the best bang for your buck.