JG Wentworth
JG Wentworth is one of the largest buyers of structured settlements. It offers a variety of financial services, including prepaid cards, personal loans, and mortgages. (This also has Peachtree Financial, other buyers of structured settlements.) If you receive a monthly payment from an insurance payment or a lawsuit settlement - also known as a structured settlement annuity - but require immediate cash to pay for medical bills or other significant costs, you can sell all or part of your annuity. A structured settlement company, such as JG Wentworth, will purchase future payments from your settlement in return for a single cash payment.
Realize that you will sell your settlement at a discount, so you will not get the full amount. To find out how much you will receive up front, you should contact JG Wentworth to get a quote. Factors that affect the amount you will eventually receive include the length of your settlement and the amount of each payment.
As part of the sale, the judge must approve the sale and depend on where you live, you may be asked to consult a financial advisor. It takes between 60 to 90 days to receive your funds.
JG Wentworth also works with services that can help you get pre-settlement funds. If you are involved in litigation, JG Wentworth can help you gain access to some of your settlements before the case is closed. This is not a loan but is part of your settlement you got earlier.
In addition to a structured settlement annuity, JG Wentworth also purchased lotteries, legacy advances, and mortgage notes. If you receive a cash payment, JG Wentworth may be able to convert that monthly installment into one payment at a time.
If you have a structured settlement of lawsuits or accidents, JG Wentworth is the company that buys these settlements and gives you direct payments. If you need immediate money, this company may be a viable option, but keep in mind that you will lose a significant percentage of your lifetime settlement value.
The Best Structured Settlement Company for Lottery
If you have won the lottery and received the payment in monthly installments, you may be able to sell it for a single payment. Woodbridge Structured Funding is a structured settlement company that buys lottery prizes. However, the country you've invited the lottery in may determine whether you're eligible to sell the lottery for payment. One of the factors that benefit this company: Woodbridge offers to fit the tariff offered by other structured settlement companies to buy your lottery annuity.
Woodbridge Structured Funding is an investment agency that buys structured annuities in the form of structured settlements, lottery or casino triumphs, or annuities that are inherited or purchased. It can buy all or part of your annuity. Alternatively, you can sell a percentage of each payment. This lets you continue to receive monthly income from your annuities, not until each month is replaced at a time in advance.
Structured annuities are intended to provide a long-term source of fixed income and should not be sold easily. Some companies, however, promote the sale of your annuity to earn fast money. Others, like Woodbridge, note that the decision should not be taken lightly. Woodbridge lists cases where it makes sense to sell your structured annuities. It also lists the benefits of selling only a portion of the annuity.
When you contact Woodbridge, ask a representative to discuss your financial needs and suggest an alternative to selling an annuity. It recommends that you consult a financial advisor and a tax professional. However, most state laws require you to speak with a financial advisor or a lawyer. The website does not describe the process, only then can you request a quote, and the entire process can take 30 to 90 days to complete.
When it comes to annuity payments (as opposed to a structured settlement and lottery), Woodbridge has more limits. For example, if you want to sell a portion of your annuity, it takes three, five or ten years of payment.
It can be worth your while to include Woodbridge when getting a quote for what you can get for your structured annuity. This company offers a guarantee that it could be better any quote you get. You should always choose the company that you think is most convenient, but the guarantee is assured. You can call or use an online form to get a free quote.
Best for Quick Payment
It usually takes months to receive payment from the sale of your structured settlement. Some companies claim to speed up the process. Strategic Capital is one of its kind companies; they have simplified the process and are able to pay you in just 18 days. This varies depending on the country in which you live and the details of your settlement.
Website Strategic Capital emphasizes repeatedly that not everyone should sell their structured annuity settlement. However, he acknowledges certain situations where having or part of a structured annuity may be a better option. Education or sudden disease are two examples as cited by the company. Whatever your reason for cashing your structured settlement, Strategic Capital can work with you.
The first step in the cash out annuity process is to discuss your needs with a counselor. Before Strategic Capital even talks about how much you can get for your structured annuity, the counselor discusses your needs and situation. Is there another way to raise money? Can you restructure your repayment payment?
If you have decided to sell your annuity settlement is the best course, it gives you a quote and sends you a contract. Although you should check with an attorney, Strategic Capital encourages you to bring the contract to a lawyer. Once you agree to the contract, the contract is then awarded to his lawyer to file a change in payment or the sale of a whole structured annuity. Once all approval documents are approved, it takes about 72 hours to get your money.
Strategic capital streamlines the process means it gets approval and money are sent within just 18 days. This varies according to country regulations and the complexity of the settlement.
How we choose our lineup
Our list of 10 structured settlement companies is selected based on several factors, including customer sentiment, corporate visibility and whether the company belongs to industry groups such as the National Association of Settlement Purchasers (NASP). In order to become a member of the NASP, a structured settlement company must comply with the code of ethics, invoicing consumer rights and participating in anti-fraud initiatives. We can not evaluate tariffs and fees, as they rely heavily on the specific details of each settlement.
Based on our research, here are our recommendations for the best-structured settlement company:
What is the Process of Selling My Annuity?
Selling structured annuities should not be done lightly. This is a long process involving a court that approves the sale. The whole process takes several months to go. The process is very different depending on the circumstances in which you live. Most structured settlement companies will assist you in the process.
If you are considering selling a structured settlement annuity, you must follow these important steps:
� First, go around looking for the best quotes. A structured settlement company applies the so-called discount rate for future payments you receive so that the payout is less than the total amount of your settlement.
� Second, you must provide documents to the company where you sell a structured settlement. This includes documentation of the insurance company responsible for the annuity, settlement agreement and discharge of a lawsuit, and solicitation to sell the deposit. If you are divorced or have declared bankruptcy since receiving your annuity, you may need to provide additional documentation.
� Third, depending on the country where you live, you may be asked to consult a lawyer or financial advisor before selling your structured annuity.
� Fourth, the judge must approve the sale of your structured settlement. Next, the judge will take steps to determine whether you understand the terms of the sale. You also need to show that you have a convincing need to sell your annuity. Most structured settlements have been approved, but the reasons for the refusal include failure to indicate an adequate financial need, incorrect documentation or poor corporate discount rates.
What is a Discount Rate?
The discount rate represents the amount deducted by the company from your total structured settlement. Although it sounds like a simple percentage, it's much more complicated than that. The discount rate assumes that a dollar today is worth more than a dollar in the future and applies that principle to the payments you sell.
Take the above example from a $ 100,000 settlement that sells between $ 30,000 and $ 50,000. This implies a 50 percent to 70 percent discount rate. But the discount rate typically ranges from eight to 18 percent, and can sometimes be as high as 30 percent.
Mathematics does not seem to increase, and this is because a structured settlement company looks at every payment you're selling and applies different discount rates for each payment depending on how far into the future its payouts are. Therefore, next month's payment has a discount rate that is different from the five-year payment from now on.
When you receive offers from a structured settlement provider, keep in mind that it will usually reflect the average of all discount rates on all payments you want to sell rather than a certain percentage applied to your total structured annuity.
There is an advantage to selling only a portion of your settlement. By selling some of your upcoming monthly payments, they have a lower diskette rate than future payments, which means you can earn more money and still have access to future payments.
Here are some things to keep in mind when selling a structured annuity:
- Explore your selections. Get some quotes from various structured settlement companies. You are not obligated to go with the first offer you receive.
- Haggle. Once you get the offer, do not feel the need to accept it. You can negotiate rates and try to find a middle ground with buyers.
- Understand what you are dealing with. Most states require consultation with a financial advisory council. We recommend that you use the service so you really understand the impact of your annuity sale.
Tax impact
As mentioned earlier, when you sell your structured settlement, the payment is not taxable. Exceptions, though, are from lotteries, subject to taxes, and funds from a sale of lottery annuities are also taxed. And if you invest money from your lump-sum payments, the income from the investment will be taxed.
If you receive a structured settlement annuity through lawsuits, accidents, or winning sweepstakes, selling them to a structured settlement company can let you use the money faster. We've assembled the top 10 best-structured settlement companies so you can explore your options and find the best deal for you. You can read more about these companies and what they offer in our purchase guide.
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