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A structured settlement is often the result of a personal injury lawsuit in which the plaintiff (the party injured) receives periodic payments as a compensation for the injuries sustained in an accident. This income (usually occurring monthly) comes through what is generally known as an annuity. However, some do not consider a long-term stream of payments as beneficial as compared to a one lump sum payment would be.
Because of this, a secondary market was created to sell structured settlement payments, this allowed victims to have a choice. They could sell all or just a portion of their monthly payments to a structured settlement buyer. These buyers, or factoring companies then pay the victim a lump sum payment.
There are many settlement companies out there who are less than honest and which you should avoid at all costs. It is important for you to be very careful which settlement funding company you trust and hire to handle the delicate transaction of selling your structured settlement.
Best Structured Settlement Companies
DRB Capital Structured Settlement
DRB Capital is a trusted structured settlement company in Delray Beach, Florida. According to our research, this company will give you the highest cash payment while charging the lowest fees of any company we reviewed. On average, our reviewers received more money and lower fees than other structured settlement buying companies they received bids from. That means more cash can go into your pockets! DRB Capital seems to have the needs of consumers ahead of their own which is refreshing in this industry. For these reasons we fully recommend the services of DRB Capital.
So how exactly do we rate these companies? We take into account numerous factors, and we also look at recent acquisitions and mergers as well. The last thing you want to have happened to you is assuming you are getting two separate quotes for your structured settlement, only to find out AFTER you completed the deal, two of the companies were one and the same company. That is NOT getting a competing offer. We uncover these unethical tactics so you can make the right decision for you and your family.
Our staff reviewed hundreds of sold structured settlements in 2016 until April 2017. We compared the value of the structured settlement to the price it sold. Result? DRB Capital far outranked every competitor with an average of 12% more cash delivered.
There is a well-known phrase “It isn’t what you earn, it is what you keep that matters.” The same applies with your structured settlement. It isn’t what you are offered; it is the amount of cash you receive at the end that matters. It is for this reason why we chose DRB Capital as your to-go company to sell your payments and get the most cash.
Cash Out Your Structured Settlement
- We help you decide whether to sell your entire settlement or just a portion of it
- How to contact reputable buyers, get structured settlement quotes and accept the best offer
- The process of appearing before a judge in a court of law with an attorney provided by the buyer
- How long it takes for your lump sum cash to be deposited into your account
What Are Some Good Reasons For Selling?
There is far more in this process than just deciding to sell to get it done. You have to have a good reason or cause for selling. A valid reason? Yes, you read that right. You see, your settlement is intended for you to care for your health and the financial stability of your family. It was done in payments so the full amount would not be squandered. This is why a judge will rule whether or not you can sell. It is all for your protection and the protection of your family.
“I can make more money investing my settlement funds by investing myself.”
Does this sound like you? Are you one of those people that feel they are stable investors and could make more money in the stock market than waiting for the money to come in check by check?
Probably not. Most people aren’t.
Investing in the stock market is not defined as a hardship and would probably be denied by a judge. The reason being is unless you are a licensed stock broker, investing in the stock market can be very volatile, and you could lose your entire award. That wouldn’t be good on any level. However, there have been some cases where it was approved, and in those cases, the majority of the time the claimant had an excellent paying job, so the risk of not being able to meet living expenses was minimal.
Chances are, that isn’t where you are either.
So what is a valid reason for selling? Areas that are looked up favorable are investing in a stable business or using the proceeds to go back to college to get or finish a higher degree of education for either a promotion at work or a better career. The judge is mainly looking at the decision to sell to make your life and the lives of your family members better. That is the key: to improve your life and the lives of your family.
That’s a pretty simple test, right?
The reasoning is simple. By getting a better education or by investing your money wisely, you could take your current award and make a lot more money in the long-term either with a successful business or a better career path with a college degree. The key is the decision will stabilize your family environment which will lower the financial stress and allow for you to be a more consistent provider financially.
Isn’t that what you really want?
Are there other good options? Absolutely. Judges also like an investment into a home of your own or improving your current home, including repairs. While a home will not bring you any additional income, it will provide stability for you and your family, and usually will result in a lower payment than your current rent, which will also help to manage your month-to-month expenses.
Let’s say that you are currently a homeowner, but you are behind on your payments, and you are risking foreclosure. Judges are sympathetic in cases where you have hit a hard spot in life and just need a little boost to make things right. What if you had a massive credit card debt or a second mortgage, school loans that are causing you financial stress as the payments are too high for your current level of income? These are solid reasons to cash in your annuity. As long as you are financially disciplined, and are a small risk of going into debt again, the possibility of being debt-free could remove all the stress you feel right now. Judges know that the fear of debt isn’t just a weight on your mentally, but also physically as it has been proven to cause health related issues.
Another reason why you may need to look into selling structured settlement cash payments is for medical and/or health reasons. If you or a member of your family has been injured in an accident due to their neglect or was very sick, chances are excellent you have a mountain of medical bills that seem too high for you to ever pay. The stress of debt collectors calling you is causing stress that is making a difficult situation even worse. The judge may view your health and/or the health of your family member is far more important than any amount of money. Getting the proper care or paying off the medical bills is an entirely valid reason for selling your structured settlement.
Judges will rarely if ever, refuse a request to sell an annuity structured settlement that cites medical reasons, so long as the reason can be justified beyond just your word. Having documentation from your family doctor, or submitting the current outstanding medical bills is often enough proof to get it approved. Your contact at the structured settlement buying company will inform you of exactly what you need to provide to get the approval needed.
The bottom line is, the more information you can give your legal representative, the more likely you are to get the sale approved by the judge. Keeping information from your legal counsel, no matter how embarrassing, will end up hurting you and could get you turned down. You legal representative is there to help you. Always remember that.