In most legal instances, when a claimant is awarded a judgment it will be in the form a structured settlement annuity . A structured settlement annuity is a financial arrangement, including monthly and periodic lump sum payments that a claimant accepts to resolve a personal injury claim or other lawsuit. The United States has enacted structured settlement laws and regulations at both the federal and state levels. The main benefit of the annuity settlement is it allows the liable party to make timely fractional payments rather than having to pay out a huge one time lump sum.
The following is a typical scenario of how a annuity settlement comes about: An injured party, the claimant, wins a tort suit with the defendant pursuant to a settlement agreement. In exchange for settling the lawsuit, the defendant agrees to make a series of periodic payments over time. In many cases, the organization making the long term payments to the claimant will be the property/casualty insurance company. In this manner the defendant has the flexibility to disperse the judgment over time and the claimant receives his rightful compensation.
So now we will discuss what happens when the claimant wants or needs more than the settlement annuity can provide or before the judgment has been awarded. The structured settlement annuity from a court judgment can take a long time to settle and when it does it may be in fractional payments that are not sufficient for the claimant's needs. Fortunately, there are options that allow you to either:
Trade a portion or the entirety of your settlement annuity for a lump sum cash payment or
Receive a lump sum cash payment in advance of your judgment. This is called a pre settlement .
Both processes are fast and simple and take about 30 - 60 days for the claimant to receive the cash. You may begin by finding a professional settlement funding company. Reputable companies are registered with the Better Business Bureau and have an excellent if not impeccable public record. A good structured settlement company will be able to provide you with the most money in exchange for your annuity payments and provide you with advice as well. It helps to have your annuity settlement documents in hand and to be prepared to answer a few simple questions. Make sure you understand everything completely and do not hesitate to express all your questions and concerns to the Settlement Advisor.
For more information on how to sell structured settlement contact a settlement advisor at Fairfield Funding today. Fairfield Funding is a direct funding company, engaged in purchasing structured settlement payments and lottery annuity payments.