The Structured Settlement Protection Act of 2002 was instituted to protect those who had been awarded structured settlement money and had a desire to sell part or all of it for a lump sum. Basically, it demands that any transactions conducted by a factoring or structured settlement loan company must be approved by a state court to make sure the transaction is in the best interest of the client and the client’s dependents.
Receiving structured payments systematically over a long period of time may work for some people, but what if a sudden unforeseen need for cash arises and the fixed payments are insufficient? Banks do not really consider the still-to-be-collected payments appropriate secured loan collateral. Rest assured there are other options.
It is possible to transfer structured settlement annuity payments in case unexpected expenses come up and a lump sum amount of cash is needed. To be able to get lots of cash fast, one needs to contact an individual who is a representative of a structured settlement buyer. These people buy settlements as investments for amounts less than their real worth, and in return will give the seller a lump sum of cash. The seller needs to decide which suits them more, to get the full amount over a long period of time in small quantities, or to collect the lump sum that is less than what they are entitled to.
Settlement Quotes is excited to introduce our Structured Settlement Factoring Company Review Section where users can provide reviews on companies in the structured settlement factoring industry. Besides the company reviews, we have also included the following information in the company profiles:
