Bad Debt Consolidation Loan And Advice

Structured settlement companies, or factoring companies, trade lump sums of cash to people who have structured settlements from a successful lawsuit. If you want a large sum of money, and are willing to trade your future rights to more money, for cash now, then this might be an option for you.

There are many important parts of a negotiation for your payment rights. If you want cash for payments, don’t be so quick to sell. Do you know that if you do sell your rights to a brokerage company you will be transferring ALL of your future payment rights to them?

Why do you see the commercials for payment transfers on TV often? They are making a killing in this business. Most annuity brokerage companies do business ethically, however you should remember that its in their interest to get your money. They want your payment rights. So, no matter how friendly the reps may sound ” they are definitely NOT your friends. They just want your money.

So unless you are really on hard times or you MUST have the money now or the house will be foreclosed, it’s in your best interest, financially, to tough it out and keep your payments.

Structured settlement and annuity companies profit by giving working class people like you large lump sums of money that are smaller than than the discounted face value the payments.

Because of abuse by some structured settlement companies, you are now guaranteed favorable tax treatment if you do decide to transfer your structured settlement payment rights.

California law, Structured Settlement Transfer, SSTA, requires: (1) disclosures to sellers of structured settlement payment rights, (2) notice to Attorney General, and (3) a court approval.

The approval requires the company to file petitions in the county where the transferor lives for approval of the transfer. In order to grant the petition for approval, the court must find:

(1) The deal of structured settlement payment rights to the brokerage company is in the best interest of the transferor;

(2) the transferor has been advised in writing to seek independent professional consultation and either has received that advice or decided to waive it;

(3) the structured settlement seller has received disclosure forms;

(4) the payment rights transfer does not interfere with any court orders;

(5) the seller understands the agreement, disclosure form; and

(6) the transferor understands his/her right to cancel the transfer and does not want to do so.

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