To be wary of being and cautious all the time is not possible it takes the charm out of life. But then when disaster strikes it never announces it arrival. A life threatening accident, a broken marriage which leaves you nowhere, sudden loss of a person you were dependent upon; this and then life comes to a standstill. There come into picture legal hassles and legal issues. Court cases, if it was a third person who was responsible for your loss or rounds of insurance offices to lay your claim. Generally the money which finally reaches you reaches you in its entire totality, and since the money is a large amount generally becomes too difficult for you to handle. And then money stacked away in a corner is as good as no money at all. For cases where there is no dire need of money at once a structured settlement is a great option. Structural settlements came into the picture in the year 1982 when the periodic payment settlement act was passed.
What is a structured settlement now? Well it is a payment option as annuity which is pre-decided and payments spread over a period of time. The settlement is reached with proper consent on both the sides. A settlement in this method has the advantage of providing security to people who are at loss financially given the state of affairs. The payments have the option of being paid monthly or yearly. These payments hold one in good stead and prove to be a good source of regular income providing security and relief.
But in the long run there can be cases where there is a sudden necessity of money. Situations can arise which cannot be settled by the annuity money. In certain cases like these structured settlement can be sold in parts or as a whole. Though it is not in the best interests to sell the settlement, considering the costs and the legal hassles; but in cases where there is a dire constraint of money it can be very helpful. Now, selling the structured settlement can be a very tricky proposition. A lot of assistance is needed as it proves difficult to do everything on one’s own. Proper Legal aid and an experienced financial assistance is a must. The first thing one has to do is to get a good broker who sees that the whole process is done meticulously and without any mistakes on either of the sides. What is a quote? A quote details out the value of the assets that is to be paid for by the potential buyer, the estimation of the total amount to be paid. This in a way proves to be the benchmark for choosing the company one would finally sell the structured settlement to.
There have been many a cases that have resulted in major downfalls for the people in question due to fraudulent claims and promises by companies. People have been duped by companies some which have no qualms about making a facade. There are certain background checks, thus, which have to be done on priority basis regarding the choice of the company. This may include making sure that the company is registered, and then also try to establish contacts with people who have already done business with the company. One can see the quote provided by the companies spoken to and then cross-checked with free quoted computed on the net by major broker companies.
The process however is uncomplicated if we may say put it simply. Once the buyer has been fixed the terms of the quote provided by the buyer have been properly discussed and finalised. An application is forwarded to the court for its review and then the settlement is processed under the jurisdiction of the law with very minor hassles.
Needs of different people are many and very varied. The course of action and the final decision on the way in which the money has to be handled also is relative to the person who finally has to use the money.