What Are the Pros and Cons of Structured Settlements?
If you are a resident of the Commonwealth of Virginia or and looking for information about getting a loan on your future settlement annuity payments or selling those future settlement annuity payments for a lump sum of cash, New Leaf can help. In order to get cash for your structured settlement due in the future, either by way of loan or selling those future payments, the transaction must comply with federal and state law that govern the assignment or encumbrance of structured settlements. The Team at New Leaf Structured Settlements has vast experience in purchasing structured settlement annuities in Virginia.
One of the most crtical parts of the law that governs advances on settlement annuity payments is the part of the law in Viriginia that requires the disclosure of certain key financial terms to the person that is considering the sell of structured settlement annuity payments. This "Disclosure Statement", which is slightly different in every state, requires the following information be provided to a resident of the Commonwealth of Virginia prior to execution of any contract selling a settlement annuity:
1. The amounts and due dates of the settlement payments to be transferred;
2. The aggregate amount of such payments;
3. The discounted present value of the payments to be transferred, which shall be identified as the "calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities," and the amount of the Applicable Federal Rate used in calculating such discounted present value;
4. The gross advance amount;
5. An itemized listing of all applicable transfer expenses, other than attorneys' fees and related disbursements payable in connection with the transferee's application for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements;
6. The net advance amount;
7. The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and
8. A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.
In addition there various other procedural elements of the law that are required to be followed prior to a loan or sale of structured settlement can take place. Compliance with the law when it comes to advancing cash for structured settlements is critcal. Our experience and expertise in this area, however, will make the entire process smooth with little effort on our customers part when it comes to getting the cash they need for settlement payments.
Learn more about why New Leaf Structured Settlements is the Right Choice if you are considering selling future settlements at TheNewLeafStructuredSettlementsDifference.
If you are interested in (1) discussing your options with regard to your future structured settlement payments, whether they are guaranteed structured settlement payments or life contingent structured settlement payments; (2) the value of those guaranteed structured settlement payments or life contingent structured settlement payments; or (3) free cash quote future structured settlement payments, whether they are guaranteed settlement payments or life contingent structured settlement payments, please contact New Leaf Structured Settlements for a free, no obligation, no pressure discussion at NewLeafStructuredSettlements.com
Selling a Structured Settlement, What Are the Pros and Cons of Structured Settlements?, A Structured Settlement
