The New York trial court denied a proposed sale of structured settlement payment rights in July basing the decision primarily on the grounds the sale of the annuity was not in the best interest of the annuitant.
The New York structured settlement protection act prohibits the transfer of structured settlement payment rights unless the transfer has been authorized by a court of competent jurisdiction. The courts must find, among other requirements, the transfer is in the best interest of the payee, the payee’s dependents, and whether the discount rate used to purchase the annuity is fair and reasonable.
In The Matter Of The Petition Of J.G. Wentworth Originations, LLC (Pretto) the courts did not feel the annuitant had exhausted all of her means to raise money for her education prior to deciding to pursue a sale with JG Wentworth. The Court said, “However admirable Pretto's intention to obtain a degree… the taking of such a deep discount on her settlement funds is a questionable means of attaining her goal.”
The annuitant, Pretto, may have found interest rate much lower than the 19.11% proposed by J.G. Wentworth. In addition, the 19.11% discount rate was found by the courts to not be “fair and reasonable within the meaning of the SSPA…”
There are many ways to pay for college; deciding to sell an annuity or structured settlement annuity should not be the first option in order to finance an education.
Sometimes in life we delay looking for solutions to our financial problems rather than dealing with them head on. This tactic rarely works because financial problems tend to become worse as the interest fees and penalties continue to grow. Perhaps the fear, depression or mistruths keeps us from realizing all the options available.
When you’re suffering financially waiting for payouts from a structured settlement annuity isn’t the most convenient way to get money. Clearly it would help if you can have access to your money sooner perhaps in a lump sum payment. Maybe you thought about looking into it before but delayed calling because you have poor credit and were afraid you wouldn’t be approved. The good news is that selling your future payments allows you to get the cash you need without borrowing money. It is not a loan it is a transfer of the legal rights to your future payments. So there is no money to pay back or credit approval.
The only way to improve your credit is to pay off your debt and selling your structured settlement could be the key to financial stability. Use the cash lump sum to pay off your credit cards or avoid foreclosure and invest the remaining funds to start earning interest for you. It is time to take control of your finances and reap the benefits of your money.
Working with Rescue Capital to sell your structured settlement for a lump sum has some benefits too. We can custom tailor the package to suit to your needs and goals. They can help you develop a plan to pay off your debts and work with your creditors to pay off the debts immediately. We’re also here to answer your questions without delay. Remember, the money is legally your property so why not use it to suit your needs.
You don’t have to sell you entire settlement. You can sell only part of your settlement, keeping some of your scheduled payments and have an influx of cash for your immediate needs. Cashing out your structured settlements can give you more financial freedom which is something everyone can use.
Don’t delay getting the facts about your financial situation. Call Rescue Capital today to discuss your situation and make your structured settlement to work for you. Call 866.688.3532 for your free no-obligation quote.
You have a structured settlement, need money and have decided that you want to sell some of your future payments. Before you immediately call one of those guys promising "Cash Now" on TV you need to get the facts. While companies imply they can get you cash in a flash, the truth is no one will give you the full sale amount immediately. They may give you a small cash advance but you won't get much more until you receive court approval. That's right, there is a court ordered process designed to help sellers get a deal that's in their best interest and this process will not happen overnight.
Want to know more? Take a look at the steps below to see the steps involved in a typical sale.
Step 1: Call or email Rescue Capital to receive your free no-obligation quote. Tell us about your situation. Fax us your paperwork or send it to us overnight.
Step 2: We'll review your paperwork and discuss all your options.
Step 3: You review your options and decide to go forward with the process.
Step 4: We send you a purchase agreement.
Step 5: You review the purchase agreement, have it signed and notarized and send it back to us. Don’t forget to tell us if you want your money via direct deposit or check!
Step 6: Your completed file is sent to our local attorney in your state who begins the process for court approval. Once the transaction is approved and your insurance company acknowledges the court order your money will be sent to you.
Even though the process seems pretty simple, you may have questions so feel free to call us at 866.688.3532 for more information.