Part of management of a structured settlement is the option to swap their amounts for a lump sum payment. While this is one of the characteristics of a structured settlement that is held sacrosanct by the law, there are ways to get around this matter under specific circumstances. One of the ways is obtaining structured settlement quotes as this would be one of the documents to be submitted to court for the issuance of the release of the structured settlement.
A structured settlement quote would allow for a valuation of the structured settlement if it were paid out lump sum. One way to get the best value is to seek out several quotes from several companies on their bid price for the structured settlement. Many company websites would have an online structured settlement calculator to provide the individual recipient a real time valuation of their lump sum receivable should they part with their structured settlement.
Qualifications for Structured Settlement Quotes
The major issue still is the company that hands out these structured settlement quotes. These companies must meet these minimum qualifications in order to make their offer valid and binding:
a) The company providing the structure settlement quotes must be registered with the Better Business Bureau. The company must also have no more than five complaints and all these complaints have been resolved at the time of the quote.
b) The company must be duly registered and is headquartered in the United States. They should be allowed to perform the business of structured settlement annuity in the United States.
c) The company must have three full years of operation in the business in the United States.
d) The company must not be a broker or agent, requiring full oversight and management capable of funding the settlement payout either on their own or source their own funding.
e) The company must be able to provide a policy as well as proof of performance by a first and best offer without need of further negotiation. They should also provide proof of funding on all previous offers made without default being made.
f) There should be no proof or complaint of anti-competitive behavior on sales done to prevent competitors from bidding on either a whole or partial annuity being sold.
g) The service must be fast, providing a quote within a reasonable time and complete payout for the sale within at most two months from the agreement being done.
Once these requirements are complied with, the structured settlement quote becomes validated from its source. Without one of these seven requirements, the quote would bear no weight. With the certifications of the company together with a structured settlement quote submitted to court, this would validate the sale of the payout scheme.
Thus, when using a structured settlement quote, what is important are not just the figures provided, but also the company providing the said quote. These two factors that should be considered in determining what to look for in structured settlement quotes.