People often receive structured settlements as methods of payment. This is an arrangement between the person receiving the money and the person paying them that allows payments to be maid periodically for a specified amount of time. Personal injury suits, lottery winning and insurance claims tend to be paid out this way and the arrangement usually benefits both parties as the recipient receives a steady income and the paying party does not have to pay a large amount all at once.
Structured settlements offer many benefits for both parties involved, but sometimes the person receiving the money would rather have a large lump sum payment than receive the money over an extended period of time. A lump sum payment allows the recipient to attend to pressing matters like bills and paying off debt, or large purchases like a car or house. The benefits of a lump sum payment lead many people to sell their structured settlement.
Structured settlements can be sold to third parties who will give the recipient a lump sum payment upfront. The third party will then receive the structured settlement payments until they are completed. There are many companies that specialize in buying structured settlements, but not all of them will give the seller the best deal. Many companies do not continue to receive payments, but will sell the structured settlement to a bank.
When companies operate in this way they are acting as brokers between the bank and the person selling their settlement. Because the company expects a profit from the sale to the bank, the original seller will not get the same value as they would if they went directly to the bank.
Selling structured settlements directly to a bank can help a person selling their structured settlement to find the best value available. Working directly with the bank also allows the seller to work with an established company. AnFed Bank is a company that will buy your structured settlement payments. Because AnFed is a division of the BofI Federal Bank (Nasdaq: BOFI) you know that you are dealing with a reliable company.
Structured settlements are common payment arrangements but sometimes people want or need a large payment immediately. When this happens selling the structured settlement to a reputable bank can help you find the best value for your settlement and get the most out of the sale.
