Structured settlements are increasingly common ways of settling a debt. Their popularity in the United States grew heavily in the 1970s and now structured settlements are routinely used in injury suits, lottery payments and insurance claims. They have become popular because the payments are made over time, benefitting both parties, but sometimes the person receiving payments would rather have a lump sum payment.
There are myriad reasons why a person may want a lump sum payment. There may be an immediate need like paying off debt or paying for education, or the desire to buy a new car or take an exotic location. Whatever the reason may be, structured settlements can be sold for a lump sum.
There are many companies that will buy your future structured settlement payments and give you a lump sum. When you are deciding which company to sell your structured settlement to you want to make sure that you are working with a company that can give you a fair value for your future payments.
Some companies will buy your structured settlement payments and then sell them to a bank for a profit. They essentially act as brokers between you and the bank and acquire a portion of the money that you could have received. To avoid letting them take a portion of your money you can work directly with a bank to sell your structured settlement payments.
When you sell your structured settlement payments to a bank you can not only try to get a better value for your future payments, but you can feel more secure knowing that you are working with an established company. AnFed Bank is a bank that will buy your structured settlement. AnFed Bank is also a division of BofI Federal Bank. Because BofI Federal bank is a publically traded company (Nasdaq: BOFI) and federally chartered, you know that they have a solid foundation and will not treat you poorly. Banks that are publically traded companies or divisions of publically traded companies have a responsibility to their investors to operate the right way, which means you can likely get a better lump sum for your structured settlement.
When you decide to sell your structured settlement payments you want to make sure that you get the best value you possibly can. Working with an established bank that has a history of buying structured settlements can give you confidence that the deal you are getting is fair.
