Structured settlements became popular in the 1970s as ways to settle claims involving large sums of money. Personal injury suits, insurance claims and lottery payments can all be paid as structured settlements. These settlements allocate a period of time during which payments must be made in installments. Generally they are beneficial for both parties; the recipient receives steady income over a period of time and the paying party has more time to raise the money.
Sometimes the recipients of structured settlements find themselves strapped for cash want to sell a structured settlement for a lump sum cash payment. When this happens it is important to make sure that you find the right company to buy your structured settlement. There are some companies that will give you a low offer for your payments and sell them to a bank at a higher price. This means that you were unable to get a fair value on your structured settlement payments and the company profited by giving you less than the full value of your payments.
To avoid being given an unfairly low offer when you sell a structured settlement, you can work directly with a bank. When you work with a bank you eliminate the middleman and are likely to receive a generous lump sum payment for selling your structured settlement. Banks also have reputations to uphold and are unlikely to unnecessarily complicate the transaction to make you take a lower payment.
A good example of a bank that has a good reputation and wants to keep it is AnFed Bank. AnFed Bank has years of experience in the structured settlement finance industry and is a division of BofI Federal Bank (NASDAQ: BOFI). Selling a structured settlement to a bank like AnFed Bank can help you feel confident because you are working with an established company.
Letting a bank buy a structured settlement from you is one of the best ways to get a fair offer. When you need cash now and are selling your structured settlement, work with a bank and don’t let a company profit off money that you could have made.
