Q: What documents do we need when selling future payments of lottery winnings?
A: The following is a breakdown of the documents required before the selling of a structured settlement or a lottery jackpot can be completed:
Supporting Documents: These documents prove that the original recipient owns the payment and that there are indeed future payments available for sale to a purchaser
Contracts: These documents transfer the payments from the original recipient to a purchaser
Court Order and Lottery Acknowledgement Letter: These documents verify that in accordance with the court order, the lottery responsible for making the payments acknowledges that they will be making future payments directly to the purchaser
Q: How long does the process take to sell my lottery winnings?
A: Strategic Capital will work with you to make the process as efficient and easy as possible. Our goal is to get the lump sum cash in your hands quickly.
A: In most Lottery states, the law regulates the sale of lottery prize payments, subject to court review and approval. Winners in Arizona, California, Colorado, Connecticut, Florida, Idaho, Illinois, Louisiana, Maine, Massachusetts, Michigan, Montana, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Texas, Vermont, Virginia, Washington, Washington, D.C., West Virginia, and Wisconsin have the right to sell their payments. Unfortunately, there are a number of states that do not allow winners to sell their prize payments.
A: A structured settlement is an agreement made to settle a claim or lawsuit for an injured individual (the claimant) where at least part of the settlement involves future payments. The payments may be scheduled for any length of time and may consist of regular installment payments and/or future lump sum payments on specific dates. The payment schedule is structured to meet the financial needs of the claimant at the time of the settlement.
Q: How long does the process of selling my structured settlement payments take?
A: The process normally takes several weeks to 2 months. Initial underwriting and contract processing can be completed quickly; however, the key factor is the courts' calendar. In some jurisdictions, these transactions can be processed very quickly, while others can take longer. Strategic Capital will work with you to make the process as efficient and easy as possible. Our goal is to get the lump sum cash in your hands quickly.
Q: Can I sell just a portion of my structured settlement payments?
A: Yes. We can buy all payments, a number of payments or a portion of each structured settlement payment. We will customize the transaction to meet your needs.
Q: Why would anyone want to sell his or her structured annuity payments?
A: Although structured settlements were intended to serve the recipients' needs as originally planned, they are often inflexible and incapable of resolving unplanned, immediate financial needs, including a down payment on a house, debt elimination or starting a new a business. Since many individuals cannot afford to wait out the terms of their settlement, they have a need for immediate cash. 38 states have instituted legislation acknowledging this growing problem and allow for court-ordered transfers of the annuitants' rights to receive cash for their future payments, when it is determined to be in their best interest.
Q: How does someone sell his or her structured settlement payments?
A: An individual can enter into a purchase and sale agreement with Strategic Capital. If it is determined to be in the best interest of the seller, the court enters an order requiring the insurance company to send the future payments to Strategic Capital and the seller then receives his/her money.
Q: Does the seller have to sell all of the structured settlement payments?
A: No, selling only a portion of the structured settlement payments may be in the best interest of the seller. We are able to tailor the sale of the structured settlement payments to suit the needs of the seller.
Q: Is it legal to sell my structured settlement payments?
A: In thirty-eight states, the law regulates the sale of structured settlement payment rights, subject to court review and approval. Residents of the remaining states that have not passed laws approving the sale of structured settlement payments are still likely to be able to sell their payments. In those cases, factors such as the residence of the policy issuer or where the settlement occurred are determinants. If in doubt, call Strategic Capital.
Q: What is Strategic Capital Corporation and what does it do?
A: Strategic Capital Corporation (Strategic Capital) is a leader in the private debt and cash flow market in the U.S. 14. We have successfully purchased more than $1.3 billion in structured settlements, lottery winnings and other annuity payments. We are a principal in our transactions with a demonstrated commitment to integrity and reliability. Strategic Capital Corporation differs from or competitors by always paying fair prices. We set higher standards, leading the way in fairness and integrity.
A: Factoring is the process of purchasing structured settlement payments in exchange for immediate payment at a discount. The buyer (factoring company) then assumes the credit and inflation risks associated with the future payments.
Factoring or Selling Structured Settlement payments
A settlement is structured according to the needs of the individual at the time. However, circumstances change. What was ideal for the individual at the time a settlement was structured may no longer be beneficial today. Whether for medical expenses, business opportunity, education or an heir's desire to settle an estate, annuitants can choose to sell all or part of their structured settlements to meet unexpected needs.
There are many other reasons you may wish to sell your structured settlement, however, the selling of your payments should be carefully considered and we recommend that you seek financial and legal advice. If you decide to sell your payments, ensure you contact reputable companies that will consider your best interests first.
