Getting a structured settlement payout, from the time that you accept a quote until the time that you have a check in your hot little hands, usually takes about 90 days. However, anywhere from 30-90 days is pretty common. Most companies will say that it takes 30-90 days to get your cash, though occasionally it is more or less, depending on the state.
You have probably seen advertisements online that you can complete your structured settlement buyout and have your structured settlement payout in a week. This can be true, sort of. Many companies advertise that you can have your money in 5-10 days, but what they are really offering is an advance on your lump sum. Basically, they will give you some of the cash up front while they wait for the court hearing and approval. Usually, they will only give you a couple hundred dollars. Though, in some cases, and if you have a real need, you might be offered more. Strategic Capital often provides substantial advances when there is a true, immediate need.
Be careful, sometimes the advertising is misleading. For example, one company wrote on their home page that “once the insurance company complies and we have the required documents, funding can occur within 5 to 10 days” – well, that’s great, but those things can take weeks, so really, this is an empty promise.
At Strategic Capital we complete many of our sales in less than 30 days. In fact, we have completed sales in as few as 18 days. But this is usually only possible in states with very fast court systems, such as Illinois and Virginia. In most other states you are looking at 30-60 days. When you sell structured settlements in New York or California it will be more like 90, even 120 days, simply because their court systems are so busy.
- Have your paperwork handy. Be sure that you have your original settlement paperwork in hand before you even call for your first quote.
- Agree to a quote quickly, as soon as you are ready. This is not to rush you – take your time and get multiple quotes. But know that these time frames given above start from the time you accept a quote, so the sooner the faster.
- Return all annuity structured settlement paperwork quickly. The faster you get your paperwork in the faster things will go.
- Be flexible on the court date. Most of us have lives, including work and other schedules. But if you force the company to reschedule your assigned court date you will delay your payment. Try to be flexible.
- Show up in court. This one is easy; if you are required to be there and are not, the sale will be delayed or even denied.
- Ask questions before the hearing. Be sure that you know what the judge will ask and are prepared to answer. You don’t want any surprises. Of course, when you call Strategic Capital there won’t be.