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Sell Structured Settlement Glossary

When a plaintiff settles a case for a large sum of money, the defendant, their attorney, or a financial planner might propose that the settlement be paid in installments rather than as one lump sum. If this occurs, it is known as a structured settlement, and it will often be created by the purchase of any number of annuities which guarantee future payment.

If a plaintiff wishes to improve their quality of life or make a big ticket purchase such as a new home, it may not be possible to borrow against future payments resulting from a structured settlement. In such a case, it can be possible to sell structured settlement payments. It usually takes less time to sell structured settlement payments if all necessary documents are submitted on time. Delays can result from a single missed document.

Find out how to free up your money now. Call J.G. today Wentworth for a Free, No-Obligation Quote at 1-866-576-2910 or fill out the form on this page.

    An understanding of structured settlements requires knowledge of certain terms.
  1. Bonds - Debt issued for a period greater than one year.
  2. Commutation rider - A provision to a structured settlement which dictates that upon the death of the annuitant, a lump sum payment is made.
  3. Factoring - The process of reaching an agreement to sell structured settlement payment rights.
  4. Irrevocable trust - A trust that cannot be terminated or changed and from which assets cannot be retrieved. It is generally used to save estate taxes or provide protection from the claims of creditors, and often used to control any number of life insurance policies.
  5. Lump sum annuity - An annuity which makes one or more payments on specified dates.
  6. Non-qualified structured settlement - The periodic payment of settlements not involving personal injury or that portion of a physical injury case whose damages are taxable, such as punitive damages.
  7. Obligor -An individual or organization that owes money following a judgment or agreement.
  8. Overstated value - Sometimes, after a particular figure has been negotiated for a settlement, the defense will exaggerate the value of a structured settlement. This would result in the plaintiff accepting a settlement whose value is significantly lower than was agreed. Plaintiffs should compare the fees charged for similar settlement packages by a selection of insurance companies in order to ensure that they are receiving the full value of a settlement before agreeing to a structured settlement.
  9. Partial purchase - An arrangement to sell structured settlement payments in part.
  10. Period certain - The period for which payments are made due to a structured settlement regardless of whether the plaintiff is alive.
  11. Self-dealing - There have been instances where the lawyer of the plaintiff is in the insurance business and establishes a structured settlement for the client, without revealing that he is using his business to purchase the annuities, or that he is receiving a large commission for them. To avoid this, a plaintiff should find out what financial interest the lawyer has in financial services they sell or recommend.

The above are 11 common glossary terms on structured settlements which you may find useful. You can contact us if you need any help. For example, if you are looking for a way to sell your structured settlement payments now, please do not hesitate to contact us.

Call J.G. Wentworth for a Free, No-Obligation Quote at 1-866-576-2910 or fill out the form on this page.