ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

A Structured Settlement Quote And Open Disclosure

Updated on June 16, 2011

A structured settlement sale and transfer is an effective way of accessing cash from future annuity payments; the road to getting that cash starts with finding a reputable structured settlement buyer or broker and obtaining a structured settlement quote. As you do that, there are some safeguards that you'll want to ensure are in place so that you can be sure your cash-out annuity transfer is beneficial to you.

Gaining Open And Honest Structured Settlement Quotes

Honesty in structured settlement sales starts at the beginning—with your choice of a structured settlement buyer. Do not be shy about asking prospective brokers about their policies and practices. And do remember that you can (and should) look into their background. Through organizations like the Better Business Bureau (BBB) and the National Structured Settlements Trade Association you can find out whether there have been past complaints lodged against a prospect, and whether their track-record is as clean as it should be.

If at any point in the process or negotiations you do not feel the buyer is being totally open with you, you should at the very least seek the advice of an uninvolved third-party (such as a structured settlement attorney or certified structured settlement consultant); but of course, you should really consider replacing a shady dealer altogether.

Open Disclosure—It May Be The Law with A Structured Settlement Quote

Open disclosure in a structured settlement quote is more than just good business—in many places it is the law. Almost every US state and many other provinces have adopted laws regulating structured settlement sales. This they have done to make sure that the details of annuity sales are openly disclosed; so that consumers have all the information they need to weigh the benefits of selling annuity payments. In addition, most of these laws require court approval of the transfer as a second layer of consumer protection.

The Information That Should Be Forthcoming In A Structured Settlement Quote

Whether required by law or not, upstanding structured settlement buyers will be forthcoming with the details in regards to the sale and transfer. The laws that govern states can serve as a good guide to tell you what should be disclosed to you in a structured settlement quote if your region is not regulated.

Most laws governing structured settlement quotes are very similar. They require that disclosures be made in a timely manner, leaving you adequate time to consider the proposal and get any outside opinions that you might need. Generally, the requirements that you should go by are as follows:

  • Full disclosure of the terms should be forthcoming at least 10 days prior to closing

Disclosures should include

  • The amount of payments to transfer
  • The number of transferring payments (and/or percentage if that applies)
  • The dates of transferring payments
  • The discounted value of payments
  • The discount rate
  • The amount of money paid to you expressed as a gross amount (before any deductions or fees)
  • The amount of money paid to you expressed as a net amount (what you will actually receive in cash)
  • A list itemizing the fees paid by you out of the gross purchase amount
  • Applicable penalties and associated amounts in the event you breach the contract
  • Repercussions and obligations if the buyer breaches the contract

This list includes many of the more important disclosures, but applicable law may include more depending on your location. Of course, if there are others that you would add to it then those, too, should be forthcoming with ease.

Open disclosure and a willing, informative structured settlement buyer is a good sign of a good deal. Granted it is not a guarantee, and you do need to carefully consider the information that you are given, but open disclosure in a structured settlement quote is certainly of great benefit to you; more than that, it may be the law.

This hub brought to you...

by Julie-Ann Amos, professional writer, and owner of international writing agency www.ExquisiteWriting.com

Why not create your own HubPages? It's fun and you can make revenue from Adsense and other revenue streams on your pages. JOIN HUBPAGES NOW - SIMPLY CLICK HERE...  (or contact me to write one for you!)

This work is licenced under the Creative Commons Attribution-Non-Commercial-No Derivative Works 3.0 Unported License. To view a copy of this licence, visit http://creativecommons.org/licenses/by-nc-nd/3.0/ or send a letter to CreativeCommons, 171 Second Street, Suite 300, San Francisco, California94105, USA.

Comments

    0 of 8192 characters used
    Post Comment

    • profile image

      George 

      8 years ago

      I have sold twice now and I have to agree. DO YOUR HOMEWORK. I did a deal with Peachtree and they totally screwed me over. I didn’t get what they said they would give me and it too longer too. I did another deal with RSL Funding, they did a better job at least and paid me what they said. Everyone should do their homework.

    • profile image

      Access National Settlement 

      8 years ago

      I very interesting in knowing how places like JGW, and Stonestreet, calculate quotes when purchasing an annuity, or structured settlement. Anyone here on Yahoo Answers, have any idea?

    • profile image

      Kate@EquityIndexAnnuities 

      8 years ago

      Gone exploring yesterday for structured settlement info and I happened to discover your hubpage. Great info on structured settlement Julie!

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)