Access Funding, it is quite self-explanatory. It refers to the way in which you are allowed to access your funds from a structured settlement. Access funding is about doing more with your money now. Here at We Pay More Funding, we are ready to make you cash on your settlement. Our offer will typically be 20% higher than that of our competitors. If you want your money now then you should give us a call.
How to access a structured settlement
You can really only put it one way. You can access your structured settlement before the set schedule of payments has been expired by selling the rights of your future payments to a factoring company.
Secondary Annuity market
Structured settlements have become the go-to solution to compensate for personal injury victims for pain and suffering. To encourage their use, Congress passed the Federal Periodic Payment Settlement Act in 1982, which exempts structured settlement revenue from all income taxes, even when a structured settlement annuity earns interest.
Are you allowed to sell your structured settlement?
Well, that all depends upon the state in which you reside as well as the stipulations of your settlement. The federal Structured Settlement Protection Act of 2002 outlines strict rules for selling payments, rules meant to protect the rights of settlement claimants, and there are also state-specific laws that prevent selling certain payments.
Here are 5 tips to keep in mind when selling a structured settlement
As structured settlements became more numerous, a secondary annuity market arose to serve those who want to convert long-term payments into cash.
Structured settlement buyers, also known as factoring companies, initially operated in an unregulated environment, sometimes taking advantage of uninformed and eager sellers. In some cases, factoring companies bought entire income streams at a steep discount, leaving the sellers financially vulnerable when the cash from the lump sum sale ran out.
Today, federal and state laws have successfully driven most of the dishonest players from this now thriving and well-regulated industry.
If you are thinking about selling your structured settlement payments, we recommend you enlist the help of a trusted attorney or financial advisor with experience in the structured settlement secondary market. Most importantly, you should seek out a factoring company with a reliable and credible history of protecting the long-term interests of its clients.
Work with a trustworthy factoring company.
The laws for selling payments for workers’ compensation cases are particularly complicated.
Even if a state allows the transfer of workers’ compensation income, provisions in federal laws may prohibit it, depending on the nature of the settlement. The workers’ compensation boards in individual states typically object to sales of structured settlements, and judges often rule in their favor.
Some factoring companies don’t attempt to buy payments reserved for minors.
However, when minors are of the required age they are then and only then allowed to sell their future structured settlement payments of which all or some of it can be sold to a factoring company of their choice for a lump sum payments just like any other adult with a structured settlement.
Access Funding Structured Settlement
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