Your New York Structured Settlement Buyer
While a lot of time is spent talking to people with structured settlement payments in “downstate” areas like the Bronx or Queens, we know from experience that people in upstate new york are frequently looking to sell structured settlement payments for lump
sum. With some major cities and areas in upstate New York, our group at CSF, look to provide top services to individuals in New York regardless of where in NY they live.
Part of being the best New York Structured Settlement Company is not engaging in any of the gimmicks that other groups engage in. We just recently spoke to an individual that believed that the company they were dealing with to provide him with a structured settlement loan was providing him with a “good deal” but once you backed out what he said they were charging him for legal and processing fees, the transaction was not favorable at all to him- instead it was at a very high effective loan on structured settlement rate.
Keep your eyes on the prize when selling a New York Structured Settlement to a buyer or accepting a loan on a structured settlement from a New York Bank. Whether you call these transactions loans or purchases, one of the most critical factors to review, in our opinion is how much you are going to NET after the transaction is all said and done. Will you get more cash for your structured settlement FOR THE VERY SAME PAYMENTS from one company as opposed to the other. Part of this analysis is looking to what the net amount you will receive at time of funding. One place to find this is in the New York disclosure statement.
The disclosure statement in New York structured settlement law provides that the following information be provided to the annuitant:
(a) the amounts and due dates of the structured settlement payments to be transferred;
(b) the aggregate amount of such payments;
(c) the discounted present value of the payments to be transferred, which shall be identified as the “calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities”, and the amount of the applicable federal rate used in calculating such discounted present value;
(d) the price quote from the original annuity issuer or, if such price quote is not readily available from the original annuity issuer, then a price quote from two other annuity issuers that reflects the current cost of purchasing a comparable annuity for the aggregate amount of payments to be transferred;
(e) the gross advance amount and the annual discount rate, compounded monthly, used to determine such figure;
(f) an itemized listing of all commissions, fees, costs, expenses and charges payable by the payee or deductible from the gross amount otherwise payable to the payee and the total amount of such fees;
(g) the net advance amount including the statement: “The net cash payment you receive in this transaction from the buyer was determined by applying the specified discount rate to the amount of future payments received by the buyer, less the total amount of commissions, fees, costs, expenses and charges payable by you”;
(h) the amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and
(i) a statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.
Interested in seeing an actual disclosure statement the connection with selling structured settlement payments in New York? Than call us and let us walk you through some options and then provided you with a free, no obligation disclosure statement. Take it, review it, and even meet with a trusted adviser.