Settlement Capital Corporation is a specialty financing company that provides liquidity to owners and holders of periodic payments resulting from structured settlements, annuities, legal judgments, lottery winnings, individually owned annuities, royalties, government and commercial contracts and other secured future payment obligations.
Founded in 1988 and headquartered in Dallas, Texas, Settlement Capital Corporation (SCC) is a recognized industry founder and leader. SCC has continued to pioneer the industry for 18 years with specialty financing to provide liquidity to owners and holders of periodic structured settlements.
An individual seeking money from his or her settlement payments, usually has a financial emergency. They may have lost their job or gotten a divorce, need to save a home from foreclosure, encountered medical emergencies or any number of valid reasons. Liquidating a portion of their settlement payments is sometimes the only solution to critical problems.
Over the years, SCC has earned the trust of brokers, law firms, consultants, the insurance industry, private estates and individuals nationwide. As a founding member of the National Association of Settlement Purchasers (NASP), SCC is committed to the highest ethical and professional standards, as a company and for the industry. SCC seeks investment partners and customers with the same level of integrity in order to build and to develop long-term relationships with customers and partners.
Currently, there are laws in 46 states that allow the transfer of payments with the court’s approval. While a few states are without transfer laws, most of them are looking to add these laws soon. There are no tax consequences for these types of transfers. IRC 5891, specifically states that neither the issuers, owners nor annuitants will suffer tax consequences as a result of these transfers.
By law, SCC will first sends a disclosure that will specify exactly what they are buying and how much the seller will get. This is sent out as soon as the seller agrees to do the transaction. Then a contract will follow within a day or two. Once the seller signs and return it to SCC, they will begin the court order process. The exact time can vary depending on the seller’s state and insurance company, and it typically ranges between 45 to 90 days. The seller will receive his funds 5 to 10 working days from the time the order is approved.
There are many reasons why an individual might want to sell his future payments. Every situation is unique, and SCC will custom tailor a purchase plan to meet the seller’s current financial needs. Their flexible buying options allow them to buy either a portion of each payment, a portion of the payment stream, or all the payments as long as it is in the seller’s best interest.
SCC provides some of the best value and customer service in the industry with a wide choice of payment options, flexible buying power and a Best Price Guarantee. If you are looking to sell your payments, you’ll want to go with a company like Settlement Capital Corporation that is licensed, insured, bonded, and all transactions are backed by a legal court order.
*This review was sponsored by http://www.setcap.com
very nice article, thank you for information. :)