What is a Structured Settlement?
A Structured Settlement is an agreement that is reached between a claimant (person affected by an injury) and a defendant (person responsible) to settle a dispute arising from an accident, medical malpractice, wrongful death or other event resulting in personal injury. The defendant, generally through his/her insurance company, agrees to pay monetary compensation to the claimant in a series of future payments rather than in an immediate lump sum. To fund the future payments, the defendant purchases an annuity and the annuity issuer (usually an insurance company) ensures that the payments agreed to by the parties are made.

I’ve already sold some of my payments to another company, and they’ve told me that I can only deal with them on future transactions. Is that true?
Absolutely not. You have many options when you decide its time for another transaction against your settlement. SPS is here to explain your choices to you. Please call us and we’ll go over your rights.

When I sold some of my payments before, the company I did the transaction with took over servicing my remaining payments. Can SPS still help me?
Absolutely. Regardless of who is paying your future payments, we can help you get the cash you need now. Our experienced team of legal and financial professionals will review your current situation and come up with a plan that meets your needs.

What if the last company I sold my payments to will not let me get out of my servicing arrangement?
Many annuitants did not receive proper disclosure that they would not be able to sell their future payments to another company as a result of a servicing arrangement that was put in place in their first transaction. If you are being bullied by the company you did your first deal with and they will not let you sell your payments to another company, you should contact an attorney.

Will I be able to trade all or portion of these future settlement payments for a cash lump sum?
Yes, both options are available. Our objective is to help you achieve your goals; our affiliates will only buy the number or portion of payments necessary to make sure you can meet your needs. At SPS we encourage our customers to consider all of their options and select the one that best meets their needs.

How does SPS’s service work?
We help customers all over the country exchange their future payments for a lump sum of cash, regardless of whom they may have done previous transactions with. We'll discuss your unique situation with you and help you make a decision about the best financial plan. We will arrange for one of our affiliates to pay you the fair present value of the annuity payments you sell. There are no out-of-pocket costs to do a transaction with the Seneca One companies. Our affiliates pay all fees involved in processing and funding transactions and will work with you to determine the specific amount of money that you are looking to raise. There is no cost or obligation to speak with us about our services.

How do I qualify?
If you receive settlement annuity payments, and you live in a state that allows for the assignment of your payments, you can qualify! You will need to be able to explain what you intend to do with the lump sum you receive, and demonstrate that your basic living expenses can be covered through other sources of income.

What if I live in a state that doesn't allow for the assignment of annuity payments?
There are currently 5 jurisdictions that do not provide statutory provisions for the sale of annuity payments: DC, NH, ND, VT, WI

Don't worry, if you live in one of these states, we may still be able to help you if the annuity company paying you is based in an approved state. Please call us to discuss your options.

How long does it take to receive the lump sum?
Although the time frame varies based on the statutory requirements, a typical transaction will take between 60 and 90 days. Depending on your state, a transaction may be completed in as little as 4 weeks.

Can I get a cash advance while I am waiting for the transaction to be completed?
Certain circumstances may warrant a cash advance, however there are qualification criteria that must be met. Please call us today for details.

Do I need a lawyer?
SPS and its affiliates are staffed with highly trained professionals, who use standardized agreements and comply with all relevant laws. However, we are not lawyers and can not give you legal advice. Some states require that you talk to an attorney before you proceed with a transaction however, many do not. In any transaction that affects your Settlement annuity, we recommend that you obtain independent legal advice to reinforce your decision to sell.

What documents do I need?
To get the process started, you will only need a copy of your settlement agreement, annuity policy/contract and a copy of your driver's license or other personal identification. If you have lost or misplaced your documents, you can usually contact the annuity company that is making your payments and ask them to provide you with another copy.

Will I have to pay taxes on the lump sum of cash I receive?
Generally, no. In most instances when a court order is obtained, your settlement annuity stream retains its tax-free status when it is converted into a lump sum. We recommend that you consult with your tax advisor to be sure.

How do I know my rights are protected?
Federal law, combined with laws passed in most states (see above), clearly direct what steps must be taken legally when you decide to trade your future payments for a lump sum. These laws protect your rights and interests by requiring a court ordered approval of any transaction.

Do I need to have good credit to sell my future settlement payments?
No, good credit is not required. Remember, you are actually selling your right to receive your future annuity payments. The risk of your payment stream is what is being underwritten, not you, so your credit rating does not have any bearing on the transaction.

How do I get started?
Call our knowledgeable and courteous staff who will explain your options step-by-step and help you decide on the best solution for your personal circumstances. Please call us toll free today for a no-obligation analysis.