Chances of receiving a lump sum from my structured settlement?
I have made the choice to sell my structured settlement. (Keep all negative comments to yourself please, I just need an answer to this question and that is all.) My insurance company, Symetra Financial offered me a lump sum, which I decided to take instead of my monthly payments, I am doing this so that I can purchase a home outright as I am tired of renting, and so that I can go to school without student loans, and so that I can purchase a vehicle outright, among other things. My case has to go to Missouri state court, and the state of Missouri has to approve the sale. I am wondering if anyone knows what the likely hood of them approving or denying the sale is? How long it takes, and general information on the sale of a structured settlement in Missouri. Thanks.
Structured settlements are pretty standard things. I imagine these are the important things to remember:
1. You should receive a statement at least 10 days before signing an agreement, showing all the terms and details.
2. As long as the statutory requirements are met and the interest rate is rational, the court will probably approve it. No idea how long this takes, but courts are notoriously slow.
Here’s the statute: too long to summarize here. It is specific to MO. Read 407.1062. Structured settlement payment transfers, requirements:
http://www.ppicash.com/state_statutes/missouri.html
I’m not familiar with Symetra, but their web site has Compliance information for their agents prominently shown on page 1, so that’s a good sign.
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