Structured Settlement Buyers – The Big Five
Negotiating the complex process of selling structured settlement payments is a serious matter. You need to be sure that the company you’re working with is reputable and experienced, and with that in mind, we’re taking a look at five of America’s biggest buyers.
- Stone Street Capital
Stone Street Capital, with headquarters in Maryland, has been operating since 1989. A pioneer of the structured settlement funding service industry, they have achieved an enviable A+ Better Business Bureau rating. Their website delivers a very high standard of informative content, an excellent resource for the consumer looking to better understand the structured settlement buyer.
What to expect at Stone Street Capital:
- First, you determine how much money you require, and when you’re likely to need it.
- Discuss the various options available to you with Stone Street
- Should you accept their offer, the relevant paperwork is couriered to you overnight for your signature, and notarization.
- You return the papers
- Stone Street verifies payments, and sets a court date locally.
- Stone Street will either send a wire transfer or verify the status of court approval.
- Depending on where you live, the entire process takes from 45 to 90 days.
- JG Wentworth
In business since 1992, this Pennsylvania company currently holds an A+ rating with the Better Business Bureau. JG Wentworth is one of the biggest structured settlement companies, with a solid reputation.
The process at JG Wentworth includes:
- Call or submit your request online, and then complete the required documentation.
- Return the signed papers to JG Wentworth.
- Having received the documents, they will offer the client a lump sum in exchange for part or all of the future periodic payments.
- JG Wentworth’s attorney files the documents for court approval.
- After 4 – 6 weeks (in most states), court approval is received, and the client receives their check.
Though their customer service is not the friendliest, JG Wentworth’s strong reputation gives the client peace of mind, and ensures smooth and professional processing.
- CBC Settlement Funding
Also doing business in Pennsylvania, is CBC Settlement Funding. CBC’s top executives have worked for some of the largest structured settlement companies, and have used that experience to build a well-organized firm with solid customer service values. We found their website to be markedly better than those of more established players in the industry, and their high level of professionalism is immediately apparent.
At CBC Settlement Funding, the structured settlement client can expect:
- An initial contact with CBC to talk through their options.
- The required documentation is sent for signing and notarization.
- Paperwork is returned to CBC Settlement Funding.
- Along with the insurer, CBC works to verify payments and set a court date with an attorney where you live.
- Upon court approval, CBC will issue a wire transfer or check to the client.
- CBC quotes a turnaround time of between 3 and 6 weeks, depending on where you live.
If you’re looking to turn your structured settlement turned into a lump sum payment, then excellent customer service makes CBC Settlement Funding a good choice to request a quote from.
- Woodbridge Structured Funding
Based in California since 1993, Woodbridge Structured Funding holds an A- rating from the BBB. We can’t say we were impressed with the strong sales message on their website, something we felt was inappropriate when dealing with clients who face immensely important financial decisions that require financial education. Although the basic Woodbridge process was not mentioned on the site, we established that this is roughly what a client can expect from their service:
- Start by calling a representative.
- Woodbridge evaluates the structured settlement and makes you an offer.
- On your acceptance of the quote, you’re sent an overnight package with the paperwork that you need to fill out.
- Your payments are verified by the insurance company and Woodbridge.
- Upon verification, an attorney is hired, and application is made for a court date in your local area.
- In general, allowing for delays in getting court dates, and different state requirements, most clients can expect their settlement check after 45 days.
In Woodbridge Structured Funding’s favor, we were very impressed with their customer service. Still, we feel they should lose the ‘free stuff’ gimmicks, and focus a little more on educating their clients upfront. Overall, it’s worth getting a free structured settlement quote from them, but don’t be distracted by fancy promises and useless gifts.
- Settlement Capital Corporation
Founded in 1988, this Texas structured settlement financing company specialises in providing lump sum pay-outs to settlement holders. Though they hold an impressive A+ BBB rating, this Dallas company failed to make a good first impression, simply because their website was disappointingly underdeveloped and without useful information of any kind.
At Settlement Capital Corporation, the process clients follow is:
- Make that first call to a representative.
- Settlement Capital Corporation evaluates the structured settlement and leads you through your planning options.
- Having chosen a plan, the client then receives the relevant contracts for signing and notarization.
- When the signed documents are returned to Settlement Cap, the company then verifies the client’s payments with the insurer and application is made for a court date.
- Clients can expect to wait 45 to 90 days for their check, depending on which state they live in and the insurance company they’re working with.
- Once the order has been approved, it takes from 5 to 10 days for funds to be received.
Although Settlement Capital Corporation has many years of experience, we felt they lacked an understanding of modern communication and were less than forthcoming with useful information.