We are often asked, what information will American Contract Buyers need to provide an offer to purchase settlement payments or annuity payments?
When you are ready to contact American Contract Buyers for a free quote, we suggest you have the following information available.
1. The annuitants name & state of residence.
2. The insurance company responsible for making the payments.
3. Exact dates and amount of each payment you wish to sell.
Once provided with this information we will make an offer to purchase your payments, If you should decide to accept our offer, we will issue a commitment letter and provide you with a document checklist of items we will require to proceed with the purchase of you future payments.
My policy says my payments are non-assignable, can I still sell my future payments for cash now?
Yes, in many cases. The federal government, as well as many states have passed legislation that governs the sale of structured settlement payments to third parties or companies that want to purchase settlement payments. To ensure that the sale of the payments is in the best interest of the annuitant, purchasers of these payments must first obtain a "qualified order". A "qualified order" is obtained once it has been determined by the court that the transfer is in the best interest of the annuitant and that the purchase has been completed in accordance with both state and federal guidelines. Following are states that allow the court ordered transfer of annuity and structured settlement payments.
Alaska, 2003 Arizona, 2002 California, 1999 Connecticut, 1998 Delaware, 2000 Florida, 2001 Georgia, 1999 Idaho, 2001 Indiana, 2001 Iowa, 2001 Kentucky, 1998 Louisiana, 2001 Maine, 1999 Maryland, 2000 Massachusetts, 2001 Michigan, 2001 Minnesota, 1999 Mississippi, 2002 Missouri, 1999 Nebraska, 2001 Nevada, 2003 New Jersey, 2001 New York, 2002 Ohio, 2000 Oklahoma, 2001 Pennsylvania, 2000 Rhode Island, 2001 South Carolina, 2002 South Dakota, 2001 Tennessee, 2000 Texas, 2001 Utah, 2002 Virginia, 1999 Washington, 2000 West Virginia, 1999
Don't see your state? Not to worry, if you reside in a state that does not allow for the court ordered transfer of annuity payments. The qualified order may, in many cases, be obtained in the state that the insurance company making the payments is located.
