When seeking lump-sum cash for payments from a lawsuit settlement, annuity or a litigation cash advance, it will be necessary to prove two things to settlement buyers: your identity and your right to receive these payments. While the exact documentation required varies from one case to another, in general, you will need to provide the following before receiving your structured settlement money:
- legal identification, such as a driver’s license, passport, ID card and/or birth certificate
- documentation of the award, such as a notarized letter to that effect, or other legal documents proving that you are the beneficiary of an annuity, such as an insurance policy or financial statements.
This will be the case for virtually everyone who is selling a structured settlement or who is trying to cash in their annuity payout.
Depending on the laws of the state under which the transaction is being carried out, the nature of the settlement agreeements or other factors, you may need to provide any or all of the following to settlement buyers:
- Settlement Agreement and Release: these are documents from a court case that release the defendant (the party who was being sued) from further obligations and clearly stating the terms of the settlement. These may be obtained from your attorney, insurance company, or from the courthouse where your case was argued or settled.
- Annuity Contract and Benefits Letter: when a court case is settled and there are insurance payments involved, the insurance company will issue you a letter on official corporate letterhead that lists (among other things) the schedule of payments that are to be made to you. It may be necessary for you to make a written request to the insurance company in order to receive this.
- Recent Check Stubs, Deposit Slips and/or Bank Statements: this will prove that you are receiving monthly payments.
- Order Approving Minor Claim and Dismissal: If you were under the age of 18 when your case was settled, it was through these documents that the court gave its approval, allowing you as an under aged person to enter into the settlement.
- Qualified Assignment: if the defendant’s insurer assigns its obligations to you over to a second party, this is the document you will need.
CBC Settlement Funding can provide you with a lump sum cash advance for all or part of your structured settlement, provided you have the legal right to receive these payments and are legally competent to enter into a contract. Our professionals will walk you through the process and provide assistance to you in gathering any necessary documents.