Millenium Settlements - Structured Settlements
Operating since 1984, Millennium Settlements is one of the oldest structured settlement companies that we've reviewed, which speaks well for the firm's reputation. Millennium Investments in based in Tallahassee, FL, and specialized in financial products based around structured settlements. They focus on a needs based approach to structured settlement purchases and sales, which has been well reviewed by previous customers.
Structured settlements usually come from a lawsuit or court case when one party is ordered to pay damages. The payment for these damages is often scheduled to occur on a certain cycle or system, making it a structured settlement. Buying and selling structured settlements can be more complicated than other types of financial transaction, and can have a large impact on the respective parties' lives. Therefore, it is a good idea to consult a financial advisor or planner before selling or investing in structured settlements.
The website for Millennium Settlements is well designed and easy to use. Given the number of different products they offer, from structured settlement transactions to Medicare Planning and Lien Resolution, it is easy to navigate and get to the information you are interested. Like other structured settlement companies, Millennium does not offer any information about rates or fees on their website, so you will have to contact them directly for a quote if you are interested in their services or products.
While their website does a good job of explaining the different type of structured settlements, it does not rise to the level of some of the other structured settlement companies we reviewed in terms of customer resources. There isn't a process explanation that is readily discoverable nor other vital facts that people buying and selling structured settlements would be interested in knowing.
This is a bigger deal than you may think, as the process of selling a structured settlement can be complicated; it requires approval for a judge and in some states you will also need to hire a lawyer. This additional time and expense should be considered when you are thinking about selling your structured settlement.
Another thing you should think about when considering selling your structured settlement is that you won't be paid the full value of the settlement. Companies will pay you a discount rate that lets them buy and sell your structured settlement at a profit. This is one of the reasons it's important to talk to a qualified financial advisor when you are thinking about selling your structured settlement, it can have a long term impact on your financial future.
You should also be aware that there are some kinds of structured settlements that can't be sold. While each structured settlement is different, generally settlements and payments involving divorce, child support, pensions, retirement accounts, IRA's and worker's compensation cannot be sold.
Millennium Settlements is one of the oldest companies we reviewed, and they have a history of providing good products and solid customer service. Contact them for a quote if you're thinking about buying or selling your structured settlement.