Novation Settlement Solutions - Structured Settlements
Novation Settlement Solutions is a growing company that was founded in 2000. Since that time, they have purchased more than $1.2 billion in structured settlements and annuities. Novation is one of the minority of firms that we reviewed that deals in products that aren't structured settlements. They are willing to buy any structured cash flow including lottery winnings, royalties, and other such income. With a 97% court transfer approval rate, it's easy to see why they are among our best structured settlement companies.
One of the best services that Novation offers is that of a free consultation regarding your structured settlement, so you can understand what kind of cash payment you could get for selling it. It is important to note that Novation does not have to tell you about other options involving your structured settlement, so make sure you talk to a lawyer and/or a qualified financial planner or advisor before trying to sell your structured settlement so you can get a full idea of the consequences of the action.
The website has a good FAQ section that covers a number of the terms that people may be unfamiliar with. Moreover, there's a blog that covers different subjects in the area of structured settlement sales and purchases. They also make you aware of the timeframe for selling your structured settlement, which can be complicated, and put it at 60-90 days. This estimate is a bit higher than some other companies we've reviewed, but it is possibly more realistic.
One of the reasons it can take so long to get your structured settlement sold is that the sale has to be approved by a judge. This can take time and may also require the services of a lawyer. Moreover, the laws of your state may compel you to hire one or to visit a financial consultant. All of these things take time, and are also good elements of due diligence when it comes to making large financial decisions.
Another important consideration to take into account is that you won't get the full value of your settlement if you sell it. Companies like Novation Settlement Solutions will pay you what is called a discount rate. This rate lets the company buy the structured settlement from you for less than its total value and then sell it to someone else who will also profit. As a result, selling your structured settlement can have serious financial implications that should be fully investigated.
It is also important to know that not all structured settlements can be sold. While laws and situations vary, in general structured settlements that arise from worker's compensation, divorce, child support, or certain retirement funds cannot be sold. However, you can contact a company like Novation Settlement Solutions to get more information about your specific situation.
Novation Settlement Solutions is one of the best known and most reputable firms in the structured settlement marketplace. Their professionalism, free consultations, and easy to use website make the among the best structured settlement companies we looked at.