We are often asked, what information will American Contract Buyers require to provide an offer to buy settlement or annuity payments?
When you are ready to contact American Contract Buyers for a free quote, please have the following documents and information available.
1. The annuitants name & state of residence.
2. A copy of your policy or benefits letter.
3. A copy of the settlement release agreement.
4. Exact dates and amount of each payment.
Once provided with this information we will provide you with an offer, and 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 most 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 these 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.
