Since the advent of laser eye surgical procedure technology in the late 80’s, it has rapidly emerged as the most common elective surgery amongst adult American citizens. The Food and Drug Administration (FDA) has approved physicians and medical centers as safe and efficacious for eye treatment. The LASIK eye operation alters the cornea’s shape with a laser which carries a risk of an over-or-under correction. In some scenarios, severe aberrations can occur leading to visual disruptions such as starbursts, ghostwriting, glare and double vision. The surgeon must inform and admonish patients the underlying risks. Medical malpractice in Laser eye surgeries can give rise to an actionable tort. Some patients who have lost eyesight have nailed negligent surgeons down in personal injury claims scooping substantial compensation.
Jackie Wilkinson’s doctor miscalculated the likelihood of a fruitful Laser surgery leading to the deterioration of her eyesight. The surgeon’s gross negligence spilled over the consultancy room as he did not convey to Jackie the potential risks and only said it was beyond reproach. The botched eye surgery caused irreversible alterations to eyesight. Jackie instituted a medical malpractice case against the aged surgeon for negligence and succeeded in recouping the expenses of treatment and other attendant losses. Later, she found a hotshot surgeon in San Francisco who could restore her eyesight completely with an operation. Unfortunately, her compensation money under a structured settlement fashioned a future income stream with periodic payments. After several probes, Jackie discovered she could fine tune the inflexible structured settlement kitty to rake in a substantial whack of cash up front.
Sell Structured Settlement
New York Structured Settlement Protection Act-Provisions that Protect Annuitants
Title 17 New York General Obligation or SSPA mandates court approval before Jackie could sell her rights to futuristic structured settlement payments. The SSPA provides guidelines to the court in approving or denying transactions involving structured settlement payments. From the outset, the transfer had to satisfy the “best interests” test of the seller.
Court Scrutiny Impels Structured Settlement Companies to Pay Higher Lump Sums
The court approved Jackie’s transaction due to its peculiar nature. To her, selling was a matter of life and death as a subsequent operation would forestall blindness. Nevertheless, the judge reviewed the disclosure statement, transfer agreement, and other materials to ensure the gross lump sum, discount and annual interest rate and deductible expenses were not preposterously overpriced. New York courts are notorious for ruling factoring does not meet the “best interests” threshold inquiry where the net advance value and discount rates are unfair and unreasonable.
Who Bears the Costs of the Transaction?
The disclosure statement conveyed to payees captures the reasonable legal fees, expenses, and court filing costs. The New York laws dictate that an itemized list of all charges, fees, expenses, and commissions should be disclosed to both the payee and the court. Accordingly, Jackie already knew what bills to foot. Most structured settlement purchasing companies do not charge you attorney’s fees while the payee may cancel the transfer agreement before the court approval without incurring liabilities.
How Much Did She Raise?
In the transaction, Jackie transferred $900,000 in future payments in return for a lump sum amount of $634,000. To get the top whack of cash for her future income stream, she agreed to sell to the company that had a low discount rate and processing fees. The money was enough to foot her surgical procedure while the lion’s share of the remainder went to her savings. The money landed to a surgeon who was a safe pair of hands as she only experiences mild symptoms and has a sharp vision today. Today, she lives to tell you structured settlement funding companies are the uncrowned kings in the world of financing.
Top Three Structured Settlement Buying Companies That Give You A Lump Sum Pay At One Go
Fairfield Funding prepares a customized transfer agreement, responds with a fair and reasonable price offer for your future structured settlement payments, and files a petition in a court of competent jurisdiction to rush out your lump sum award.
Woodbridge Structured Funding is known to adhere to the structured settlement legal framework all over the U.S.; they will persuade the judge to sign off your application and play in as your representative to resolve objections from insurers before the hearing.
Stone Street Capital boasts substantial experience in the factoring industry; the company will help you navigate administrative bureaucracies and devolve your funds momentarily. As a renowned buyer of structured settlements and annuities, they have regular discount rates to help you realize a premium price tag.