By Beth Saiff, transaction lead at CrowFly
In a perfect world, a settlement planner’s work would never be undone. However, circumstances change. People change. At CrowFly, we aren’t out to unravel the hard work that a settlement planner put into setting up a plaintiff’s structured settlement. Rather, we are here to help people who need to modify these arrangements down the road because they’ve since found themselves in a position where they’re in need of more immediate funds.
When someone does need to sell their future structured settlement payments to cover a sudden financial need, we help them get the most money possible through education and transparency. Many of our competitors advertise that they are getting you what the payments are worth, but “worth” is a relative term. The unfortunate reality is that future payments are worth what someone is willing to pay for them, which isn’t going to equal their face value.
I love when someone who has called other companies then calls us. Many of those calls start with the seller saying that they checked our calculator and just want to confirm that the pricing is accurate. I love more when a settlement planner or attorney calls us. They usually start by saying that they “don’t want their client to sell the payments, but….” The fact of the matter is that we don’t want them to sell their payments either. They are going to get less than what their future structured settlement payments are worth. Even if a buyer will pay $200,000 for a payment stream, the seller won’t actually get $200,000. There are attorney and court fees, administrative fees to the insurance company, and processing costs involved. So, the stream may be worth $200,000 to the buyer, but might only be worth $192,000 to the seller.
If you have future structured settlement payments, what they are worth today is different than what they will be worth in the future. That’s why we have a free online calculator, which will give you a very close approximation to what the market would be willing to pay for your payments. Occasionally, we’ll find that a payment stream doesn’t meet our parameters, or we can only purchase a few of the payments, so the actual quote will be lower than what the calculator tool estimates. But more often, we can actually give a seller MORE money than what our calculator says after our transaction navigators have a chat with the potential seller and take other factors into account. Additionally, the insurance company involved, as well as the state and whether the payments are guaranteed or life-contingent, all play into the pricing that we can provide. So the best thing to do is to check out our calculator and then give us a call. We’ll never push you to make a decision, because that’s entirely up to you and your family.
With more than a decade of experience in behavioral science, teaching, research, clinical psychology, and data analysis, CrowFly Chief Operations Officer Nita Bhatia‘s training has positioned her to understand human behavior, communication, body language, and emotions.