Frequently asked questions
FAQs About Lump Sum Payments
1. Lump sum or annuity, how do they compare?
2. What is an annuity?
3. How do I know if a lump sum or an annuity is better for me?
4. Should I sell my entire annuity
5. Why should I trust my annuity to Novation?
6. Which types of future cash flows does NSS buy?
7. How long does it take to get lump sum cash for my settlement payments?
8. Do different states have different waiting periods?
9. What information do I need to sell my structured settlement payments?
10. Can I sell my disability payments?
11. Can I still work with NSS if I had another company handle previous structured settlement payment sales?
12. How long does it take to get a quote?
13. What type of payments will Novation Settlement Solutions NOT work with?
14. Do I have to sell all of my structured settlement payments or can I just sell just a portion?
That’s completely up to you. Our Funding Executives will work with you on many different options depending on how much cash you need.
15. Will I have to pay taxes on the sale of my structured settlement payments?
There are usually no taxes owed as structured settlement payments are tax-exempt. However, it never hurts to check your state laws or confirm with a tax advisor.
16. What else do I need to know about Novation Settlement Solutions?
We understand that selling portions of your structured settlement or annuity payments can be a long and confusing process, so that’s why we make sure we take our time and always keep you in the loop. You can read more about how we conduct our business on our “Ten Ways We Do Business” page.
17. What is a structured settlement and how does it work?
The conclusion of a personal injury lawsuit is often in the form of a payment of damages to the plaintiff. Sometimes, the payments come in the form of a structured settlement, a long-term annuity paid out over a set period of time. This can be over a series of years or even a lifetime, and payments can be deferred in order to fund retirement. Payments from a structured settlement are tax-free, providing future financial stability for you and your family.
18. Why should I sell my structured settlement?
Once signed, a structured settlement agreement generally cannot be changed. If your structured settlement doesn’t fit your changing life, you can sell your payment stream to receive the cash you’re owed at a better time for you.
19. Do I have to sell all future payments from my structured settlement?
No. Most people sell only a portion of their structured settlement payment stream. Depending on your needs, selling the entirety of your structured settlement is usually not necessary.
20. How can I sell my structured settlement?
You can schedule a free consultation with Novation using our form or by calling 1-877-711-0661. Our team of experts will help look at your structured settlement agreement and determine what portion of the payment stream you should consider liquidating into usable funds.
21. Why should I trust Novation?
Since our conception in 2000, we’ve purchased over $1.2 billion in structured settlements and similar cash flows. Novation is a founding member of the National Association of Settlement Purchasers and has an A+ rating with the Better Business Bureau. We hire only the best people who care about our customers and it shows: we enjoy the lowest turnover rate in the industry and a 97% success rate with court approvals.
22. What if my Novation payment is delayed?
For everyday we are late, we’ll pay you interest on the amount you’re receiving at more than 10x the national average. We’re the only business in the industry to make this promise.
23. I sold part of my structured settlement already. Can I sell more?
Yes! Whether you’ve worked with us before or sold part of your payment stream elsewhere, we’re happy to assist with turning more of your structured settlement into funds you can use.
24. Can I sell my annuity?
Absolutely. Selling your annuity in exchange for cash you can use now is an efficient way of recovering the money you own without paying a penalty for withdrawing too early. Novation Settlement Solutions can purchase a partial or entire annuity and give you accessible cash to help you through your financial needs.
25. When will I get a quote?
Most people will get their quote by the end of the conversation with their Funding Executives.
26. What is a lump sum payment?
A payment awarded, often as a result of a personal injury lawsuit, all at once is a lump sum payment. As opposed to an annuity, which pays out over time, a lump sum payment does not have long-term reliability. However, a lump sum is more practical for situations of financial need. In such cases, you can sell future annuity payments in exchange for a lump sum usable in the short-term.
NOVATION SETTLEMENT SOLUTIONS
1641 Worthington Road Suite 310
West Palm Beach, Florida 33409