Facts about Structured settlement loan
A structured settlement factoring transaction describes the selling of future structured settlement payments (or, more accurately, rights to receive the future structured settlement payments). People who receive structured settlement payments may decide at some point that they need more money in the short term than the periodic payment provides over time. An example would be the payment of personal injury damages over time instead of in a lump sum at settlement. The reasons are varied but can include unforeseen medical expenses for oneself or a dependent, the need for improved housing or transportation, education expenses and the like. To meet this need, the structured settlement recipient can sell (or, less commonly, encumber) all or part of their future periodic payments for a present lump sum.
Structured settlements experienced an explosion in use beginning in the 1980s. The growth is most likely attributable to the favorable federal income tax treatment such settlements receive as a result of the 1982 amendment of the tax code to add § 130. Internal Revenue Code § 130 provides, inter alia, substantial tax incentives to insurance companies that establish "qualified" structured settlements. There are other advantages for the original tort defendant (or casualty insurer) in settling for payments over time, in that they benefit from the time value of money (most demonstrable in the fact that an annuity can be purchased to fund the payment of future periodic payments, and the cost of such annuity is far less than the sum total of all payments to be made over time).
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