Once you have accepted a quote the next important step in the process is your purchase contract. This is when all of the paperwork is done. Do not worry — at Peachtree, we have a lot of experience buying these payments, so we do our best to make the process as easy as possible.
We cannot proceed with the sale process until you sign and return the purchase contract.
There will be some variation depending on where you live, since the laws governing the sale of structured settlement payments differ from state to state. However, all purchase contracts include the same basic sections. These are:
- Information about you
- A Disclosure Statement, which describes the terms of the transaction
- A document that tells us how you want to receive your money
- A list of your dependents (even if you do not have any)
- A privacy notice
- The purchase contract itself
- A statement discussing professional representation
- A request to change beneficiary
- Approval to request copies of documents
We know it might sound overwhelming, but our team of representatives is here to answer any questions you may have about the process.
Information You Will Need to Provide
When a judge reviews the transaction, one thing they consider is whether the sale is in your best interest. In order to do this, they will need to know about your current situation, your family, and your finances.
Includes: Name, Where you live, Date of Birth, and Social Security Number
Includes: The job(s) you have and how much you earn
Includes: Whether you are single, married, or divorced, and if you have any dependents
Information About Your Settlement
Includes: The company that issues your structured settlement payments, questions about the circumstances on how you were awarded your structured settlement
Includes: The name(s) (if any) of who is listed as a beneficiary on your structured settlement
Why You Are Selling Your Structured Settlement Payments
Includes: Why you want to sell your payments for a lump sum
Includes: Bankruptcy filings, major financial events, if you sold some portion of your payments in the past, any outstanding child support obligations
The disclosure statement explains the details of the sale. We lay out exactly what future payments we are purchasing, how much we will pay you for them, and the discount rate.
In addition to this disclosure statement, your state or the insurance company that issued your structured settlement may require you to sign additional disclosure statements.
Once the sale is approved by a judge, we try to get you your lump sum as quickly as possible. The Funding Instructions form lets you pick how you will get your cash, usually by either check or direct deposit.
List of Dependents
This document asks if you have any dependents. This includes, for example, your spouse and any children under the age of 18. This document is required, even if you do not have any dependents. We cannot proceed with the sale process until we receive a signed copy.
At Peachtree, we respect your privacy. The privacy notice explains why we are asking for this personal information and how it’s used. You do not have to sign this document.
This document is the one you sign to agree to sell your future structured settlement payments to Peachtree. Your Purchase Contract also explains what your rights are during the transaction, including what your options are if you change your mind about selling your payments after signing the contract.
Statement of Professional Representation
Some states require you to speak with an attorney or financial advisor before selling your payments so that you understand how the sale could impact your finances in the future. If your state does not require this, you can still choose to do so. The Statement of Professional Representation will go over your options, and then ask you to state if you will be speaking with a professional or not.
NOTE: If you say that you plan on speaking with an advisor, or if your state requires that you do so, Peachtree will not be able to move forward in the process until we receive documentation from the professional advisor confirming that they spoke with you.
Request to Change Beneficiary
A beneficiary is the person who you designate to receive any payments you are guaranteed to receive from your structured settlement if you pass away before receiving them. This form tells the insurance company to make your estate your beneficiary.
Document Request Authorization
After you sign the contract, we may need additional supporting documentation to purchase your structured settlement payments. If you have a copy of these documents, such as your structured settlement agreement, you can send them with your contract. However, if you do not, the Document Request Authorization allows us to request a copy from the insurance company that issues your payments.
Signing Your Contract
To help you complete your contract quickly and conveniently, we allow you to sign and submit your contract electronically, removing the need to mail anything physically.
Some states might require that you sign the documents in the presence of a notary, or someone with the legal authority to act as a witness. If this is the case, we can schedule an appointment for you and we will even cover their fees.
All transactions are at Peachtree’s sole discretion and are subject to court approval and other underwriting requirements. Peachtree does not provide legal, tax, or financial advice. Please consult with appropriate independent professionals for such advice.
Call 1-800-317-1962 and speak with a representative today!