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On October 1, 2010, the Texas Supreme Court overturned a state law that prevented lottery winners from selling their final two Texas lottery prize payments in exchange for a lump sum.

The court’s unanimous decision delivered Friday, October 1st, 2010 by Justice Phil Johnson, successfully struck down struck down part of the 1999 amendments to the Texas Lottery Act.  Under 1999 amendments, prize winners were allowed to sell and assign their Texas lottery prize payments to others except that the law did not allow them to sell the last two prize payments.

This decision came out of a case that was started by a Texas Lottery prize winner who wanted to assign his final two annual installment prize payments as part of a financial arrangement by which he was to pay a bank debt. The Texas Lottery Commission refused to recognize the assignment because the Lottery Act, in direct conflict with the Texas Uniform Commercial Code (UCC), prohibits the sale and assignment of a winner’s last two lottery prize payments. The Supreme Court ruled that the UCC in Texas allows the sale of any lottery prize payments and that it takes precedence over the Texas Lottery Act. Therefore, sections 466.406 and 466.410 of the Texas Lottery Act are overruled to the extent they restrict or prohibit the prize winner’s ability to assign any payments.

If you are interested in considering the sale of the last two payments of your Texas lottery prize, or any of your prize payments please call us at 1-866-256-0088 and one of our experts would be pleased to discuss your options with you.

Strategic Capital can even provide you with a cash advance of $10,000 or more, depending on your transaction!

We buy lottery prize payments in every state that allows that sale of prize payments. If you have won the lottery, you could sell all or part of your future lottery payment for lump sum cash today and use your lump sum cash to pay off your debts, buy a house, pay for education costs, or do all three! (Or even buy that vintage corvette you always wanted!)

Strategic Capital has been in business since 1994. And we have bought over $1.5 billion in future payments. Call us at 1-866-256-0088 to speak to one of our experts.

To find out how much lump sum cash you can get for your lottery prize payments, or to ask about our CASH ADVANCES, please call us at 1-866-256-0088 and speak to one of our experts.

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In 2000, the National Structured Settlements Trade Association and National Association of Settlement Purchasers agreed on language that was designed to protect the consumer when selling their structured settlement payments for cash. This language is referred to as the “Structured Settlement Protection Act” and 47 states have adopted laws that are closely aligned with the model statutory language.

The District of Columbia, New Hampshire, Vermont, and Wisconsin are the only 4 jurisdictions that have not enacted their own Structured Settlement Protection Acts.

Annuitants (sellers) who live in the District of Columbia, New Hampshire, Vermont, or Wisconsin could reasonably be worried that if their state has no structured settlement protection act, they would not be able to sell any of their structured settlement payments. However, the good news is that they are able to sell and transfer their structured settlement payment rights under the Structured Settlement Protection Act of the State in which the insurance company who makes the payment is located.

The federal law governing the transfer of structured settlement payments, Internal Revenue Code Section 5891, requires that every transfer of structured settlement payment rights must be approved by a court order. And the same law legislates where the court order must be obtained: in general, IRC Section 5891 requires that the court order be obtained in a court in the state where the annuitant lives in accordance with the state’s Structured Settlement Protection Act. However, if there is no Structured Settlement Protection Act in the state where the annuitant lives, then the court order can be obtained in the state where the insurance company is located, in accordance with the Structured Settlement Protection Act in that particular state.

So, if any structured settlement annuitant is currently living in the D.C., New Hampshire, Vermont, or Wisconsin, they don’t need to worry about not being able to sell their structured settlement payments for a cash lump sum. All they have to do is to contact Strategic Capital and we will obtain the court order from the court in the state where their insurance company is located. Please call us should you have any questions or inquiries about any selling your structured settlement payments and the process involved – 1-866-256-0088

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Selling structured settlement payments is a simple and fairly quick process

1. Annuitant contacts few factoring companies to get a competitive quote
2. A structured settlement expert contacts the annuitant (seller) to understand the annuitant current and future needs.
3. Annuitant (seller) accepts a quote received from the structured settlement experts
4. Copies of disclosures and contracts are sent to the annuitant (Seller) to be signed.
5. Factoring company will send the signed documents to their attorney located in the annuitant’s state to be filed with the annuitant’s local court.
6. A hearing date is scheduled by the annuitant’s local court.
7. The judge may want to have the annuitant appear in front of them to determine if the transfer is in the best interest of the annuitant.
8. The judge has to approve and sign the order.
9. The approved order is then sent to the insurance company for their acknowledgment.
10. The annuitant is funded by the factoring company.

Please call us should you have any questions or inquiries about any selling your structured settlement payments and the process involved  1-866-256-0088

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We recently conducted a study to understand our clients’ reasons for selling their structured settlement payments. In 2006, 6% of our clients used the money they received to go back to school and train for a new career. After the Great Recession, in 2010, the number of our clients using their money to go back to school had increased by 200%!

Many of our clients are selling their structured settlement payments to pay for skills pay for skills upgrades, job re-training programs or for changes in career paths.

We thought it would be helpful to list some of the top trade schools in some of the states our clients come from.

New York

DeVry University (718) 269-4303 TCI – College for Technology (212) 564-4000 New York Automotive &  Diesel Institute (718) 658-0006 Everest Institute (888) 741-4270 Berkeley College (212) 986-4343

California

CHi Institute (858) 551 -6677 Westwood College (800) 281-2978 Everest College (310) 527-7105 Crimson Technical (310) 337-4444 Charter College (888) 200-9942

Texas

Virginia College (512) 371-3500 Texas School of Business (800) 989-0799 Concorde Career College (800) 464-1212 WestWood College (800) 331 – 4879 Kaplan College (800) 987-6038

Florida

Tulsa Welding School (904) 646-9353 WYOTECH (386) 255-0295 ATI Career Training Center (888) 209-8264 Lincoln College of Technology (561) 842-8324 CDA’s Maritime Welding (888) 811- 1416

Illinois

Environmental Technical Institute (708) 385-0707 Westwood College (800) 693-5411 Lincoln College (800) 569 -0556 Everest College (312) 913-1616 Universal Technical Institute (630) 529-0402

Please call us if you have any questions about how to sell your structured settlement payments – 1-866-256-0088

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The financial crisis of 2008/2009 resulted in the collapse of large financial institutions, the collapse of house prices and a stubbornly high unemployment rate, which has left too many people without jobs and with money troubles. The Great Recession contributed to the failure of key businesses, a drop in consumer wealth estimated in the trillions of dollars, and serious shortfalls for all levels of government that has affected many of the services we used to take for granted.

In the structured settlement industry, we have also seen the effects of the financial meltdown. Over the years, we have dealt with many clients who had various reasons for selling their structured settlement payments in order to deal with problems or take advantage of opportunities.

We thought it would be interesting and useful to look back at some of our clients’ reasons for selling their structured settlement payments in 2006/2007, before the Great Recession, and do a comparison to the reasons for selling in 2010. And so we looked at a sample of our clients and their reasons for selling their structured settlement payments.

Buying Homes

IN 2006/2007, 26% of our clients used their lump sum to buy a new home and 10% used their cash lump sum to renovate their home. In 2010, 13% of our clients used their money to renovate their home, very similar to 2006/2007. However, In 2010, only 10% of our clients used their lump sum to buy a new home, a drop of more than 60% in people using their lump sum to buy a home this year!

Paying Down Debt

We read and hear a lot about people who are paying down their debts and re-evaluating how they spend their money these days. We have seen a dramatic change in the way our clients are thinking about their debts as well. Before the Great Recession in 2006/2007, 25% of our clients sold some of their structured settlement payments to pay off debts. Our clients often use their lump sum to pay off high interest rate debt, which makes a lot of sense. And when they pay off any debt, it eases much of their financial stress and pressure, which increases their quality of life.

In 2010, we saw a dramatic increase in clients paying off their debts – 45%, or almost half of our clients, used their cash to pay off debts, which is almost double the proportion that used their lump sum to pay off debts prior to the Great Recession. Just like in 2006/2007, but even more so, this year clients are paying off high rate debt (for example, credit card rates are in the up to 20% range) and easing some of the financial pressures that they might be feeling, especially since a number of our clients have become unemployed in this recession.

Career Training

Speaking of unemployment, many of our clients are using their money to pay for job and career training. In 2010, 16% of our clients are using their money to go back to school so that they can learn new skills for new careers. This is almost 3 times the 6% of clients who were doing this in 2006/2007, prior to the Great Recession! Our clients look like they are doing everything they can by using their resources and their resourcefulness to meet and deal with life’s challenges and opportunities.

Our clients’ structured settlement payments were there for them at the time of their injury, when they were vulnerable. And their structured settlement payments are there for them now, to help them deal with changes in their lives. It looks to us like our clients made the most of their structured settlement payments when they needed income more, at the time of their injury, and now our clients are making the most of their structured settlement when they need cash the most – structured settlements have been an essential part of our clients’ financial and life well being.

Please call or email us to learn more 1-866-256-0088 or info@strategiccapital.com