The Federal and Drug Administration, known by all and sundry as the FDA is an agency in the Department of Health and Human Services incepted to control the release of new foods and health-related products. The FDA plays a critical role in regulating drug manufacturers, approves new prescriptions, restricts unfair trading practices and requires the display of warnings product’s labels. For long, drug manufacturing has turned into a dog eat dog as manufacturers rush out to get FDA approval and start releasing products without enforcing strict standards. Thankfully, negligent drug manufacturers cannot hide behind the veil of FDA certification and escape liability if a patient sustains personal injury after taking their prescription. You can sue to get compensation money in such cases.
Claire Sterling who had cardiac-related problems always trusted the FDA as her gatekeeper in the murky market of pharmaceuticals. In 2012, her view of the agency changed after using of a prescription drug which was FDA-approved. The dose aggravated her blood pressure problems and pulmonary hypertension prompting a lawsuit against the manufacturer for negligent design flaw. She was successful in a settlement and received $6.7 with an initial lump sum annuity and future income stream payable annually and monthly. Later in 2015, she started to experience financial difficulties with mounting debts, skyrocketing expenses and a poor credit score. She had nothing like lottery winnings in sight, but her sizable structured settlement payments; she knew all was not doom and gloom.
Sell Structured Settlement
How Did She Dispose the Structured Settlement for Fast, Easy Cash?
Determined to get the best bang for her buck, Claire explored for the leading structured settlement companies online. She used online free quote estimators and solicited for offers from several companies to seize the highest bidding lump sum. After a long process, she picked Stone Street Capital and called their customer care. The customer advocate explained to her the legal formalities and critical requirements.
North Carolina’s Laws Governing the Sale of Structured Settlements
In addition to seeking court approval for these transactions, North Carolina’s SSPA has further requirements. Claire was shielded from exploitation as the statute provides for mandatory professional advice while discount interest rates have to be below 5% (prime plus five percentage points). The agreement has to show the total processing fees which have a cap of 2% the total value payable to the seller. The Act has also outlawed the transfer of payment rights accruing from workers’ compensation.
In North Carolina, Claire Had More Safeguards than Sellers in Other States
The SSPA limits the interest rate charged by the buyer of structured settlement annuities. It contains an additional proviso that Claire found as an extra layer of protection. The statute provides any attempt to waive or exempt any provisions or rights granted to a payee null and void. Accordingly, if the buyer failed to comply with the procedural and substantive law, she could institute proceedings against the company to recover losses up to $5,000. The structured settlement company adhered to all laws at federal and state level; she was never at loggerheads until getting her payment.
8.25% Maximum Interest Rate for Structured Settlement Payments in North Carolina
Claire and North Carolina citizenry enjoy further protection from the SSPA as the discounting rate has a maximum cap for lump sum buyouts. The maximum interest rate allowable did not exceed the prime percentage of 3.25 plus 5%=8%. Claire had an added advantage as the effect of the proviso is to shrink the profit margin for the structured settlement buying company. It was also an incentive for selling her structured settlement payments as she could get a high amount for futuristic funds with less value than current money.
Claire was present in a brief court approval procedure which found the transaction was in her best interests. She also obtained independent professional advice on the legal, tax and monetary implications of the transaction.
Top-Notch Structured Settlement Buying Companies
Claire reviewed Stone Street Capital as her buyer among the handful of structured settlement companies that conduct consumer-friendly cash flow buyouts. They devolved her lump sum fund within 24 hours after the company obtained a qualifying order.
J.G. Wentworth is an old hand in the sale of structured settlement payments, annuities and cash flows; they have a dense network of professionals to respond with a tailored price offer, book a quick court trial and seek for a qualifying order quickly.
Olive Branch Funding can split the difference with a whacking lump sum offer for the largest structured settlement kitties; they have a 24 hour customer support, large pool of attorneys and a copious portfolio to transfer bounties.