by John Darer CLU ChFC MSSC CeFT RSP CLTC
Structured settlement payments should not be late, “for their very important date”, with you.
In an effort to keep you from “Wonder-land” over your payments, following is some important information about structured settlement payments:
If structured settlement payments are sent by mail
the annuity issuer will usually mail the payments to your address of record 5-7 days prior to the due date. It is important and a requirement of most settlement agreements that the structured settlement payee is responsible for notifying the annuity issuer or qualified assignment company of any change of address. If your structured settlement was set up when you were a child and you’ve moved, be sure to confirm that the annuity issuer or assignee has your current mailing address.
If structured settlement payments are made by direct deposit
which is the preferred and most reliable method of receiving your structured settlement payments, your payments are made directly into your bank account of record with the annuity issuer, on the date payments are due. The funds should be available on the date of deposit, but you should check your bank’s policies. Be sure not to close an account if you have a structured settlement payment pending and allow at least 30 days for an account switch.
If you have previously sold some of your structured settlement payments and your payments are being serviced
If your structured settlement payments are subject to a payment servicing agreement, then you may need to contact the servicing company to make such changes. If you have multiple structured settlement annuities, review the paperwork associated with your structured settlement transfer carefully. It is possible that you sold payments from one annuity and not the other so more than one of the above options may apply.