Part 2 cont. - Beginning the Process
The “Pre-Affidavit Questionnaire” is the next item we will prepare over the telephone. Since we have to comply with Federal and State Laws requiring a court order in a structured settlement transaction, it is essential to make sure the judge presiding over your case has all the information necessary to make an informed decision in your favor. A detailed accounting for all of the money you are going to receive is crucial to complete this process. If you are paying off a credit card, we would need to obtain the name of the card, the balance, the interest rate and the monthly payment amount. If your intention is to purchase a car, we will request the details of the vehicle you want to buy, such as Year, Make and Model. Will you be buying it outright? If so, how much will it cost? Will you be financing the vehicle, and if so, how much will you be putting down and what would the approximate finance terms be? Can you afford the extra monthly payment amount?
The list can go on and on as to what questions to ask for each item you wish to use the money for. It may seem like a lot of information, but it is imperative that the judge is completely and accurately informed so that he or she can make a favorable ruling on the transaction. The Court will be taking into consideration all the details that you and the A/R discussed as to how your money can best be used for the “best interest” standard to be met, which is established in most State Statutes.
Once the Application for Sale and the Pre-Affidavit Questionnaire are completed, then the A/R can have the appropriate documentation prepared and sent out to you. We will discuss that very important paperwork in the next article, Disclosure and Transfer Agreement documentation.
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