Part 4 – Affidavit
The Affidavit might be the most crucial document needed to obtain judicial approval of your transaction. This is the only document in the court file that will explain to the judge, in detail, exactly how you will spend the money. Without it, we virtually have no chance of getting your structured settlement transfer approved by a judge.
We start preparing the affidavit the moment you say that you want to move forward with a transaction and we fill out the pre-affidavit questionnaire (Part 2 of the blog). At our current stage, we will take that prior information, together with any updated information you provide to us, and create the “Affidavit” or “Declaration”.
It is important that this document not only contain exact details of how you will use your money, but it also needs to be accurate with your intentions and comments. The last thing you want is to have the affidavit say you are doing one thing with the money, but while you are in court, you tell the judge that you want to do something entirely different with the money. If this happens, it is almost certain your request will be denied or the case will be postponed for further clarification.
To illustrate just a few detailed examples for you, please note the following:
[1] If you were going to pay off a credit card or other installment debt, we would want to know the creditor name, the current account balance, what your monthly payment amount is, what your current interest rate is, and if you are delinquent or not.
[2] If you were going to purchase a vehicle, we would want to know the year, make and model of the vehicle you want, the price of the vehicle, the down payment amount, the total cost of the vehicle, and the financing terms if you were not going to purchase the vehicle outright. Plus, insurance costs for vehicle need to be included.
The list of reasons could go on and on, so please remember that the more information you can provide to us, the better your chances for getting judicial approval.
Now, the preparation of the affidavit can be completed and sent to you during various stages of the transaction. The best case scenario would be to have the document go out with the closing documentation under Stage 3 of this blog. However, this will depend upon the details you and your account representative discuss early on in the process.
Once this document is signed by you, the file is then ready to move into what is considered the “Due Diligence” phase of the transaction. Next week, look for a post on how to complete the due diligence phase so that your court case can be filed faster.
Related posts:
- Part 2 cont. - Beginning the Process
- Part 3 Continued – Disclosure and Transfer Documentation
- Part 6 – Prior Transactions
Submitted to The Process Start to Finish
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