Oil fields and mining sites pose a danger to workers as a small fire or explosion can sprawl out and cover swathes within a facility leading to dire consequences. Oil companies must implement measures to keep the safety hazards at bay. Providing workers an escape pathway can help save workers life and prevent the gravity of accidents. Oil workers should also undergo training on how to survive and utilize safety gear such as ladders, ropes, and military kits. North Dakota has encountered the highest number of oil-based explosions. Folks who get entangled in the tongues of fire can sue the oil company under the rules of negligence, strict liability and occupier’s liability. Personal injury victims caught in the fury of oilfield fires can recover substantial amounts of money due to the catastrophic nature of the accidents.
Paul Grant who worked as an independent plumbing contractor for petroleum companies in North Dakota became a victim of oil rig blast in 2010 attributed to defective pipelines. As he was not an employee of the oil company, he instituted a tort lawsuit hinged on negligence to recover damages for spinal injuries, burn injuries and post-traumatic stress. Grant settled the claim through a structured settlement, an arrangement that map outs a future income stream to enable the plaintiff to make good use of the money instead of a lump sum. Although the lump sum initially and monthly payments covered his medical expenses, the injuries sparked a series of surgical procedures that ate up almost every dollar. When he wanted to dispose of the structured settlement payments, Grant discovered he was still tied up to court to sell as compensatory damages differ from lottery windfalls.
Sell Structured Settlement
Slicing Up The Structured Settlement For A Lump Sum
Before he could explore for a buyer, Grant leafed through the annuity agreements to glean what was saleable and what was not. From the pre-determined payment schedule, he would get $6,000 per month, guaranteed for 30 years with a 3% annual interest rate. Grant did not want to take the path of tort claimants who tweak all of their structured settlement payments for fast cash that goes to the pleasures of the flesh. He decided to assign to the structured settlement company half of his monthly payments for six years for a lump sum of $170,000.
Finding a Suitable Structured Settlement Company
Grant used the internet to explore the leading structured settlement companies. He got handsome bids for his structured settlement bounty but choose to entrust the company that promised to pay him $170,000 without any further deductions. Peachtree Financial Solutions, the buyer of annuities he endorsed, had a favorable discount rate and annual interest.
Transfer Disclosure Statement and Cancellation Clause
Structured settlements must deliver a disclosure statement that shows the total of the payments assigned and the discounted current value of the future income stream creamed off for trade. Grant received the detailed disclosure and quickly digested the terms of the agreement. He also had a window of 21 days to reconsider the transaction within which he could cancel the contract without incurring liabilities. He also sought an independent professional advisor.
Court Petition and Final Orders
The structured settlement funding company submitted a petition in a circuit court in Sangamon County where he resided. The court reviewed his application expeditiously and gave final orders approving the transfer. To pass muster, one must demonstrate the sale will serve the best interests of the payee and dependents like Grant did in court.
Slip Through The Judicial Net and Get Lump Sum
Grant’s application got court sanction; the structured settlement financing companies acquire new rights to receive payments assigned. Grant got the $170,000 lump sum in a couple of days after the court process. Today, he shouts the benefits of trading in a portion of structured settlement payments for a one-off lump sum amount from the rooftops.
Top-Notch Structured Settlement Purchasing Companies
JG Wentworth is an old hand in the transfer of structured settlement payments in the factoring market, their price offer for monthly payments and annuities remain second to none and fashions a comprehensive agreement, disclosure statement, IPA and relevant court filing copies in a tick.
Peachtree Financial Solutions will relieve you of the court bureaucracies and file an application before the judge for quick processing, undertake an objective appraisal to determine the likelihood of sailing through court and render fiscal insights to payees.
SenecaOne can be your buyer of structured settlement payment rights at the highest bids, boasts a constellation of attorneys, and record-setting court approval rates all over the US. The company will streamline your application in court and pay out your lump sum immediately after they obtain a qualifying court order.