Q. What states now have transfer statutes
that require court orders?
A. The following
states have enacted transfer statutes requiring either a court
order and/or certain disclosures before a structured settlement
recipient can sell their annuity payments. Every transfer of
payment rights will require a court order to avoid a penalty
under HR 2884.
Alaska, Arizona, California, Connecticut, Delaware, Florida,
Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana,
Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi,
Missouri, Nebraska, Nevada, New Jersey, New Hampshire, New
York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode
Island, South Carolina, South Dakota, Tennessee, Texas, Utah,
Virginia, Washington, West Virginia.
Q. Which States do not currently have transfer
statutes?
A. While the following states do not currently
have transfer statutes, individuals living in these states
are still required by federal law to get court approval to
sell their structured settlement payments. Even if your state
is here we still might be able to help as some of our funding
sources can assist individuals in these states to get approval
under the appropriate transfer act in another state.
Arkansas, Alabama, Colorado, Hawaii, Kansas, Montana, New
Mexico, North Dakota, Oregon, Vermont, Wisconsin, Wyoming.
Q. Tell me about the new federal law governing
the sale of structured settlement payments.
A. Generally, the bill imposes an excise
tax on anyone who acquires structured settlement payments
(such as our funding sources) unless said structured settlement
payments are acquired pursuant to a "qualified order."
A "qualified order" means a court order approving
a transfer of structured settlement payments which finds that
the transfer is in the best interest of the payee taking into
account the welfare and support of the payee's dependents.
Q. Will I have to pay taxes on the amount
I receive as a result of selling some of my future payments?
A. No. On June 10, 1999, the IRS issued Private
Letter Ruling 119273-97, which confirmed that an individual's
sale of their structured settlement payments would not create
a taxable transaction. In addition, the United States Congress
passed HR 2884, a bill that confirms that the subsequent sale,
assignment, transfer, or encumbrance of structured settlement
payment rights by a payee to a company such as any of our
fuding sources, does not create any adverse tax consequences
for the parties to the original structured settlement, including
the payee who makes the assignment of his/her structured settlement
payment rights. The President signed the bill on January 23,
2002.
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Q. What exactly is the Credit Card Receivables
line of credit program?
A. This is a program intended for retailers
who accept credit cards, particularly VISA and Master Card.
When the business owner cannot get funds from his/her bank
because of poor credit but the business enjoys a consistent
monthly sales volume, there is a good chance he/she can get
a cash advance strictly based on past credit card sales. This
program ONLY works with VISA and Master Card past sales. Although
more costly than a typical bank, this program has a lot less
restrictions than a typical bank has. It is also a great way
to re-establish a good credit history.
Q. How much do I qualify for?
A. The amount is based upon your average
credit card volume and your past business history.
Q. How do I repay my cash advance?
A. We collect a small percentage of each
credit card transaction through our processing bank. There
is a minimum payback tem of 90 days and merchants can take
up to 6 months to pay off the entire advance.
Q. Do I have to change my credit card servicing
company?
A. Maybe. We have already established relationships
with a number of credit card servicing companies. Chances
are you are already using one of them. If you are not, you
will need to switch to one of our preferred companies who
will meet or beat your present processing rates. The transition
will be seamless.
Q. What is the cost of the program?
A. There are no upfront fees or closing
costs. However, the cost of the program depends on the credit
of the applicant, history of payments, associated risk, etc.
The best way is to apply for a FREE no obligations quote to
find out.
Q. How long does it take to approve?
A. Pre-approval is within 24-48 hours. Funding
usually takes 5 days once the required documents are received.
Q. Is there a minimum credit score to qualify?
A. Although we like to see a credit score
of 500 or more, we will consider lower scores provided other
risk factors are lower on other areas.
Q. What are the requirements to qualify
for this program?
A. Requirements are as follows: |
Q. What is the interest on the loan?
A. First off, we are not issuing a loan and
we don’t charge interest. We give cash advances, not
loans. We don’t charge an interest rate, as that’s
what loans charge. There are no monthly payments either. We
charge a risk fee based on the risks involved in the cash-advance
business.
Q. What are our fees on the advance?
A. Obviously, this is a high risk investment
for our investors. As with any other investment, the higher
the risk the higher the fee charged by the investor for the
use of his funds. The fee varies from client to client and
depends on the amount of cash requested and other factors.
If you want to find out your exact cost, free
of charge and with no obligation, give us a
call today.
Q. Are these fess higher than a bank? I’m
concerned about these high fees since I’m in financial
hardship to begin with!
A. The fees will be higher than a bank.
But banks are not in this industry precisely because of the
high risk. If you really think about it, you will never pay
anything out of your pocket. There are no upfront fees for
you at all! If you win your case, you pay your fees but they
are really coming out of someone else’s pocket, Aren’t
they? And you were able to utilize our cash advance precisely
to be able to potentially build a stronger case by buying
some time. When was the last time the bank gave you a cash
advance with no monthly payments and the only condition for
repayment was if you won the lottery or anything similar?
This advance is really risk free to you.
Q. Does my credit affect my ability to get
a cash advance?
A. No. We only use the case as a collateral
and not your previous credit. If you lose the case, we lose
our money.
Q. How do I get the process started?
A. On our initial phone call or meeting,
we fill out a short profile with some of the details of your
case. Then we have to get a Release Authorization Form signed
by you. This authorizes JES Funding Solutions and its underwriter
to obtain some of the documentation from the attorney handling
your case. Once we have received the documentation from your
attorney we will analyze your case and contact your attorney
to get a better assessment of your case. If your case is approved
we will disclose the exact fees at that time. At that point
you decide if you want to proceed any further.
Q. How long does the whole process take?
A. That depends on you and your attorney.
The faster we get the documentation the faster we can offer
a quote. This is typically done within 48 hours of receiving
the required documentation. This is where you can help expedite
this process since hopefully you have already established
a good business relationship with your lawyer.
Q. Are there any up-front costs to me?
A. No. You don’t pay anything for trying
the process, and are under no obligation until the agreement
is signed. Even the general fees aren’t enacted until
the agreement is signed, and we don’t get paid those
fees unless and until the case settles.
Q. Is this legal and ethical?
A. Yes, we have ethics opinions in most states
that state that what our company does is ethical. In most
states, the courts have determined that the business is legal.
However, our contracts state that New Jersey law applies,
which clearly states that this practice is legal and ethical.
Q. How do I get the money?
A. There are two ways. One is via FedEx delivery.
Some underwriters allow you to pickup the check at their office
if you live close by.
Q. Do you do wire transfers?
A. No.
Q. Where can I cash my check?
A. If you do not have your own checking account,
you can cash a check at most check cashing places. They will
call our underwriter to verify the check and to check that
the funds are good.
Q. Do you do Workman’s Comp cases?
A.
We can
only do W/C cases in select states.
Call or email us for details.
Q. Do I have to have an attorney for you
to consider my case?
A. Yes.
Q. Can you
do cases in Ohio?
A. Yes we now can.
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