What is Purchasing Department

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What is Purchasing Department
Purchasing Department: Characteristics, Functions

The purchasing department is the section of a company responsible for all activities for the business acquisition financing of raw materials, spare parts, services, etc., as required by the organization. It provides a service that is the backbone of many industrial, retail, and military organizations.

Ensures that supplies necessary to operate the business are ordered and kept in inventory. This department is at the center of successful supply chain management, and is responsible for minimizing the cost of ordered products, controlling inventory levels, and establishing strong relationships with suppliers.

A good purchasing department will demand quality from suppliers and will follow up on orders from the beginning to the reception. Help other departments identify needs, manage the requisition process, and obtain competitive prices. They usually act as controllers to ensure compliance with budgets.

Characteristics
Act as trusted advisers to senior management
The purchasing department is involved in corporate planning and budgeting at a high level. This makes it possible to design reverse engineering costs and explore potentially less expensive and / or higher quality alternatives.

Drive supplier innovation
More than just demanding the lowest price, the purchasing department works with suppliers to reduce the underlying cost of their products and services. They are intimately involved with "the life cycle of innovation", from initial idea to manufacturing and continuous improvement.
Provide insight into key vendor data
Companies can draw on this information to create predictive analytics, providing a deeper insight into markets.

Manage and mitigate supply chain risk
Economic crises have taught the value of being aware of the stability of suppliers. The purchasing department has a much clearer view of that area than any other part of the organization.

Promote agile staffing and talent development
It is necessary to cross functional and geographic boundaries to find the right candidates for the purchasing department.
In some cases, the answer is in outsourcing or using shared service organizations.

Features
Obtaining materials
For a manufacturing company this could include raw materials, but it could also include tools, machinery, or even the necessary office supplies for the sales team and secretaries.
In a retail business, the purchasing department must ensure that there are always enough products on the shelves or in warehouses to keep the store well stocked.

It is especially important to keep your inventory warehouse at a reasonable level. Overinvesting large amounts of money in inventory could lead to stock problems and a lack of capital for other types of expenses, such as research and development, or advertising.

Evaluate prices

A purchasing department is in charge of continuously evaluating whether you are receiving the materials at the best possible price, in order to maximize profitability.

You need to compare prices so that you can find the best suppliers with the most sensible prices for company-specific size orders.

The purchasing department can contact alternate vendors, negotiate better prices for higher volume orders, or inquire about the possibility of obtaining lower priced products from a variety of other sources.

Vendor pre-approval
The purchasing department evaluates suppliers in terms of price, quality, customer opinions and time to complete orders, producing a list of approved suppliers.

Track orders
Orders are documented with purchase order forms. These specify important information about the materials ordered, as well as the quantity ordered.

These forms are used to ensure that ordered products are received and to track the time it takes for orders to complete.

Office work
The purchasing department handles all the documentation related to the purchase and delivery of the materials.

This means working closely with your accounting department to ensure that there is enough money to purchase items, that cash flows smoothly, and that all payments are made on time.

Policy compliance
Before making a purchase, the purchasing department has to ensure that it complies with the formalities for the acquisition and approval of the budget, and it must ensure that the materials are purchased following the general policy of the organization.

Importance
Get lower costs
The purchasing department plays an important role in maximizing business profits. Compare prices and negotiate with suppliers so that the company obtains the best possible price on the necessary products.

You can also provide savings by taking advantage of guarantees and discounts that non-specialists generally forget.

It helps to save, providing better transparency in company spending. This will allow you to negotiate better contracts and free up cash flow.

Prevent insufficient materials

The purchasing department has to identify which products are critical to the business and take appropriate measures to protect its supply chain.

To ensure that insufficient materials do not affect productivity, the purchasing department uses techniques such as multiple sourcing.

Having multiple sources means using multiple vendors that offer the same products. If there is a problem with one supplier, orders can be increased to another to compensate for the failure.

Improve quality
The purchasing department helps improve quality by setting performance goals. Then it tracks actual performance against those goals.

It is critical to measure quality characteristics using indicators for attributes, such as durability, product appearance, or timeliness of delivery.

They work closely with suppliers to develop their processes and help them improve quality.

Manage relationships

The challenge for the purchasing department is to get the supplier interested in working with the company. Make the supplier invest in a long-term relationship.

The department also has to manage relationships within the company. You have to work with internal stakeholders, such as marketing, finance, logistics, and distribution, to ensure that they are all aligned.

Seek innovation
Because the purchasing department is always in contact with a variety of external businesses, it is in an ideal position to acquire innovative products that can provide a competitive advantage to the business in terms of price, quality or convenience.



see also finance and business knowledge

What Is Bookkeeping
What Are Taxes Payable
Armand Feigenbaum Biography
What Is Zero Base Budgeting
What Is Chart of Accounts

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PLAN FOR BUSINESS LOANS
Doing business that is successful can be In addition to the skill of the management and the team Must also include funds to expand business or develop products to meet the needs of the market with intense competition That source of funds Comes from profits and from financial institutions that give loans to businesses.

Asking for a business loan is not difficult. If there is preparation and know the rules of the request The important step in applying for a loan is to write a business loan plan. If writing is clear, it will affect the consideration of financial institutions. Therefore, good map writing must consist of

1. letter requesting a loan request from a financial institution wishing to apply for a loan

2. Executive information By using data from marketing, production management, and finance to enable financial institutions to see the company's objectives and goals. As well as a plan to achieve the goal Must be placed as a final order in a nutshell With concise content With all important points Don't write too broad or too little.

3. History of the business divided into

3.1 The history of the business is a story about the beginning of a business. And future business goals

3.2 Office locations Or the factory location Including the contact number of the office

3.3 Details of shareholders and executives / Executives' experience Including the expertise of the executives

3.4 Chart of the company structure

3.5 Past performance

4. Purpose of the loan request

4.1 Credit limit requested By separating into types of loans such as working capital loans (O / D)

4.2 Objectives in applying for credit, such as expanding business, expanding factories or increasing financial liquidity, etc.

4.3 Conditions for payment And interest rate

4.4 Collateral presented Collateral value

5. Nature and business structure

5.1 Products and services of the company

5.2 Marketing. Sales sources of main products. Including branches that sell products, etc.

5.3 Target group that wants to expand more

Existing customer groups and channels to increase customer groups
The size of the market needs
Distribution source of the product that reaches the target group
Marketing plans and strategies
5.4 Analysis of market conditions

5.5 Competitors in the same product or service

6. Business financial information: To illustrate the financial source And financial movements of businesses divided into

6.1 Balance sheets - Profit and loss statements (last 3 years)

6.2 Project Financial Projections

6.3 Project financing plan

6.4 Cash flows

6.5 Payback period plan

6.6 Breakeven point plan

6.7 Net present value plan

6.8 Investment return rate plan

7. Various accounting data: Providing accounting data for consideration by financial institutions In order to show sincerity and open the information without financial cloaking

7.1. Financial transactions for the past six months

7.2 Details of existing credit facilities

8. Marketing plan and competitor analysis

8.1 Information of customers who order products or services

The data of 5 major customers, sorted by the largest number of orders
Plans to increase sales from customers
Customer target group plan
8.2 Competitor analysis By analyzing from 3 major competitors as follows

Moments in the market
Market share
Price / plan
Strengths - weaknesses Compare with competitors
8.3 Segmentation of market and target customers

The aforementioned details are an important component in writing a loan request plan. Each financial institution may request additional details than those mentioned in the loan application. Therefore, the applicant should prepare the details.

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How to avoid overdraft fees
“Your bank is getting fat off your overdraft fees,” said Darla Mercado in CNBC.com. Banks are still making a “bonanza” charging customers who have insufficient funds in their accounts, despite regulations that went into effect in 2010 barring them from assessing fees on customers who don’t opt into an overdraft protection program. Through the first three quarters of 2016, big banks reaped $8.4 billion from overdraft fees, according to a new report from the U.S. Public Interest Research Group. That’s up 4 percent from the same period in 2015. The median overdraft fee is $34, according to the Consumer Financial Protection Bureau. So, if you have a low balance, “think twice before you swipe that debit card.”

“That fee of $30 or $35 might not seem like much,” said Ben Steverman in Bloomberg.com. But the median debit card purchase that triggers an overdraft is $24, which means most overdraft fees are essentially high-interest loans. Customers must by law opt in for overdraft protection, but thanks to fine-print contracts, many don’t remember signing up in the first place. In a Pew Charitable Trusts survey conducted in 2014, more than half of overdrawing consumers didn’t recall opting in for coverage, while more than two-thirds said they’d rather have a transaction declined than pay a penalty. “An overdraft fee may save you embarrassment in the checkout line, but most consumers would rather keep their $35.”

Banking locally may not be a saving grace, said Ann Carrns in The New York Times. “Small banks are not much better than big banks when it comes to the fees they charge customers.” A new study by Pew released last month found that the typical overdraft fee at a community bank is $32, and that all of the nearly four dozen banks surveyed allowed customers to run up fees of at least $90 per day; some permitted much higher daily totals if a customer kept using his debit card without realizing he was overdrawn. “On the plus side,” smaller banks are less likely to reorder a customer’s debits from largest to smallest, “a practice that tends to increase the number of overdraft fees the bank can charge.”

To stop yourself from piling up penalties, keep a buffer in your bank account, said Heather Yamada-Hosley in Lifehacker .com. To determine the right amount, calculate your monthly income, your regular bills including rent, utilities, groceries, and transportation, and when they come due. Then estimate any additional expenses or likely outlays to figure out how much money you need to have in your checking account at any given time. Add a cash cushion—say $200—on top of that to avoid overdrawing on incidental expenses. “It may seem simple, but if it were, no one would overdraw.”

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How to protect your credit cards
“Ever wonder how your credit card could have been used to buy cellphones in Cleveland when you just swiped it at your grocery store an hour ago?” asked Christine DiGangi in Credit.com. It actually isn’t difficult for thieves to “manufacture fake cards” with stolen data and go on spending binges. And though it’s possible that your data might be stolen by an “ATM that has been tampered with” or a dishonest restaurant server, it’s far more likely your card will be compromised “in one of those massive data breaches you’ve been reading about recently.” You can’t prevent all theft, but you’ll be more protected by using only secure payment websites, never storing payment information in your Web browser, and checking your account activity daily.

Avoid common investment errors
There are some mistakes that I see investors make again and again, said John Schmoll in DailyFinance.com. “Not taking an active interest in investing” is a major one. “I have seen investors lose tens of thousands of dollars” because they didn’t check on their accounts every few months. Make sure you schedule regular times throughout the year to rebalance your investments and keep an eye on fees, which can “add up to a significant drain on your portfolio.” As always, keep your portfolio balanced to avoid risk. And in your attempts to diversify, try to avoid becoming “highly concentrated” in the relatively small number of popular stocks that form the core of many mutual funds. Finally, be rational about your money. Investors who lead with their emotions can lose big money by following the herd or reacting hastily to each upswing and downturn.

Catching counterfeit goods online
If an online deal seems too good to be true, said Kristin Wong in Lifehacker.com, it probably is. “To avoid being scammed” by counterfeit goods, be especially cautious about buying handbags, wallets, watches, jewelry, electronics parts, and pharmaceuticals—they are some of the most commonly faked goods in the U.S. And be sure to vet sellers before you hand over any cash. Look for physical mailing addresses, phone numbers, and return policies before you click Buy, and check out a seller’s reviews before purchasing anything. And “when it comes to pharmaceuticals, it helps to confirm a seller’s affiliation with a manufacturer” so you don’t end up with fakes.

Signs you should keep renting
Trying to decide whether to rent or buy? asked AJ Smith in Credit.com. While the  homeownership decision is “ultimately personal,” there are a few things to consider before taking the plunge. “If you don’t have an emergency fund yet, or if purch asing a home would drain all of your savings, you probably aren’t ready.” Besides a down payment and a mortgage, “homeownership comes with expenses” like repairs and improvements, so basic safeguards, like job security, are key. “If you are unsure whether you will have your job for the next few years, you may want to wait.” And before you rush into buying, do your research and “learn what you can about the local housing market, including the price trends, the school district, and the property taxes.”

Be smart with rebates
Don’t blow your tax refund, said Gene Kosowan in DigitalJournal.com. If you’re getting money back from Uncle Sam this year, be sure to “get the biggest bang out of those bucks.” The best thing to do is sock the money away in a retirement account. But if you are going to spend it, why not pay down your debt? Some experts suggest attacking high-interest debts first, but others advise taking “the path of least resistance” by prioritizing lower-rate obligations. You should also consider using part of your return to set up an emergency fund. For homeowners investing in your property is a smart move. You’ll improve your current space and get “a higher resale price on the home once you decide to relocate.”

Vetting alternative funds
If your financial adviser is suggesting “alternative” mutual funds, start asking questions, said Linda Stern in Reuters.com. As “a catch-all category,” alternative funds can be slippery, and can refer to everything from “real estate partnerships to mutual funds that mimic hedge funds.” If your planner recommends one, it’s important to get a few things straight before buying in. First, ask why. Is investing in alternatives meant to “calm your portfolio during bad times or to add extra income?” Then ask how, as in “How will the fund accomplish its stated goal?” Next, “find out who the manager is and what she or he did before.” Were they a hedge fund manager? How did they do in 2008 and 2009? And lastly, check the cost. Alternative funds can be pricey, and since some advisers earn commissions for selling certain products, it’s “worth asking how much more you’ll get for your money.”

How much life insurance is enough?
Plenty of people struggle with deciding how much life insurance to buy, said Leslie Scism in WSJ.com. Unfortunately, that means many are “underinsured or have no insurance at all.” As a rule of thumb, you should aim to buy “eight to 10 times the breadwinner’s annual income.” And don’t rely solely on a life insurance policy provided through an employer. “Most private-sector workers’ employer-sponsored policies pay just a year’s worth of paychecks,” according to a 2013 Labor Department survey. If that’s not enough coverage—and it probably isn’t—you can shop around for a basic term-life insurance plan at sites like Term4Sale. A healthy, nonsmoking 40-year-old man can get a $1 million policy for as little as $600 a year.

Be careful combining finances
It’s important to be aware of the potential money pitfalls of walking down the aisle, said Christine DiGangi in Credit.com. Combining finances after getting married might mean combining debt, which “may limit your financial future together,” especially when it comes to buying big-ticket items like a house or a car. Taxes can be tricky, too, and new couples should check out marriage penalty calculators online to determine whether they’ll be better off filing jointly or separately. Lastly, there’s property. Know your local law, given that nine so-called community property states say any property acquired during the marriage is owned jointly by the spouses. For couples trying to keep things separate, it’s critical to know the rules before tying the knot.

How to qualify for in-state tuition
Figuring out how to pay in-state college tuition for an out-of-state student “is the ultimate money hack,” said Ron Lieber in The New York Times. At desirable state universities in Michigan and Colorado, the difference between in-state and out-of-state tuition now approaches $100,000 per undergraduate degree. And with more stringent residency requirements being established to prevent people from gaming the system, it can be difficult for students to claim a new state as their home. Generally, “it takes a year and requires a child to become financially independent to varying degrees.” A new startup called In-State Angels is aiming to help students navigate the process, which varies widely by state. The company’s assistance is legal but costly: “Once the company succeeds, it asks for roughly 10 to 15 percent of the ultimate savings as a fee.”

Tax refunds could be delayed
If you’re expecting a tax refund next year, you may have to wait, said Laura Saunders in The Wall Street Journal. Internal Revenue Service Commissioner John Koskinen suggested last week that next year’s tax season could be the most complicated ever for the IRS, thanks to dozens of expired tax provisions that Congress has yet to act upon. In years past, “late action by Congress on such provisions created problems” and sometimes delays. Among the expired provisions are “a deduction for state and local sales taxes; a tax exemption for the forgiveness of mortgage debt; a tuition deduction; [and] an enhanced break for transit commuters.” New laws that took effect this year, including the Affordable Care Act, are also expected to make the IRS’s job harder. Congress is not expected to address the expired provisions until after the midterms.

Mortgage rates keep falling
Now may be the time to refinance your mortgage, said Marcy Gordon in the Associated Press. Mortgage rates have fallen for five straight weeks, with the nationwide average for a 30-year mortgage falling to 3.92 percent, the lowest level since June 2013. The average rate for a 15-year mortgage fell to just 3.08 percent. Many lenders and borrowers had assumed that mortgage rates “would soon start rising closer to a two-decade average of 6 percent,” but volatility in the markets has compelled investors to move into bonds for safety. That has pushed up prices of U.S. Treasuries and suppressed their yields, which likewise keeps mortgage rates low. Consumers who refinance won’t save much on the extra fees, known as points, that they have to pay to lock in the lower rate. Average fees for 30- and 15-year mortgages have stayed flat at 0.5 point.

Therapy goes high tech
A new startup its taking talk therapy to the Web, said Ann Carrns in The New York Times. Instead of “buying a self-help book and paying $100 or more for an hour of inperson therapy,” a slew of new sites and mobile apps is offering “online therapy” to help clients get help. One new service, Lantern, charges users $49 a month or $300 a year to connect clients with licensed therapists, “initially by telephone and then via secure electronic messaging.” For now, Lantern is aimed at helping subscribers with anxiety, but “programs for other concerns like sleeping and relationship problems are expected to be added later.”

A strategy for shorter hours
There's no need to pull all-nighters, said Sue Shellenbarger in The \¥Iall Street journal. If you're good at your job, don't think you have to burn the midnight oil until your boss leaves the office. Instead, learn "to go home withour looking like a slacker." Good bosses want to be sure "their subordinates are meeting deadlines, that they can be reached when needed, and that they aren't creating extra work for colleagues." That doesn't have to mean working late. You may want to sit down with your boss to clarify that, bur come with specific examples of your great performance. It may not work: Some corporate cultures insist on long hours. Either way, "such conversations can open a dialogu~r expose a brick wall." If it's the laner, you might want to start sending out resumes.

How to avoid a tax audit
"Do you ever wonder how the IRS chooses which taxpayers it wants to audit?" asked Daryl Paranada in Fool.com. While individual tax audits are rare, mistakes on your tax return-such as putting down the wrong Social Security Number or fudging >- your math-are one way to "give the IRS ~ pause." Another is incomplete or missing information. If you're itemizing your deductions, don't "overstate your deductions or lie abour them. The IRS is well aware of what is outside the norm for people at your income level." And "if you do pull a fast one on the IRS, think twice before you bragabom it." The agency offers whisdeblowers a reward of up to 30 percent of the money it collects from tax evaders.

Tracking your FICO score
Learning your credit score just got easier, said Ann Carrns in The New York Times. Several credit-card issuers are now "providing cerrain types of free FICO credit scores to cardholders, both as an enticement to get you to open an account and as a way to educate you about what goes into your credit scorc." Discover, First Bankcard, and Barclaycard are among the first card issuers to provide free, regular credit scores to customers, bur "details of the card programs and the scores they offer vary." While these lenders all use FICO's commercial formula, they "may use slightly different data" to arrive at their scores. Nonetheless, "the free scorcs from the credit-card companies are likely to reflect the general trend of your credit profile," giving you a good idea of where you stand.

Saving on back-to-school purchases
Back-to-school shopping isn’t the “frenzied one-day spending spree” it used to be, said Kaitlyn Krasselt in USA Today. Families are expected to spend an average of $670 on school supplies, clothes, and electronics this year, but more parents “are shopping strategically online and picking up additional in-store items when necessary,” spreading out their purchases over time. For the essentials, experts say the best way to save is to avoid brick-and-mortar stores altogether and wait for Labor Day sales. In the meantime, late July and early August can be a great time to cash in on deals for classroom supplies, while big-ticket items like laptops are likely to go on sale in August, “when 62 percent of all 2013 laptop deals occurred.”

The risks of medical credit cards
Don’t let plastic you can use at the doctor’s office put your finances in critical condition, said Crissinda Ponder in Bankrate.com. For uninsured Americans with steep medical bills, medical credit cards may appear to be an attractive financing option for their health expenses. The cards, which can be used only for medical costs, are similar to ordinary credit cards, with minimum monthly payments, reporting to credit bureaus, and attractive signup  offers. But experts say the cards should only be used as a “last resort,” because “the interest rate can be shockingly high.” Consumers should instead try to negotiate with their health-care provider to reduce their medical bills or seek financial assistance at a nonprofit hospital. If those avenues fail, it’s probably best to rely on regular plastic.

Don’t go broke on a gluten-free diet
A gluten-free diet doesn’t have to break the bank, said Gerri Detweiler in Credit.com. Though eliminating cheap wheat-based staples like bread and pasta can drive up your grocery bill, there are simple strategies to make a gluten-free lifestyle more affordable. First, “stop wasting food.” The average household already wastes about $2,300 in food each year. To reduce waste, buy salad greens on the stem, not pre-chopped, and store them in plastic bags with as little air as possible. Next, avoid gluten-free branded snacks, which are not necessarily healthy and are often overpriced. Finally, “make the freezer your friend.” Frozen vegetables can cost half the price of fresh ones, and buying meats when they’re on sale, and freezing them for later, can save you big bucks.

Saying no to LinkedIn requests
Don’t say yes to every LinkedIn request, said Quentin Fottrell in MarketWatch.com. While “Facebook may have stretched the definition of ‘friend’ to include even your second cousin’s chiropractor,” be more selective when it comes to professional networking sites like LinkedIn. The site itself suggests “that connections should be limited to people one has actual connections to,” and experts say “other users of the site may judge you by the number and quality of your connections” because they “are seen as an endorsement and reflect on your professional reputation.” That means you should check out “would-be connections” to make sure their digital trail won’t reflect poorly on you. Avoid connecting with rival companies, and beware of LinkedIn spammers who collect connections to mine your data.

Get a handle on money anxiety
To tame financial stress, take a few sensible steps, said Sharon Epperson in CNBC.com. The levels of household debt many Americans carry, ranging from college loans to credit card debt to large mortgages, can lead to constant financial anxiety. But there are three guiding principles that can help reduce your money worries. First and foremost, “don’t spend money that you don’t have.” It’s the only way to keep even more debt from piling up. When you do decide to splurge, “buy experiences, not things.” Studies say spending money on vacations or restaurant dinners can often be more satisfying than material things, whose appeal quickly dwindles. Finally, do your best to sock away something each month, ideally 10 percent of whatever you earn. “Sticking to this principle early can make a great impact in overcoming financial stress.”

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10 WAYS TO DERAIL AN AI PROGRAM
Despite big investments, many organizations get disappointing results from their AI and analytics efforts. What makes programs go off track? Companies set themselves up to fail when:
1. They lack a clear understanding of advanced analytics, staffing up with data scientists, engineers, and other key players without realizing how advanced and traditional analytics differ.
2. They don’t assess feasibility, business value, and time horizons, and launch pilots without thinking through how to balance short-term wins in the first year with longer-term payoffs.
3. They have no strategy beyond a few use cases, tackling AI in an ad hoc way without considering the bigpicture opportunities and threats AI presents in their industry.
4. They don’t clearly define key roles, because they don’t understand the tapestry of skill sets and tasks that a strong AI program requires.
5. They lack “translators,” or experts who can bridge the business and analytics realms by identifying high-value use cases, communicating business needs to tech experts, and  generating buy-in with business users.
6. They isolate analytics from the business, rigidly centralizing it or locking it in poorly coordinated silos, rather than organizing it in ways that allow analytics and business experts to work closely together.
7. They squander time and money on enterprisewide data cleaning instead of aligning data consolidation and cleanup with their most valuable use cases.
8. They fully build out analytics platforms before identifying business cases, setting up architectures like data lakes without knowing what they’ll be needed for and often integrating platforms with legacy systems unnecessarily.
9. They neglect to quantify analytics’ bottomline impact, lacking a performance management framework with clear metrics for tracking each initiative.
10. They fail to focus on ethical, social, and regulatory implications, leaving themselves vulnerable to potential missteps when it comes to data acquisition and use, algorithmic bias, and other risks, and exposing themselves to social and legal consequences.

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Banking Explained Money and Credit
The international banking system is an enigma. There are more than 30.000 different banks world wide, and they hold unbelievable amounts of assets. The top 10 banks alone account for roughly 25 trillion US-Dollars. Today, banking can seem very complex, but originally, the idea was to make life simpler. 11th century Italy was the centre of European trading. Merchants from all over the continent met to trade their goods, but there was one problem: too many currencies in circulation.

In Pisa, merchants had to deal with seven different types of coins and had to exchange their money constantly. This exchange business, which commonly took place outdoors benches, is where we get the word "bank" from; from the word "banco", Italian for "bench". The dangers of travelling, counterfeit money and the difficulty of getting a loan got people thinking. It was time for a new business model: home brokers started to give credit to businessmen, while genevese merchants developed cashless payments.

Networks of banks spread all over Europe, handing out credit even to the church, or European kings. What about today ? In a nutshell, banks are in the risk management business. This is a simplified version of the way it works. People keep their money in banks and receive a small amout of interest. The bank takes this money, and lends it out at much higher interest rates. It's a calculated risk, because some of the lenders will default on their credit.

This process is essential for our economic system, because it provides ressources for people to buy things like houses, or for industries to expand their businesses and grow. So banks take funds that are unused by savers, and turn them into funds society can use to do stuff. Other sources of income for banks include accepting saving deposits, the credit card business, buying and selling currencies, custodian business and cash management services. The main problem with banks nowadays is, that a lot of them have abandoned their traditional role as providers of long-time financial products, in favour of short-time gains that carry much higher risks.

During the financial boom, most major banks adopted financial constructs that were barely comprehensable and did their own trading in habit to make fast money, and earn their executives and traders millions in bonuses. This was nothing short of gambling and damaged whole economies and societies. Like back in 2008, when banks like Leeman Brothers gave credit to basically anyone who wanted to buy a house, and thereby put the bank in an extremely dangerous risk position. This led to the collapse of the housing market in the US and parts of Europe, causing stock prices to plummet, which eventually led to a global banking crisis, and one of the largest financial crises in history.

Hundreds of billions of dollars just evaporated. Millions of people lost their jobs and lots of money. Most of the world's major banks had to pay billions in fines and bankers became some of the least trusted professionals. The US government and the European Union had to put together huge bailout packages to purchase bad assets and stop the banks from going bankrupt. New regulations were put into force to govern the banking business, compulsary bank emergency funds were enforced to absorb shocks in the event of another financial crisis. But other pieces of tough new legislation were successfully blocked by the banking lobby

Today, other models of providing financing are gaining ground fast. Like new investment banks, that charge a yearly fee and do not get commissions on sales, thus providing the motivation to act in the motivation in the best interests of their clients. or credit unions - cooperative initiatives that were established in the 19th century to circumvent credit sharks. In a nutshell, they provide the same financial services as banks, but focus on shared value rather than profit maximisation. The self proclaimed goal is to help members create opportunities like starting small businesses, expanding farms or building family homes while investing back into communities.

They are controlled by their members, who also elect the board of directors democratically. World wide, credit union systems vary significantly, ranging from a handfull of members to organisations with several billion US-Dollars and hundreds of thousands of members. The focus on benefits for their members impacts the risk credit unions are willing to take, which explains why credit unions, although also hurting, survived the last financial crisis way better than traditional banks. Not to forget the explosion of crowdfunding in recent years. Aside from making awesome video games possible, platforms arosed that enabled people to get loans from large groups of small investors, circumventing the bank as a middle man.

But it also works for industry - lots of new technology companies started out on kickstarter or indiegogo. The funding individual gets the satisfaction of being part of a bigger thing, and can invest in ideas they believe in. While spreading the risk so widely, that, if the project fails, the damage is limited. And last but not least, micro credits. Lots of very small loans, mostly handed out in developping countries that help people escape poverty. People who were previously unable to get access to the money they needed to start a business, because they weren't deemed worth the time.

Nowadays, the granting of micro-credits has evolved into a multi-billion dollar business. So, banking might not be up your street, but the banks' role of providing funds to people and businesses is crucial for our society and has to be done. Who will do it and how it will be done in the future is up for us to decide, though.

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PepsiCo to lay off hundreds of U.S. corporate workers
Foreign  [Music]  catch up with you once we know the  results of that for sure all right and  thing number three this morning PepsiCo  is reportedly cutting hundreds of  corporate jobs in its U.S offices that's  according to the Wall Street Journal  this move indicating that cost cutting  measures are extending Beyond big Tech  we've already heard some examples of  that but this is one of the bigger uh  ones of that right and it's also  interesting because the journal is  saying these cuts are happening more on  the beverage side because there's also  been already been some regret  organizations on the snack and food side  but still for a company of this size for  there to be reports of Finance and Business this nature which  it has not confirmed by the way but  nonetheless it's just again another  temperature read on where we are right  now yeah PepsiCo declined to come into  uh to Yahoo Finance on those potential  Cuts but look I've been covering PepsiCo  for a very long time and one thing that  has always stood out this is a company  maniacal on managing costs especially  towards the end of the year also let's  keep in mind this is also a company this  year that said that it will no longer  sponsor the Super Bowl halftime show in  another likely cost cutting measure  under Co Ramon laguarto who has really  proven that he wants to cut expenses at  this company now we asked longtime CFO  Hugh Johnston about their efforts to cut  expenses when they reported earnings in  October take a listen  we we did beginning in the fourth  quarter we we took some more pricing uh  again all of that is based on commodity  input costs which continue to to be  higher uh for the year we'll be in the  high teens in terms of our commodity  input costs so where our pricing has  been a little bit less than than what  we've experienced in inflation but  frankly we focused on all the other  aspects of our cost structure as well so  while gross margins were down a bit  operating margins were up as we've  managed the balance of the cost  structure very tightly and Pepsi PepsiCo  is very cognizant of their stock price  it is outperformed this year and and one  of the reasons why because they get a  lot of credit for cutting expenses and  if they want to keep that stock price  going they're going to probably have to  get a little bit leaner going into next  year yeah within that pricing uh they  had even said at the outset of the  earnings that came forward uh last  quarter that some of their brands are  being stretched to higher price points  to the point that he was making a moment  ago as well as yours and the consumers  are following us now that kind of  dovetails into what we're hearing this  morning out of even CEO Brian Moynihan  of Bank of America saying that consumers  are resilient and for consumers who are  actually looking across some of the  brands that are making it into their  homes still and across the Necessities  prices that are elevated for them it is  a question of for a company of Pepsi of  those brands that you continue to  manufacture how are you continuing to  find favorability even at higher price  points and how are those price points  also offsetting What Is a Structured Settlement Annuity some of the expenses  that you're seeing on the wage front  that are also elevated for them and many  other companies that have cited that as  part of their head count reduction I  mean effectively the period we're in  right now is the tide is is going out  right and you see who is vulnerable in  this I don't know what the metaphor is  but you know what I'm saying yeah yeah  you know you see you see that there are  vulnerable even if consumer spending is  strong right if there are inefficiencies  in your business now is the time that  you're going to be trying to eliminate  those inefficiencies.

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Warren Buffett Predicts A Horrible Economic Crisis Where EVERYTHING WILL COLLAPSE
I would like to uh just go over two  items that I would like particularly new  entrance to the stock market to ponder  just a bit before they try and do 30 or  40 trades a day in order to profit what  from what looks like in a very uh easy  game so I would like to uh go to  slide L1 so put that up and these I on  March 31st I ran off a list of the 20  largest companies in the world by stock  market value those names that many of  which will be familiar to but they were  led by Apple slightly over 2 trillion  and it went down to the number 20th was  worth 330 odd billion but those are the  20 largest companies in the world why  market value on March 31st  now if I had a little  I was hoping I could get a little uh  quiz machine so I could have a really  weigh in on this answer and we can Flash  up a little later but oh technically  impossible for but what I would like you  to do is look at that list um  starts off with apple and Saudi aramco  is a pretty kind of a specialized  country as a company it's I don't know  whether it's 95 owned by the government  or by the but it's it's essentially a  country that's for sale in terms of that  business I've had but the the top um six  companies five of them are American so  when you hear people say that America  hasn't yeah it's got all of them it's  not working subprime mortgage very well or something the  sort you know in the whole world of the  sex topic companies in value of five of  them are in the United States and if you  think about it you know we talked a  little about this last year but in 1790  we had one half of one percent of the  world's population and a little less we  had four million people 3.9 million  people 600 000 of them were slaves  Ireland had more people than the United  States had Russia had five times as many  people as the U.S that Ukraine had twice  as many people as the United States so  here we were oh what did we have we had  a map for the future an aspirational map  that uh somehow  now only 200 and well after the  Constitution  232 years uh later leaves us with five  of the top six companies in the world  you know it's not an accident  and it's not because we're way smarter  the way stronger you know anything like  a short we had good soil decent climate  but so some of those other countries I  named uh and uh the system has worked  unbelievably well just imagine  thinking of five of the top six  companies in the world ending up with a  country that started with a half a one  percent of a population just a few  hundred years ago but what I would like  you to do  is look at that list  for a minute or two if you want to and  and then make an estimate  make your own guess  how many of those companies are going to  be on the list 30 years from now here  they are these powerhouses and I'm gonna  wish you guys to come back on the list  well you know it's not gonna be all 20.  it may not even be the old 20 today or  tomorrow  this was March 31st what would you guess  and think about that yourself would you  put on five eight well whatever it would  be  I would now invite you to look at slide  two or L2  which goes back a little more than 30  years and look at the top 20 from 1989  and if you look at the top 20 from 1989  there's two things that we should grab  your interest at least two none of the  20 or 30 years ago or on the present  list none zero  there were then six U.S companies on the  list and their names are familiar to you  that they have uh General Electric we  have Exxon we have IBM Corp and these loans for those with bad credit are  they're still around Merk is down there  that number none made it to the list 30  years later or zero and I would guess  that very few of you when I asked you to  play the quiz a little of him minutes  ago would have put down zero and I don't  think it will be zero but it is a  reminder  of what extraordinary things  can happen things that seem obvious to  you Japan had this wonderful bull market  for a very long time so he had a number  of Japanese companies on the list today  there there are none and uh the United  States has a six now we have 13 but they  are the same six I would invite you to  think about one other thing as you look  at this list  1989 was not the Dark Ages I mean we  weren't just discovering capitalism or  anything else  people thought they knew a lot about the  stock market and the efficient market  theory was in and they were uh it was  not a backward time and if you look the  top company at that time had a market  value of 100 billion 104 billion so the  largest company in the world title in  just shade over 30 years has gone from  100 billion to 2 trillion at the bottom  the number 20 has gone from 34 billion  to something a little over 10 times that  well that tells you something about  what's happened with equality which is a  Hudson subject in in this country it  tells you know a little bit about  inflation but this was not a highly  inflationary period as a whole but it  tells you that capitalism has worked  incredibly well especially for the  capitalists and uh it's a pretty  astounding number do you think you think  it could be repeated now that 30 years  from now that you could take two  trillion for apple and multiply any  company and come up with 30 times that  for the leader yeah it seems impossible  and maybe it is impossible commercial real estate loans but that just  we were just as sure of ourselves  as investors and Wall Street was in 1989  as we are today but the world can change  in very very dramatic ways and  we'll just give you one other example  you might Ponder this is let me start  feeling too sure of yourself one thing  it shows incidentally is that it's a  great argument for index funds is that  uh you know it the main thing to do is  to be aboard the ship now a ship you  know they were all going to a better  promised land used to know which one was  the one they necessarily get on but but  you couldn't help but do well if you  just had a diversified group of equities  EOS equal these would be my preference  but to hold over a 30-year period but if  you thought you knew a lot about which  ones to pick or the person that you had  hiring you were paying a lot of money to  had all these ideas and uh they could  tell you their best ideas in 1989 did  not necessarily do that well although  overall equities were absolutely the  place to be secondly people get  enormously attracted to various  Industries I mean they think of even  they think if you know oh the company  says it's in the XYZ industry and that's  a popular one you can you can sell IPOs  you can you can sell specs you can  people that disregard sales numbers  earnings numbers that just you know it's  the place to be so Berkshire Hathaway  what was the place to be in  1903 when my uh my dad was born in 1903  but that wasn't really that big of news  but it wasn't big news that actually  Henry Ford was starting the Ford Motor  Company failed a couple of times before  but he was about to change the world I  mean the the auto when you think about  everything we've got a great auto  insurance company if there weren't any  orders we wouldn't have Geico uh but it  transformed the country and then report  brought in the five dollar daily wage  and that was a huge thing assembly lines  everything Autos came along so let's  just assume that you had seen a quick  glance back in 1903 of all the  interstate highways 290 million vehicles  on the road in the United States you  know everything about it and say well  this is pretty easy it's going to be  cars it's gonna be autos  well we own a company called Marmon we  bought it from the pritzker family some  years ago pritzkers had built this debt consolidation loan rates business from many many many companies  that they'd acquired  and the name of their company was Marmon  and uh  I don't know exactly why Jay and Bob  decided to name it Marmon but they did  own a company called Marmon  and the Mormon company is getting  slightly out of me on the slides again  but that's okay we called it it was they  owned this company Marmon which in 1911  had been a uh the company whose car won  the first Indianapolis 500. maybe that's  why they called it Martin they were  proud of the fact that the company in  1911 named the one of the first  Indianapolis 500. it also was the  company that invented the rear view  mirror I'm not sure whether that was a  big contribution to society and  certainly around your household  maybe you don't want to emphasize too  much but but they uh the car that was  entered in the Annapolis 500 the the guy  who normally sat next to the driver and  looked backwards to tell what the  competitors were doing he was sick so  they they invented the rear view of  mirror so let's just assume that you  decided that Autos were this incredible  thing and someday there'd be in  Indianapolis 500 and something they have  a review mirrors on cars and someday 290  million cars would be buzzing around the  United States or autos and the county  trucks there and so I decided to look at  the history and I thought I'd put up the  list of  auto companies from  over the years  and I was originally going to put up  just the ones that were the m so I could  get them on one slide but when I went to  the M's it went on and on and on so I  just decided to put up the ones that  started with M A and as you can see  there were almost 40 companies that went  into the auto business just starting  with ma including our little our Mormon  there in the middle column and uh which  lasted for a while quite a while but uh  it was selling cars in the 1930s were  really quite special but in any event  there were at least 2 000 companies  then entered the auto business  because it clearly had this incredible  future and of course you remember that  in 2009 there were three left two of  which went bankrupt so there is a lot  more to picking stocks than figuring out  you know what's going to be a wonderful  industry in the future uh the Maytag  company put on a car also they put on a  car Dupont put on the car I mean there  was a Nebraska motor company that  everybody started car companies just  like everybody's starting something now  that can be where you can get money from  people but there were very very very few  people that picked the winner get they  got the opportunity for at Ford motor  Henry Ford had a few partners and he  really didn't like them so he figured a  way to buy them out that was sort of the  uh was sort of the beginning of the on  the auto finance so that's a long story  but we won't get into that but you  couldn't Buy in the Ford motor and of  course General Motors became the the  dominant company uh finding one Henry  Ford did not really make the shift from  the Model T to the model Library did not  work very well so I just want to tell  you it's not as easy as it sounds.

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Explains Reality of Stock Market
by 4 p.m the market had dropped 508  points  the biggest plummet since the crash of  29. i know your family you know mine  i'm saying if we continue business as  usual  in 20 25 years 30 years time there's  going to be a major disaster  let's talk about the speed with which we  are watching this market deteriorate  we read everywhere essentially down by  four five percent  we're down over 16. if somebody from  outside comes and questions normally  they kill them  because he's threatening the stock  market you just bring down the sentiment  i never sold the vast majority of my  lehman brother stock  and still owned 10 million shares when  we filed for bankruptcy  everybody's crying because so many  people have lost money of course  that is painful for them because that is  the game they were playing  but essentially nothing has changed  except numbers on the computer  except numbers on the computer  [Music]  at least this virus has put the  pause button not stop pause button  look at all the noise we're making about  this  two months  if you stop your economy everything is  going to go away  no no it's not like that what wealth is  there  upon this world what possibilities are  there are not gone  it is just our idea of wealth today is  building it up in the air  stock market is the indicator of our  wealth  well that's the kind of economic system  we've built i'm not making a commentary  on that  but we don't have to be so distressed  when i was interviewed by one of the  national medias about 10 years ago  they asked me about a question about  indian stock market  because that day for the first time the  indian stock market  had reached the 20 000 mark never before  it had hit 20 000.  so they asked me what do you think about  it  i said see in my estimate  if you look at the businesses and their  capacities the industries  what they can produce what they can do  the stocks in reality  are worth about maybe 12  000 is where it should be prepare investing stock but of course  we want to create a positive sentiment  so we'll make it 14 000 will because  human sentiment drives it 14 15 000  20 000 is a bit too much  [Music]  well since 10 10 years it crossed i  think 44 000 or 45  000 in the last few months today it's  come down to  i think 28 or 29 000 i'm not on it  somewhere around 30 000 everybody is  crying because  so many people have lost money of course  that is painful for them because that is  the game they were playing  but essentially nothing has changed  except numbers on the computer  this is always been said in yoga  [Music]  that with a simple desire  you will create a whole new world  and you believe it's real  whether it's your business or money  or wealth or family or whatever  love affairs and stuff you have all  built in your mind when it vanishes  either in the form of tsunami  storm just a stock market crash  or virus or somebody's death  suddenly you are so disturbed by it  because  what you had built up in your mind just save money in stocks went away  let us say if we just look back how we  were living 10 years ago  how many things we had i'm not even  talking a generation  just 10 years ago were we in some  deprived condition  we were doing fine i'm telling you if  you look back  100 years ago also when nobody had  anything like this even then they were  fine  ten thousand years ago if you look back  even then when they lived in the jungles  and wherever  then also they were fine in their own  way  maybe they didn't drive an automobile  maybe they were not whatsapping  but they also lived a complete life in  their own way  so economy goes backward it's just a  pain of adjustment  and those who are little weak may get  crushed in the process  that is the only concern otherwise  economy steps back  is not a genuine concern it's not a real  concern it's okay  and anyway as we can see all the birds  and animals  are saying let's make the planet great.

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What Is a Structured Settlement Annuity?
A structured annuity settlement is a financial vehicle that includes periodic payments, provided that the plaintiff in a personal injury liability lawsuit replaces a cash payment settlement. This type of financial tool can only be configured with a licensed settlement planner. (Settlement Quotes does not create these insurance products.)

A structured settlement is set up by purchasing an annuity through a life insurance company such as Metlife or Monumental Life Insurance Company. This annuity can be a monthly, semi-annual, annual or lifetime payment from the claimant. These periodic payments are tax-free and are a great source of fixed income for an individual after a personal injury liability case.

selling annuity ᛋᚠᚢᛞ, Structured Settlement Annuity

Many people wonder if they can receive a one-time cash payment after they start receiving their structured settlement annuity payments. The answer is no, you cannot go back to a cash settlement for the total. You do have options however. Settlement Quotes provides services to people in this situation. We will offer you a sum of cash for your structured settlement from other companies.

This is not always the best option for many people. A discount rate will be applied to your structured settlement to calculate your present value of your structured annuity to calculate your cash settlement. Due to the time value of money, you will only receive a partial amount in the lump sum. After a court approval process the lump sum payment will remain tax free.



Quotes Settlement only recommends using this inexpensive option if you have other financial assets that can provide financial support for your family. Many people pay off their debts, send their kids to college, or make a down payment on a house with the money they receive from the factored structured settlement.

There are many benefits to keeping your settlement structured. Quotes Settlement recommends seeking the advice of a financial professional before factoring payments through a structured settlement factoring company. A structured settlement can be used as a source of income when it comes to applying for a loan. This option must be tried first before attempting to receive a one-time payment.



Frequently Asked Questions

Structured Settlement Quotes is dedicated to providing you with the information you need to make an informed decision about the sale of your structured settlement or annuity payments. The following is a list of the most frequently asked questions, followed by detailed answers from our learning center organized by topic:

About Settlement Quotes

What makes Settlement Quotes services unique in the market?

For what types of payments does Structured Settlement Quotes provide price quotes service?

About Selling Your Annual Structured Settlement

What is an annual structured settlement?

Is it legal to sell your structured settlement payments?

What if your structured settlement agreement or annuity policy contains an anti-sale or non-transferable clause?

Can only some of your structured settlement payments be sold or do you have to sell all of them?

What if you have sold some of your structured settlement payments in the past? Can more payments be sold now to registered Certified Structured Settlement Quotes funders?

Do you have to pay taxes on the money received from the sale of your structured settlement payments?

What if you are in bankruptcy and have not yet been discharged?

The sale and transaction with a financier are risk free?

If you are a minor, can you sell your structured settlement payments?

Is It Legally Allowed To Sell Workers' Compensation Payments?

About the Bidding Process

How do you start the bidding process to receive quotes from our certified sponsors?

How long will it be until you receive the quotes?

How many quotes do you receive from Settlement Quotes?

Each of the quotes you receive is a guaranteed offer to buy your structured settlement payments?

Are you obliged to sell if you only request a quote?

How long do you have to accept an offer?

What if you accept an offer and then decide you want to cancel?

When do you find out which certified finance company gave the highest quote?

About the selling process and getting your money

Once you accept an offer, what are the steps to follow to complete the sale transaction and how long does it take to receive payment?

If the sale transaction is not completed for any reason, will you still receive your payments as usual?

About Settlement Quotes

What makes Settlement Quotes services unique in the market?

Settlement Quotes is a market leader in providing the industry for buying and selling structured settlement payments and other annuities in every state.

Settlement Quotes brings together, settlement buyers (Certified funders) to compete for their payments.

If you decide to sell, you have the peace of mind of knowing that the selected Certified Financier is one of the most experienced and respected in the industry to complete the sale and get your money in the shortest time allowed by law.

For what types of payments does Structured Settlement Quotes provide a quote service?

Settlement Quotes provides structured settlement quotes and other insurance annuity payments. Specifically, we can quote the payments you receive:

From an insurance company

As a result of a lawsuit or insurance settlement

Payments of any guarantee or life contingencies

Not as a result of a workers' compensation claim

We DO NOT offer quotes on:

Workers' compensation payments

Payments for a minor

Pensions

Social security payments

TIAA CREF payments

Mortgages

Pre-settlement cases

Settlement of travel expenses

VA disability or pension

Other disability payments

About Selling Your Structured Settlement Annuity

What is a structured settlement annuity?

A structured settlement annuity is a contract issued by an insurance company to finance the payment of personal injury compensation over a period of time. It is sometimes referred to as an insurance allowance.

In the event of your death, your beneficiary is guaranteed a tax-free payment or series of payments over a fixed period of time.

Most structured settlements are the result of a lawsuit, with payments resulting from a legal action.

Is it legal to sell your structured settlement payments?

Yes. You can sell your structured settlement or insurance settlement payments.

Most states have a structured Settlement Protection Act. These laws allow you to sell your payments if the following requirements are met:

Full information should be given on the financial terms of your sale.

You have a "cooling off period" after signing the documents you can change your mind and cancel the sale.

You must be informed in writing to request independent professional advice regarding your sale. In some states, you can choose to waive the tips.

The hearing takes place before a judge who considers your case and decides whether or not to approve the sale. The judge will examine your financial situation, what you want to do with the money, and whether it is in your best interest to sell payments.

The judge must issue a court order approving the sale.

What if your structured settlement agreement or annuity policy contains an anti-sale or non-transferable clause?

An anti-transfer clause or anti-sale language does not prevent you from selling your payments.

Some structured settlement agreements or annuity policies contain anti-sale or non-transfer clauses such as:

"None of the periodic payments can be advanced, deferred, increased or decreased, they cannot be anticipated, sold, assigned or encumbered."

Since you must obtain a court order approving the sale of your payments, a judge will review and evaluate your case.

The judges have the power to approve the sale, even if the no-sell clause appears in the structured settlement agreement or structured settlement annuity policy which tries to prevent you from selling your payments.

Can only some of your structured settlement payments be sold or do you have to sell all of them?

You can sell part or all of your payments.

You can create more than one online file with different payment combinations and get more than one set of price quotes in order to better meet your financial needs.

If you only sell some of your payments, your insurance company will continue to pay the payments you still have on time and in good time.

What if you have sold some of your structured settlement payments in the past? Can more payments be sold now to registered Certified Structured Settlement Quotes funders?

Yes. If you have sold some of your structured settlement payments in the past, you can sell the remaining payments that you are still a beneficiary of.

Do you want to know how much your payments are worth? Get a guaranteed price offer set for your payments in less than 24 hours.

Do you have to pay taxes on the money received from the sale of your structured settlement payments?

The money you receive from the sale of your structured settlement payments will have the same tax treatment as the payments you receive from your structured settlement annuity.

If you receive your payments tax free then the money you receive from the sale of your payments will also be tax free.

In most cases, structured settlement annuity payments are tax-free because your pension was established to qualify for tax-free treatment under section 130 of the Internal Revenue Code.

The US Federal Government has taken several steps to ensure that payments received for personal injury damages are tax-free.

Section 104 (a) (2) of the Internal Revenue Code confirms that damages received from personal injury or illness are not considered income and are not taxable.

In 2002, a federal law was passed to protect beneficiaries in the sale of their structured settlement payments. As a result, Section 5891 was introduced into the Internal Revenue Code.

Section 5891 requires that the sale of structured settlement payments be approved by a court in accordance with applicable state law.

Please note that this information is provided as a courtesy only, and does not constitute legal advice. You should seek legal or professional counsel to deal with your specific circumstances.

What if you are in bankruptcy and have not yet been discharged?

We can quote your payments, even if you are in bankruptcy and have not yet been discharged.

If you are in bankruptcy, you will need to notify us before your case is quoted so that we can speak with your bankruptcy administrator or legal representative to obtain additional information.

Our certified funders reserve the right to deduct a commission for additional work in processing cases that have not yet been discharged from bankruptcy.

The sale and transaction with a financier are risk free?

You do not waive any rights in the sale of a structured settlement until the transaction is completed and you have received the full sale price. Furthermore, your case is protected by the court and a judge's order that forces the financing company to carry out its obligations. You are fully protected.

If you are a minor, can you sell your structured settlement payments?

Settlement Quotes does not offer quotes to underage beneficiaries as they have no legal capacity to sell their payments without the intervention of a litigation or a guardian.

Is It Legally Allowed To Sell Workers' Compensation Payments?

It is not legal for you to sell structured settlement annuities that arise from workers' compensation claims. You must keep the annuity until all payments have been completed.

About the Bidding Process

How do you start the bidding process to receive quotes from our certified sponsors?

To start the bidding process,

1- Go to the form above and enter the amounts of the payments, the date and the insurance company. You can enter as many cases as you like with different payment combinations to get the amount of money that best suits your financial needs.

OR

2- Contact one of our customer service specialists at 1-888-562-1268 and he or she can help you enter the information necessary for our certified financiers to start bidding and competing to buy your payments. Once the offers are received, one of our customer service specialists will contact you to review your case.

How long will it be until you receive the quotes?

We are usually able to get back to you within a few hours (up to a maximum of 24) with the company offering to buy your annuity. You can receive all or some of your quotes, in just 1 hour.

How many quotes do you receive from Settlement Quotes?

We are going to share with you the top quotes we receive from our certified sponsors. The number of citations we receive will depend on the number of certified funding participants at the time your case is entered on the Settlement Quotes website.

Each of the quotes you receive is a guaranteed offer to buy your structured settlement payments?

Yes. The price quotes received are guaranteed offers to purchase your structured settlement payments.

We guarantee:

1- You will get a higher price from each of our Certified Financiers in advance, without problems.

2- You will receive your guaranteed quote quickly --- in less than 24 hours and, often, in the shortest time of 2 hours.

3- Each quote constitutes an offer to purchase your annuity payments that remains open for acceptance for 24 hours after publication in order to provide time to decide. If you do not accept the offer within 24 hours from the date of registration, the offer is frozen and may remain valid or may be revoked or modified at the discretion of the respective certified financier on a case by case basis. It is recommended to contact Settlement Quotes at 1-888-562-1268 to confirm the availability of these types of offers, if the 24-hour period has already expired.

Are you obliged to sell if you only request a quote?

No. There is no obligation to accept an offer to purchase. You may decide that you do not want to sell your annuity in which case we will close the file until further notice from you.

How long do you have to accept an offer?

Each offer provided by our certified partners is open for acceptance for a period of 24 hours after publication. To accept, simply contact us by phone at 1-888-562-1268 and notify one of our customer service specialists that you accept the offer and wish to continue your sale.

What if you accept an offer and then decide you want to cancel?

You should not indicate acceptance of the offer until you are sure you want to proceed with the sale. However, even if you accept and receive sales documents, there is usually a "cool down" in which you can change your mind and cancel the transaction. The reflection time period is clearly stated either in the sales compliance certificate or in the Assignment Agreement that you receive as part of the sales documentation.

When do you find out which certified finance company gave the highest quote?

You will be notified by email or phone of the successful Certified Funder immediately upon acceptance of an offer to purchase. You can rest assured that each Funding Entity is examined by Settlement Quotes and certified to be reliable, trustworthy and competent to complete your transfer and get your money in the shortest time allowed by law.

About the selling process and getting your money

Once you accept an offer, what are the steps to follow to complete the sale operation and how long does it take to receive payment

At Settlement Quotes we understand that your financial goals depend on completing your sales transaction and getting paid in the shortest time allowed by law.

Once you have accepted an offer and confirm that you wish to proceed with the sale to the winning Certified Funder, the sale process immediately begins as follows:

1- First call at 2 hours. You will receive a call from a customer service expert on behalf of the certified finance company within 2 hours of acceptance. At that time, our expert will inform you that Financial Certificated was the successful bidder and will provide you with the contact information.

2- Legal documents in 24 hours. You will receive the legal documents from the Certified Financier within 24 hours. A Notary Public will wait for you at your home or other convenient location to review the sale documents with you, answer any questions you may have, and sign the sale.

3- Process in court within 30 days. Our Certified Financier will complete the court process as soon as legally permitted. This could take about 30 days, depending on the state.

4- Immediate access to your money. You will get your money directly by bank transfer into an account of your choice immediately after completing the legal process.

5- The expected time from price quotation to financing and the entire transfer process can take about 6 weeks, depending on the state in which you reside.

If the sale transaction is not completed for any reason, will you still receive your payments as usual?

Our certified funder will process the sale transaction of your structured settlement, at no cost to you.

In the unlikely event that your sale is not completed for any reason:

1- Neither Settlement Quotes nor the corresponding certified funder will charge you any fees or penalties. This promise will be recorded in writing in the sales documentation that you receive.

2- You will have the right to receive all the payments of the annuity that you had agreed to sell as they mature.

3- Your insurance company will continue to pay all future payments as if it had never entered into a sales transaction.

You will have no future obligation to Settlement Quotes or the applicable certified funder.

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