In general, the only first information required to correctly run a settlement calculator through a Structured Settlements Calculator is: Amount of each Structured Settlements Payment. However, there are many more details you need to look for when evaluating a Structured Settlements Calculator. The most important of these details is the payment frequency-how frequently the Structured Settlements Calculator receives payments from each of the individual claimants. As such, the Structured Settlements Calculator will be the most accurate if it receives all payments.
When calculating how often the Settlements Calculator receives periodic payments, it is important to first establish the frequency at which regular periodic payments occur. This can be accomplished by simply adding up the number of years since the claimant’s last regular payment. The second step is to determine the length of time the claimant’s regular payments have been scheduled: six months, a year, five years, ten years, twenty years, thirty years, forty years, fifty years, sixty years, seventy years, eighty years, or ninety years.
From there, we can then determine the amount of Structured Settlements Payments that are received monthly (if any), weekly (if applicable), bi-weekly (if applicable), bi-monthly (if applicable), and annual (if applicable). If you find that there are fewer Payments received every month than expected, this may mean your Settlement Calculator is not accurately predicting future payments to the claimant.
To help determine the payment schedule for future payments, it is important to understand how much your Structured Settlements Calculator earns in fees from each settlement payment. If you find that you receive a large number of settlements, you should probably expect to make a larger payment each month. Conversely, if you receive fewer settlements than expected, you may find that you will be receiving a smaller payment each month.
For example, if you receive five payments and the settlement Calculator earns five cents for each payment it receives, then you would expect to receive a minimum payment of five cents each time. If you receive five payments and the Settlement Calculator earns one penny for each payment it receives, then it would expect to receive a minimum payment of only one penny. It is best to choose a Settlements Calculator that offers an adjustable payment amount so that you can adjust the payment accordingly based on the amount you anticipate receiving.
In addition, you should be able to easily input the total amount you expect to receive each month from your Structured Settlements. This is important because the Settlements Calculator can be adjusted based on how many settlements it receives, and the length of time the payments will be received.