Most often when you have come the decision to sell your structured settlement payments it is because you have run into some specific financial need that must to be attended to immediately but can not be handled by your payment amounts. The moment when you have decided to sell is the exact moment when you are most vulnerable to shady business practices, low rates of return, and commission hungry sales people. Pause for a moment and consider how you will protect yourself from the traps laid out for you by some companies wanting to buy your settlement payments. Let’s review things to be wary of when selling.
While this is not to be thought of as a complete list of all the dangers, thinking on these topics before going into negotiations can help you make the right choice on selecting an agency that will treat you fairly. The simple fact of it is that if nobody was going to make money on the purchase of your settlement then no agency would buy it. However, you can find companies to sell to that will treat you well while working on an ethical profit margin for themselves. While discussing the sale, watch for these warning signs that you may be dealing with the wrong company.
- An unwillingness to give full disclosure. This is your money we are talking about here. Any company that shies away from fully disclosing all information and explaining the fine points to you is probably trying to hide something from you. These smooth talking “used car salesmen” of the finance world will try to misdirect you while adding hidden costs, unnecessary fees, and even list separate percentage fees under different categories to give you the impression that you’re getting more of your money than you really are.
- Anyone that offers to get you cash in weeks or even days. Often you will hear terms like “rapid fund release”, “expedited returns”, or “fast funding”. In this case they will tell you that only their company can offer such quick cash when really they have no real control over how long the process will take. They just want you to sign. As tempting as it is to hear you can have your money in days when you are facing financial hardships, it is simply not possible. The process of selling your structured settlement must go through court approval. It is true that with accurate filing and good preparation you can make this process as painless as possible, but you can count on it taking at least 45 to 90 days to complete.
- Poor customer service. Remember! The companies you are talking to want what you have for sale. They are working for you! The easiest way to test the service is to ask questions- a lot of questions. Your sales representative should be right there with an answer to most every question you can think of, and if they can’t answer on the spot you should receive a reply back quite quickly. Quality customer service is a basic principal. If the company you are looking at can not even provide this then ask yourself how well will they handle your court petitions? How many errors will they make resulting in the courts denying your request and further delaying the day you get your money? This is a good sign it is time to walk away and find another company that cares about the sale.
Obviously, finding the company that best fits you for the sale of your structured settlement is going to take some time. Just remember; going slow in the beginning will save yourself many headaches down the road.
If you need help selling your structured settlement, annuity or lottery payments,
contact us today. We are here to answer your questions and help you obtain the
highest possible price for your payments.
