So, you’ve decided to sell your structured settlement, or lottery settlement, or some other installment payment that’s coming to you. You want to get the best deal, but how do you know who’s the best buyer?
Shop Around. Of course, always shop your note to several buyers. A website like QMAP makes this process easy by allowing you to publish the details of your settlement, and let the offers come in. This should be your mandatory first step.
Reputation. Once you have some offers in hand, it’s easy to see which one will get you the most cash. But you also need to consider the source. Is the prospective seller reputable? Can they be counted on to deliver what they’ve promised? If you look around the Internet for news articles, you will find plenty of stories of buyers who were burned in selling their structured settlements. To avoid being another dissatisfied customer, check the reputability of your prospective seller.
Check the Internet. A quick Internet search for the company’s name is not conclusive research, but it will give you an idea of complaints that have surfaced about the prospective buyer, and about his history. And don’t be sold just on a big name with lots of clients; some of the less prominent buyers might be start-ups who are genuine but don’t have the impressive resume.
Better Business Bureau. Go further in your search by checking the Better Business Bureau. It’s easy to trash a company online, but filing a complaint with the BBB takes a little more effort and should carry more weight in your evaluation. Common complaints against buyers of structured settlements are that they changed the terms of the agreement midstream; charged exorbitant or hidden fees; or that they took longer to close the deal than promised.
Details of the Deal. Once you’ve evaluated your offers and the prospective buyers, and chosen the one you’d like to work with, check the fine print of the deal you’re offered. You should always seek legal and financial advice in selling a structured settlement to make sure the deal is right for you. Look at the discount rate – the rate the buyers use to peel back your total settlement to the amount they are planning to pay you for it – to make sure it’s in line with other sales (your lawyer or financial advisor should be able to tell you how it stacks up). Look closely for any fees – court fees, legal fees, processing fees, or anything else, and be aware that it will be coming out of your settlement.
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.
