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Why Selling a Structured Settlement Takes Longer than You Think

The ads all promise “cash now!” but the truth is, the sale of your structured settlement is going to take quite a bit longer than that.

The process of selling your structured settlement will take, on average, 45-60 days to complete, depending on which state you live in.

Why the delay?  After all, isn’t it your money?  Aren’t you giving permission to sell it?

The answer is, it’s the law.  All states have statutes governing structured settlement factoring transactions.  As a result, there is a strict process that must be followed, and specific steps, often with specific waiting periods.

After you choose a buyer for your structured settlement (and hopefully you’ve used a site like www.quotemeaprice.com to shop around for the best deal), there will be paperwork for you to review and sign, and send back to the seller.  This is one reason for the delay.  Your state may also require you to get legal and possibly financial advice regarding the transaction, so you will need even more time to find these professionals and sit down with them to review your sale.  State processes require this so that you will get independent advice as to whether the transaction is suitable for you, and in your best interests.  Even if your state doesn’t require you to get this advice, you should do it anyway. 

Once all the contracts and agreements have been signed, and you’ve gotten professional advice, your structured settlement sale will need to be approved by a judge.  Depending on your state’s law, you may even have to appear in court.  So, this takes more time to get your court date on a docket. 

Once all this is done, most states grant a “cooling off” period during which you can change your mind and cancel the entire deal if you want to. 

While this may seem frustrating, especially if you need cash in a hurry, the entire process is designed to protect you.  Structured settlements are intended to provide for your needs over a period of time, so selling it should not be a light decision.  State processes are also designed to ensure that you get objective opinions (lawyer, financial advisor, and judge) as to whether selling your settlement is a good idea, and giving you the opportunity to think it through one last time.  So, no matter what a buyer promises, don’t expect to get cash at light speed.

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.

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