News and Tips on structured settlement transfers.

Cash

Flying By Night

So you’ve got this structured settlement.  You decided to sell.  You looked around for willing buyers, provided all the documents, signed all the papers, waited through all the “cooling off” periods, and now the deal is done.  Your structured settlement is sold.

Only problem is, the buyer says he’s cash strapped, and won’t pay you.  Additionally, he won’t let you out of your agreement to sell your structured settlement to him.  So, now he has your money, but you have nothing.

This terrible scenario has actually happened to sellers of structured settlements.  Reputable buyers would, at a minimum, release you from your agreement so that you still have your annuity.  But there are plenty of new players in this game, investors who want to turn cash into huge returns by buying annuities.  This is fine…unless they don’t have the cash to pay you.

Your first and best defense is to shop your structured settlement around to several buyers.  A site like QMAP makes this easy by allowing you to publish the details of your settlement and allow the bids to come in.  But in any case, don’t take only one offer, and beware taking the first offer.

Many structured settlement buyers will float a quick, lowball offer in the hopes that you are desperate enough to take whatever comes along.  Try waiting awhile.  You may find that that same buyer is willing to make a better deal later on.

Another warning sign is an offer that is significantly higher than all the others you’re getting.  Again, this can be a lure tactic.  Once you’ve signed on, the structured settlement buyer might start making excuses to lower his offer.

Due diligence is incredibly important, too.  Check the Internet for complaints against prospective buyers.  Check to see how many transactions they’ve accomplished.  Are they established?  Are they brand new to this business?  If they’re a startup, this doesn’t necessarily mean they aren’t worth selling to, but you should ask about their ability to pay you for your structured settlement. 

To see if any complaints have been lodged against a prospective buyer, check the Better Business Bureau.  If others have reported them for dragging their feet in the sales process, changing the terms of the offer, or not paying on a sealed deal, reconsider using them.

Always protect yourself by reading every document that comes to you as part of the deal.  Make sure that the initial terms don’t change.  Make sure there’s nothing that allows them to delay payment to you once the deal is finalized.

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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