News and Tips on structured settlement transfers.


Structured Settlement Concepts – Due Diligence

In short, doing due diligence means to do your homework before selling a structured settlement.  The first thing you should do, of course, is decide if selling the settlement is the right decision for you, and how much of your settlement you plan to sell.  But the next step is to make sure you know what you’re getting into – and with whom.

You should always shop your settlement to several buyers.  QMAP is an ideal way to do this, because it lets you get quotes fast, and the buyers know they have to compete to win your business.  Although it’s tempting to look at the lump sums offered for your settlement and leap at the biggest one, it’s not wise.  What you have now is a list of prospective buyers, and you need to start checking them out. 

A simple Internet search is a starting point for checking out companies, but don’t bother with their websites that will undoubtedly show only the good news.  Specifically, you’re looking for other sellers’ experiences with this company.  Do they have a good reputation, or are there lots of reports of sellers being burned?  Also, if there’s a general lack of information about the company, it could just mean they’re a startup, but this could also be a red flag.

Of course, it’s easy to trash someone on a website or a blog, so you’re not done yet.  The Better Business Bureau collects complaints against businesses.  Check their website and look for complaints against the buyers on your list.  If there are lots of complaints, you may not want to use that company, even if they’ve given you the best offer.  A common complaint against structured settlement buyers is that they lure sellers in with a good offer, then, once the ink is dry on the contract, start reducing the offer, or introducing fees.  If you see complaints like this against your buyer, it’s a safe bet they’ll pull the same stunt with you, too.

Another source of information is the Attorney General for your state.  Many attorneys general amass and record complaints against vendors, which you can review online. 

Even if you’re satisfied with your prospective buyers’ reputations, and like the offers you’re getting, it’s still imperative to read all of the contracts and agreements very carefully.  Look for hidden fees, changes to the initial offer, or anything else that wasn’t part of the deal.  Also beware any company that promises to give you cash in a week or two – even the speediest structured settlement sales will take about 45-60 days, maybe longer depending on your state.  Finally, get advice, both legal and financial.  Your state may require it, but even if not, it’s worth your while.

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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