If you have a structured settlement and are thinking about selling – or have already decided to do so – you need to understand the process that lies ahead of you.
Decide What’s for Sale. You don’t have to sell the full amount of your settlement. You can sell just a few of the payments that are coming to you. Don’t let anyone tell you that you must fork over your entire settlement.
Get Bids. Don’t just talk to one buyer, either. Get competing bids for your structured settlement. Sites like QuoteMeAPrice make it easy for you to post the details of your settlement, and then get competing bids from buyers. This ensures you have the best chance at getting a good deal.
Due Diligence. Once you have a number of competing bids, consider the source. A quick Internet search should produce at least a website for the company that’s made the bid, but that isn’t enough. Visit the Better Business Bureau to see if anyone has filed a complaint against your prospective buyer. If there are complaints, compare them to the number and type of complaints filed against other buyers. No matter how great the offer, if your prospective buyer is being trashed all over the place for last-minute changes on the deal, or deliberate heel-dragging, perhaps you should consider someone else.
Look Over the Documents. So now, you have chosen a buyer. Look carefully over any documents that are sent to you. Make sure the details in the documents match what you were offered online. Make sure you understand every word of the agreement, and what could happen if the deal falls through; structured settlement buyers often pull out of a deal after making an offer.
Get Advice. Your state will likely require you to get financial and/or legal advice for the transaction you’re about to undertake. Even if you don’t want to hear what they have to say, listen. They may have a better way for you to get the cash you need. Or, they may point out that you have no other means of support, and so selling your settlement is a bad idea. If these folks are on your side, you should listen.
Go To Court. A judge will have to approve your structured settlement factoring transaction. Be prepared to explain why you want the money and what you plan to do with it. Be prepared with a backup plan if the judge decides it’s not in your best interest and you need to try again.
Cool Off. The “cooling off” period is your last chance, by law, to let your second thoughts talk you out of the deal. Think hard about whether this is right for you.
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.
