If you are considering selling your structured settlement payments
for cash, you have probably considered the advantages and
disadvantages of doing so. Now the challenge is to do some
comparison shopping to find a buyer you can trust who will give
you the most cash for your structured settlement annuity.
It is wise to get to know some things about the structured
settlement company before doing business with them. Find out
how long they have been in business, and if they are a member of
the Better Business Bureau. Since most structured settlement
buyers have at least some online presence, you can find a lot of
information on the internet that will help you sort through potential
buyers.
Probably the most obvious thing to look at when choosing a buyer
for your structured settlement payments is the amount of cash the
company is willing to pay you. Unreasonably low offers can be
immediately dismissed. On the other hand, beware of any offers
that seem disproportionately high when compared with those of
the other structured settlement buyers. One common scam is for
an unscrupulous buyer to initially offer a hefty lump sum, only to
delay the sale process. Meanwhile, they will revise their offer
downward, hoping that the cash strapped seller will give in to
desperation and sell their annuity payments at a deep discount.
If you have done some homework and received a number of
online quotes from various structured settlement buyers, you
should also take note of the amount of time each company
predicts for the deal to be completed and for you to receive your
lump sum. Any company offering you money in a matter of days or
even a few weeks should be looked at suspiciously. Federal law
requires court approval before the selling of structured settlement
payments, this being for the protection of the seller. The court
having jurisdiction must determine that the proposed transaction
is “above board,” and that the seller has a legitimate need to sell
his or her payments, and that not selling would result in financial
hardship. The entire process normally takes between two to three
months, and anyone proposing a faster sale is at the very least
not being completely honest, and any delay beyond this time
period could be evidence of the stall tactics previously mentioned.
Through the process of elimination you should now have an
abridged list of legitimate structured settlement buyers. Most
likely the company has a website; does the website provide a
directory of frequently asked questions? Read through the
questions and answers to get a feel for the degree of knowledge
and competence the buyer possesses. Find out how long the
company has been in existence. If they have been in business for
a number of years they are less likely to be a fly by night operation
or scam artists. Membership in the Better Business Bureau is not
a must, but it should definitely considered in the company's favor.
Once you have screened potential buyers, receive free quotes,
and have limited the choices to two or three structured settlement
companies, pay close attention to how each company treats its
customers. Were you contacted by a representative of the
company, and if so, how were you treated. Did you feel pressured
in any way to do business with them, or were you made to feel
rushed? Did the representative show knowledge of the sale
process, and give satisfactory answers to any questions or
concerns you may have had. A reputable structured settlement
buyer will seek to educate its potential customers, allowing them
to make an informed decision. Finally, if your financial need will
not require you to sell all of your payments, did the buyer
communicate the possibility that you may only need to sell a
portion of your annuity payments? This kind of honesty could help
sway your decision in favor of a potential buyer.
When selling your structured settlement payments for a lump sum
of cash, you should choose a company that has the competence
and experience to get you the greatest amount of money
possible. The Structured Settlement Alliance works with the best
direct funding sources, not high commission brokers, so you will
find the right financial institution to purchase your annuity
payments. Your personal information will remain confidential, and
you will receive the information and advice you need to make this
important decision.
|
|