Do Other Options Exist to Raise MoneyWhenever you sell a structured settlement you receive less than the amount you would have received if you waited for the money to come under the original structured settlement. Therefore, its nearly always prudent to consider if there are otherwise to meet your financial need before you sell a structured settlement for a lump sum.
Gather your paperwork…. if you can (and its okay if you cannot)Before you get your first quote or reach out the first structured settlement buyer, get any paperwork together that details the future structured settlement payments you are entitled to. Even if believe you know what you have left, it is important to make sure you are correct. If you don’t have the details of your underlying structured settlement, we might be able to help you procure it from the annuity issuer or find it from the underlying lawsuit. Another good place to start is with the lawyer that represented you.
Think about How Much You NeedHow much money do you need to accomplish your goal? You should keep this number in mind as you start shopping to get cash for your structured settlement payments. It could be that you could get that amount by selling just a portion of your structured settlement not cashing out the entire payment stream. Do not get caught up in offers for more cash if that is more money than you need.
Shop Around and Get Quotes from Multiple CompaniesOne can not stress this enough: before you commit to a structured settlement buyer- shop around and get quotes from a few. Yes, we know that this can be a hassle and you may want to take the first offer because it’s the easy path but more often than not, accepting the first offer may result in you receiving less cash for your structured settlement. Also you may benefit from:
a. Different companies may be better at explaining the steps associated with selling a structured settlement. While its not a complicated process, there is a process and the more you know going into it, the better off you will be.
b. Different structures. You might be surprised to learn that you don’t have to liquidate the entire structured settlement in order to receive a lump sum. In fact, you do not even have to sell immediately due payments. Now, of course, this all depends on the size and timing of your payments, as well as the amount of money you are looking to raise but the fact remains different companies may produce offers for different payments and its good for you know if there are options
Get Quotes in WritingYes, the person on the phone seems nice and honest. They probably are. However, with so many numbers flying around it may be hard to take them all down and to process exactly what you are being told. By getting the quotes or quotes in writing, you have the luxury of looking at them, making sure they match what the company representative is saying to you over the phone and also gives you the luxury to show the numbers to a professional of your choice.
Importantly, every state in the country requires you to receive a disclosure statement as part of the process of selling a structured settlement. This disclosure will detail many of the important financial aspects of your transaction that the legislature of the state where you live deemed important for you know.
Stop, Take a Breath, Do NOT RushYou should NEVER proceed with selling your structured settlement because the company representative is putting pressure on you to sign the documents. It is your money, it is an important decision and there will always be another company offering you cash for your structured settlement. Bottomline: Take your time. Yes, we know that are looking for a lump sum because something important is happening in your life, but another day or week or month may result in you making a more thoughtful decision.
I’ve Made My DecisionComing to a decision about what company you feel comfortable with, what lump sum is right for you and that are ready to proceed, it’s an accomplishment in and of itself. It is just the beginning however, as you now need to coordinate document execution and then on to the Court Process.
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