Structured settlements are easier to sell than people presume. Most people don’t know where to start when selling their structured settlement, especially when they urgently need money to cover medical bills. Whatever the reason you want to sell your settlement, it’s wise to know the steps you should take to avoid losing your money. If you are thinking about selling, consider looking for companies like We Pay More Funding, as they help organize everything for you. It’s important to be prepared, as the process involves going to court. Be cautious when choosing a company so you don’t fall into the hands of conmen. This article will elaborate on how to sell structured settlements in five simple steps.
Evaluate Your Needs
Before selling your structured settlement, it’s vital to know the amount of money you need and the portion of the structured settlement you want to sell. Some people choose to only sell a few months of their structured settlement payments. This may equate to a specific period, such as one year, when they receive nothing from the settlement. Others may want to sell half or another certain portion of their settlement, which allows them to still receive settlement payments. Knowing the amount you want and the purpose you want the money for can help you decide which choices to make. Some people even sell their entire structured settlement. Having a clear and defined goal will help you get enough money from your sale and help you avoid misusing the money.
After defining your goals, it is time to look for a quotation for your structured settlement. A good strategy is to contact as many purchasing companies as possible to get different quotes for your structured settlement. This way, you can see which will fit your needs. Ensure they put all commissions and fees in writing so you don’t end up inquiring about some unplanned expenses or hidden taxes when the deal is already on.
Assess Your Options
After getting all the quotations:
- Read the terms and conditions of each company you might be interested in.
- Always ask questions about the parts you don’t understand to avoid misunderstanding, which might result from the assumption of details.
- Take time to investigate the companies. Look for referrals and testimonials, then decide what will work best for you.
Select the Company and Get an Advance
After assessing and taking the best choice, go to the companies that buy structured settlements and request to sign the paperwork. The paperwork should include a copy of the annuity policy, a completed application, identification, and the original structured settlement. After signing the paperwork, you can request an advance, as the process might take some time before you receive the whole lump sum.
Appear Before a Judge
Selling structured settlements require you to appear before a judge in court. You must answer some questions to prove the transaction is in your best interest. After the approval, you send a copy of the structured settlement to your administrator then get your lump sum.
If you follow the above steps, you will be in a position to sell your structured settlement well. Always be cautious of brokers and illegitimate companies. Do your research and take your time.