Selling your structured settlement may be something that you have to do. The good news is that there are countless companies that want to do business with you. The bad news is that there are many companies that won’t give you a fair price or that will charge you outrageous fees. Some companies will offer you one amount only to come back with another amount later, claiming that they no longer can offer the original amount. Others will hide fees that you do not know about until the last moment claiming that they were part of the agreement all along. Selling your structured settlement can still go smoothly, but it is up to you to find the appropriate buyer for it from the start.
The Qualifications Of A Buyer
Consider your structured settlement your investment. No matter how badly you want to cash that investment out, you should still realize that you don’t want to be offered anything that makes the investment worth less than what it would be worth to you in the future. Yet, the way that structured settlements or annuities are set up this requires significant shopping. For example, you can cash in the value of the settlement now, which may mean getting a substantially less amount than if you let the settlement payments continue. The question is, will the money you get today make a big enough difference in your life today to outweigh the cost?
Nevertheless, here are some of the most important considerations for the buyer of your annuity.
- Find out who the company is. Do your homework online and learn all that you can about the company that is buying your annuity.
- Determine what they can offer you and get it in writing. Read all the fine print and have a trusted attorney work with you to insure that it is providing you with the most honest results.
- Check out the company through various sources. You should consider the Better Business Bureau and the Department of Consumer Affairs in the location in which the company is located. Do a simple search on the web for reviews or information about the company in general.
While you do not have to work with an attorney through this process, it is almost an essential choice. If the buyer changes his offer or inserts other terms that are not brought up front to you, you could lose a substantial amount of money, end up getting very little back and find yourself without any funds at all. You can avoid this with an attorney and/or a financial adviser. This process doesn’t even have to take you a long time, so long as it is thorough.
Selling your structured settlement or annuity payments is an option that you can choose to use. But, the process of doing so should be one that you take seriously and with the use of research, you should find every detail you can about the buyer you are working with. This will make sure that they are offering you what is fair and what is honest. In the end, you’ll benefit from the fact that you will get the funds you should be getting and with zero problems.