Is it possible to sell my structured settlement?
This is the one question that we are asked more than any other, and the good news is that in most cases, yes you can.
A structured settlement sale is nowadays more than likely allowed, though you will need to sit down with an attorney or a broker who is experienced in such matters to go through the small print of your annuity documents and make sure.
Before a recent law change in 2002, it wasn’t always easy to sell structured settlement payments as many policies had a clause inserted into them saying that they were “non-assignable”, meaning they couldn’t be sold to anyone else.
However, the 2002 federal law change ruled that any language mentioning “non-assignable” payments can now be ignored, so in most cases it is possible to sell.
So how do I sell my structured settlement?
Selling is quite a complicated process and so it’s advisable to seek the help of a lawyer to assist you with the transaction from the very start.
A legal expert will be able to answer most of your questions about the process, from finding a buyer to the all the legal aspects of selling a structured settlement for cash.
They will also be able to protect you from any unscrupulous companies out there that try to buy your settlement for less than the going rate.
Depending on the buyer, they may or may not pay for your legal fees and so one thing to check for when comparing quotes is whether or not they stipulate they will pay your attorney’s fees.
Bear in mind that attorneys are not cheap, so a lower quote may suddenly look much more attractive if it says it will cover legal fees.
Some companies will even agree to cover your legal fees in the event that a judge refuses your application to sell your annuity, and so any offer that contains this clause may well be worth extra consideration.
How much money can I get when I sell my structured settlement?
This will depend on various factors; the biggest one of course will be the buyer and what they are prepared to offer.
The way the process works is that you submit to them the details of your structured settlement annuity and then the prospective buyers will get back to you in 24 hours or less with a quote.
At this point, beware of any company that says you have to pay for a quote! A good structured settlement company will not charge for quoting a price.
When selling a structured settlement, the main factors that will affect the price you are quoted will be the total remaining value of your annuity, the structure of the payment schedule and the remaining years left on the agreement.
In order to get the best possible deal when you think “I want to sell my structured settlement” remember that patience is a virtue.
You should try to obtain as many quotes as you can before coming to a decision, and you should carefully go through each quote and then research the background of the companies you are considering.
Only by taking time to carefully consider every aspect of the offers on the table will you be able to find the best deal.