Are you considering the sale of your structured settlement annuities?
While the annual payments are always nice to have, you may have an immediate need for a lump sum of hard cash which you can use to invest, buy a car, pay medical fees etc.
If so, then you can definitely consider selling your structured settlement funding, either all of it or just a part of it. Both options are possible, yet the transaction is not always such an easy thing to do.
Make sure you follow the tips given below in order to get the best possible deal on your structured settlement sale.
Research a buyer for your structured settlement annuities
You need to research structured settlement companies that can buy your future payments, as there are many to choose from and not all of them offer great deals.
One good idea is to use the internet to search for potential buyers, make a shortlist and then compare testimonials and customer feedback to see which are the best ones.
You can also check into them more by contacting the Better Business Bureau. Make sure the company you deal with has a good reputation.
Check buyer certifications
You need to make sure that the company you convert your structured settlement annuities with is not only reputable, but also correctly registered with the appropriate governing bodies.
Should you sell to an illegitimate company, you are risking the loss of all or part of your structured settlement money.
Failing to understand the legal ramifications of such a transaction can have terrible repercussions, so it may also be worthwhile to consult with an attorney.
Understand your rights
It helps to understand what your rights are before you embark on any transaction concerning your structured settlement.
First off, you should know that it is completely legal and above board to sell your future entitlements under a structured settlement deal, however both parties in the transaction will be required to meet certain conditions as specified by the law in your state.
Most US states have laws pertaining to the sale of structured settlement annuities that will allow you to sell with very little risk, but even so it helps to know the legalities of the transaction before you agree to it.
Ensure you have a viable plan
Make sure you carefully evaluate your current financial position before you decide to go through with selling your structured settlement.
Don’t forget that once you sign on that dotted line with your structured settlement company, there is no going back.
Consider all other options open to you first, and only sell your future entitlements if there really is no better option.
The last thing to do is obtain some quotes from the various firms that you have shortlisted to see what kind of deal they offer you.
Once you have a figure and the terms of the deal in front of you, you can come to a final decision about whether or not the transaction is really worthwhile.
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