Finding the Best Structured Settlement Purchaser for Your Structured Settlement Annuity
Finding a structured settlement purchaser to buy your structured settlement annuities can be a very smart move when times are hard and you need to get hold of some funds quickly.
It’s important that you consider all possible options to raise money when you have a sudden, unexpected expense come up, and selling your structured settlement is definitely a viable one.
Still, you need to think very carefully before going ahead and selling your personal injury annuity, which you were rightfully awarded to compensate you for an event which has severely impacted on your life and your ability to earn money.
One option might be to find a structured settlement purchaser who is willing to buy only part of your settlement if you are concerned about losing your future income; indeed, many such transactions result in only half the annuity being sold.
The very first thing you should do if you have decided to sell your structured settlement, even before you located a structured settlement buyer, is to find yourself a trustworthy broker who will take care of all the negotiations and the processes you have to go through.
These types of deals can be quite complex – you may even want to speak to a lawyer as well, in order to assess the reputation of any company you consider selling to.
Lastly, before you go any further, check with the insurance company that handles your settlement annuity and make sure they allow these polices to be sold, as not all of them are open to the idea.
When you’ve done all of the above, you’re ready to start researching for a structured settlement purchaser.
Be very attentive to the quotes that you are given by the various companies you approach, as these can vary quite considerably from company to company – you can consult with your broker or your lawyer about what is a reasonable offer based on what remains of your structured settlement money.
Another thing to do before going ahead with any sale is to make sure that the company you are considering has a solid reputation, so do a little background research.
What you need to find, ideally, is an established company with a long history of buying structured settlements.
Before completing any structured settlement sale, it’s also necessary to obtain legal approval for the transaction from a local judge.
This should be simple enough for your lawyer to take care of, although you may get lucky and be able to find a structured settlement purchaser willing to do the legal work for you as part of the deal.
Things you will need to provide include copies of your structured settlement annuity and details of your insurance provider.
The processing time for this type of transaction varies from case to case, but in most cases it should be completed within two or three weeks at the most.
Finally, just remember that your settlement is not something to throw away lightly. It was awarded to you precisely because you need it to live on, and once sold you will never be able to get it back. You must be ready for that.
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