Are you planning to sell your structured settlement? If you are doing it for the first time, you might face a little difficulty. You might also end up screwing yourself and engaging in a bad deal; all because you don’t know much about structured settlement sales. And letting you experience such an adverse situation isn’t on our list. That’s why below we have given every crucial information that you must know on this topic.
Let’s start with learning – How Does Structured Settlement Sale Work?
Structured settlement sales begin with a want or need. For example, you want money to pay for your college loans, or you want to purchase a new house but don’t have enough annuity payments to match your needs or wants. So you decided to exchange cash for structured settlement payments.
You might also wonder, “can I change my structured settlement to avoid selling it?” No, you can’t. Once the at-fault party and you reach out to the terms and the insurance company picks the annuity, the terms get fixed and finalised. And that’s the situation where a structured settlement company comes into play.
You can sell your structured settlement in return for full payment of your total compensation. Let’s say if you get $5000 annually for 5 years, you can sell it for $25000 – all at once.
However, before contacting a structured settlement company, one must take proper precautions and do their own research.
Start with the following steps:
1. Talk To Your Attorney
Contact your attorney from your settlement case. Then ask them, “can I sell my structured settlement?”. Consulting your lawyer will help you know if you are violating any terms of the agreement, which might affect the sales. Talk to them about your need to sell your settlement or a portion of it. Move forward only if your attorney gives you a green flag.
2. Decide For What Reason You Want To Sell Your Structured Settlement?
The sales process of your structured settlement goes through the court, where a judge will evaluate your case and decide if it’s worth proceeding. That’s why it’s important to decide a strong reason for why you want to sell your structured settlement. Believe us, reasons like- you need a car, need money to secure or purchase your home, don’t work in the courtroom. The judge won’t transfer in your interest. So make sure you sit down with your attorney and determine a strong and legitimate reason that will fix your win.
3. Find A Structured Settlement Company
There are so many companies that buy structured settlements. Look at your options and determine the right company who is willing to agree with your terms and demand amount. Make a list of such firms and ask for quotations from each of them. This way, you’ll have a clear idea of which company is good to deal with and which isn’t. Also, make sure to look at the past dealings of your company, and make sure everything is OK. Because if you don’t judge is obviously going to do it, and if he finds any problem – it’s you who will be in trouble.
4. Wait For Court Date
Prepare yourself mentally to wait for a month or two before actually entering the courtroom to face the judge and convince him to approve your proposal for a settlement transfer. If you urgently need cash, you might ask your settlement company to pay you some money in advance instead of waiting for the approval and then moving forward to buy structured settlements.
Before selling your structured settlement, make sure to do proper research and prepare yourself for everything. This will improve your chances to get the judge’s approval. Plus, you might earn the purchase offer way before your expectations.