Selling a structured settlement gives you access to most of the funds allotted to you in the court settlement. This can provide essential financial help for those struggling to make ends meet. However, you need to go about the process the right way to ensure that you’re really getting the best deal possible on your structured settlement. In addition, there are a few caveats to the process that you should understand before you start trying to find a buyer.
The first step is to make sure that you have a genuine financial need. Your structured settlement sale will have to go through the court, and one of the factors that the judge will consider before allowing the sale is your financial situation. Genuine financial need must be proved, or the judge is likely to deny the sale and make you continue with the structured payments. This can be tricky to do, as what constitutes financial need to you might not to the judge. If you’re in doubt, consult a lawyer for help understanding whether your situation qualifies.
Once you’ve determined whether you have a genuine financial need that would make selling your structured settlement a good idea, you’ll need to find a buyer. A wide range of companies buy structured settlements, but they’re certainly not all created equal. It’s obviously in your best interests to ensure you choose the right company. Some companies offer very low percentages of the total remaining settlement amount, while others do their utmost to ensure they’re being as fair as possible. You must make sure that the company you’re selling to falls into the latter group.
Getting quotes from different buyers is the third step, and potentially the hardest. This is particularly true if you’ve never been through the process before (which accounts for most people selling structured settlements, actually). You’ll need to answer questions like where to find buyers, which buyers are worth your time, how you get your sale in front of them in the first place, and quite a few more. Failure to go about this the right way can result in serious problems (a low percentage in your sale, for instance).
Mapping the Path Forward
While selling a structured settlement gives you access to the majority of your settlement amount and can be a vital aid in repairing your financial health, there are some problems here. The best path forward might be to find help – a third party with experience, expertise and a reputation for putting their clients first. These firms give you the ability to put your sale in front of qualified buyers and then accept bids on the sale. You get to choose the bid that appeals to you most, ensuring that you’re in control of the entire process from beginning to end. Working with a third party is the best option for any one hoping to sell their structured settlement without headaches and hassles.