Tips for Selling Structured Settlements
Selling your structured settlement is a process which begins with organizing your thoughts into a clear idea of what you need. This will not only help you attain your goal, but give you a starting point when you go out to find a qualified buyer of your settlement. This preliminary footwork is important. It is tragic how many people seeking to sell a structured settlement, fail to do the proper planning, and end up with only a mediocre experience. Here's what you will need to get started.
What Does Your Structured Settlement Agreement Actually Say?
You will know a lot about selling your settlement by looking back over your agreement, paying particular attention to the foundation of the payments (are some payments larger than others? Are they adjusted for inflation?). You should also take note if the payments are "guaranteed", or if they will transfer without penalty. The answer to these questions will affect the amount of your lump sum payment.
What is Your Goal?
Some sellers choose to sell all their remaining structured payments, while others prefer to take what they need, and keep the remaining. The only way to know the answer to this conundrum is to ask yourself how much money it will take to reach your goal, and if you can comfortably survive without the ongoing payments?
What are Your Options?
Occasionally, your options will be obvious. However, often, you will find that you have a number of ways to break up your payments. This will all depend on your current financial needs, outlook, and job security. Who's Going to Get You What You Need? Once you have a clear idea of what you need, and what you expect from the deal, it is time to seek a structured settlement company to help you achieve these goals. There are a lot of choices out there, and the Internet and Better Business Bureau are two of the best places to start.
For a more on cash for annuities see our guide on how to sell structured settlement payments.