5 point strategy to sell structured settlements
After a lot of research, contemplation and considerations, you've finally decided to sell your structured settlements. But if aren't quite sure about how to go about it, keep reading. Well, you've come by the right source of information. We will provide you a step by step account of how tackle it, and as you read through the following points, you will be able to understand the prequisites of each step, and which will help you in deciding your next move.
Finding the right factoring company
The first and foremost step towards selling structured settlements is to get the right factoring company to do the job for you. Now, for the million dollar question - how do you find one? With all the attractive ad campaigns taking you for jolly ride, it's very natural for you to get confused. That's where My Structured Settlement Cash can come to the rescue. Our network of settlement buyers provides you the opportunity to get the best quotes when selling your structured settlement.
Consult your attorney
This will most definitely help you make the right destination as far as selling off your structured settlements are concerned. You need to be clear about the terms that you need to follow for the process to be finalized. Often, a personal attorney isn't necessarily the right person to handle the transfer of your annuity payments as it's a specialization for proper handling, but they can probably advise and help give you the comfort you deserve during the process.
Laws and Acts - Know them by heart!
Being aware and informed about the laws of the land concerning structured settlements is the greatest weapon that you can posses to be able to sell your structures to a reliable factoring company. Most of the states have laws which do not allow this procedure to take place. Apart from this, strict laws are in place regarding the sale of tax free structured settlements. Therefore, subject to conditions such as your residential area, reason for requesting to sell your settlement, and the annuity payment terms will play a factor in whether you will be able to sell your annuity or not. As the entire process typically takes around 45 to 90 days to close, it's important to realize the process is not a path to instant lump sum cash.
Measure the offer well
Be sure that the offer you are getting is in accordance with the market rate. It's important to be aware that the companies buying structured settlements are compensated through the transaction to cover time and fees. As such, they make their fees by offering less than face value for a settlement, but keep in mind that they also must wait the duration in order to
Keep a track of the process
The best way to get these things done smoothly is to be at the helm of the entire process and ensure that there are no gaps and glitches in the ways. Make it a point to be in constant touch with your attorney and the company buying the settlement to see how progress goes so that you are able to sell your structured settlement well within a reasonable time, and at a reasonable rate.