A structured settlement broker will help anyone who has a large cash award settlement that he or she wishes to sell. Many times payment awards given through the courts are broken up over years but in cases where a lump sum payment would be beneficial the full award is often given. It can often be a very daunting task when suddenly faced with a huge sum of money in making the right choices; this is where a settlement broker can help.
What Does The Structured Settlement Broker Do?
The Structured settlement broker will buy the original contract with the courts approval and pay the seller with a large cash sum. The broker can help a person to get the best deal from the settlement award, but be careful when choosing a broker as some are less than ethical and do not have the expertise in getting you the best deal.
The qualified broker will know many different options that are available for you of which may include temporary annuities, designated annuities, lump sum payoffs and contingent awards.
How to choose a broker
Obviously those brokers who have been in business a long time will have proven records that you can check and they will be more than willing to show you references and past cases they have been successful in.
The structured settlement broker with excellent business credentials will almost certainly be listed in the better business bureau and this is a good place to start when looking for a broker.
What to Watch Out For
There are certain points to be aware of when taking on a broker Don't sell to the highest bidder. While this may in your favour sometimes brokers will make a high bid just to get you under contract.
Quite often once you have taken on there service they will then make excuses and start reducing the original offer made. Check with the better business bureau to see if there have been any complaints, if there has then stay well clear.
Don't sign anything until you are sure the broker is reputable.
Don't believe them if they promise you'll have your money in just a few weeks, the amount of time taken to close the deal is not governed by the broker and this is a false statement on there behalf.
Don't give in to your emotions or be blinded by your needs, the thought of having a large sum of money to spend as you like can be an exciting prospect but one which can sometimes blind you. Even though you might be exited or perhaps even in desperate need for the money, stop and think before settling because some brokers could take advantage of that fact.
Don't be misled by the broker into thinking you have to sell the whole settlement, it may be in your best interest to hang onto some of the settlement and sell it at a later date. The well informed and ethical broker will know all these points and will take you through all of the options they think will be of the most benefit to you both now and in the future.
Never be afraid to ask questions or ask for credentials as the honest broker will have nothing to hide.
