How to Find the Right Structured Settlement Buyer

If you want to sell your structured settlement and get a lump sum, you'll need a great buyer of structured settlement payments to make sure you get the highest lump sum possible. Hundreds of brokers are out there to help you locate funding sources. There are also some major funding companies that will buy your settlement payments directly.

The most difficult phase of selling a structured settlement has to be choosing the best offer. The advertisements many buying companies use to entice clients tout fast cash for little hassle. Contrary to their claims, years of misuse of funds compelled the government to impose protective restrictions when selling structured settlements. This does not mean that selling has become impossible, only that it now requires more coordination on the part of the buyer and seller.

Because of some dire financial need, you may be convinced that your reasons for selling your structured settlement are justifiable. However, the court system may question the necessity of such an extreme action. Therefore, it is in your best interest to hire a lawyer to assist with the sale. A highly skilled lawyer can help by suggesting a fair market value for selling the settlement; reading over the buyer’s quote and the subsequent sale contract; and of course, representing the seller in court.

There are countless buyers who want a piece of the structured settlement market. Whether their offers are legitimate or not, their crafty salesmanship paints such a dazzling image that makes choosing quite a challenge. But by keeping an eye on telltale signs, sellers like you can avoid the untrustworthy buyers.

1. Structured settlement buyers will profit from buying the structured settlement. Shifty buyers can be avoided by carefully listening to their sales pitch. If they try to convince you to cash your entire structured settlement or attempt to offer a considerably lower quote than expected, beware.

2. Check with the Better Business Bureau (BBB) if the buyers you are considering have any negative records with them.

3. There are costs involved in cashing in a structured settlement, including the court costs to meet with the judge. Some settlement buyers will pay those court costs and any fees involved, and some won't. Check around.

No matter whom you choose to buy your settlement payments - broker or funding company, make sure you take a look at the following:

·What is the company's history?

·How long has the company been in business?

·Does the company list names of managers or owners?

·What are the company's credentials?

·Is the company listed with the Better Business Bureau?

·Do they list testimonials from clients or customers that can be verified?

·Do they have a list of frequently asked questions that shows they have the necessary knowledge to be a successful buyer of structured settlements?

·Do they tell you if it's in your best interests to sell just a partial amount of your settlement and not the whole thing?

·Do they list in dollars the volume of cases they've handled?

·Are you comfortable that you're being given time to make a decision and not being rushed?

·Do they provide you with a free quote?

By doing some simple research, you can ensure that the structured settlement buyer you have chosen has both the knowledge to work through the selling process, and the integrity to consider what would be in your best interest.

Structured Settlement Brokers

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.

Source