How to Sell Your Structured Settlements
A structured settlement is an insurance arrangement where a personal injury claimant agrees to receive some part of the payment on an agreed schedule. Although these payments provide a comforting and predictable source of income, sometimes, they may be too small to continue meeting their needs. There has been a rising number of people selling all or just part of their structured settlements to get a certain amount of cash they need. Here are some vital points to keep in mind when it comes to selling structured settlements.
Ask yourself if the decision to sell your structured settlements is the right thing to do for you and your family. You will have to ask yourself a few critical questions to help you make a decision. Do you really need the cash now? Are you reasons to sell your settlements valid enough? Reasons that could be valid include paying off credit card debt, starting a business, buying a home or paying your kid's college education. Have you considered other better ways to raise cash? Is there a possibility of financial jeopardy due to the decisions you make? Unless you have concrete answers to these questions, you should reconsider this decision to sell my structured settlement.
Find out the real value of your structured settlements. You will want to research the most established companies specialized in buying structured settlements. It's advisable to get at least three quotes for comparison from different companies and select one that offers you the most competitive and reasonable offer. The quote should include written details outlining how many months of your structured settlement payment rights you wish to sell, the amount to be paid and other details. By working with a leading company, you will get your money quicker and also enjoy an easier process.
Be prepared to produce documents required for verifying your structured settlements and settlement advance loans. Include the contract that you and the insurer paying the settlements signed. Each state has a specific set of regulations outlining how the process should be handled. In some states, an attorney's representation is a must while others require that you seek professional guidance before signing any agreement. If you're satisfied with the cash offered, the buyer will send you documents that need to be signed and notarized, which you then return for the legal process to start.
After signing all paperwork, a local lawyer will help you file them in court. A court hearing is scheduled, which can take anywhere between 30 and 60 days. You can opt to get a settlement cash advance while waiting for the judge's approval. During the hearing, you will have your lawyer with you as you explain the reasons for selling your settlements and convince the judge that you're not putting your family at risk of facing financial problems. Once the judge accepts the transfer, the issuer is given an order of transfer for acknowledgment, after which they pay you. Keeping these points in mind makes your work easier when selling structured settlements.
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