Things To Avoid When Selling Structured Settlement Payments
You have chosen to sell structured settlement payments because you have a distinct financial need that your settlement plan is not meeting. So it is imperative that those needs are met through the “sale” of your payments. In order to do that you will need to protect yourself and avoid the pitfalls that can impact people who sell structured settlement payments.
Things To Avoid When Selling Structured Settlements
This list of things to avoid will help ensure that you choose a good funding partner, one who is both ethical and dedicated to your prosperity. Partners who are professionals will always treat you well and take your financial best interests into consideration first. To tell the pro’s from the cons, look out for the practices and characteristics that lead to ill-fated structured settlement funding.
- False promises. This is a big one in the industry among unscrupulous settlements buyers; they promise fast funding and expedited returns, when in fact they have little power over the speed of the process because court approval is involved. The average time for court approval is 90 days, with some states being quicker (45 days is about the bare minimum) so beware of companies claiming that they can process your purchase in a matter of weeks. No one can speed up the courts! The only thing that will expedite your processing is efficient, accurate preparation and application.
- Poor preparation and support. This brings us to the next issue. Avoid representatives that do little to support you, or that are not a good information resource. Find a company that provides excellent customer service and will help you with anything and everything possible so that errors are not made in your court petition-errors that will result in a denial of your request.
- Youth. Youth is admirable in some respects, but when it comes to selling structured settlements you need to deal with an experienced company with a strong track record of success. Choose an industry leader with years of experience to back them, and look for referrals, testimonials, and references.
- Non-disclosure. A company that hides something is a company with something to hide. And a structured settlement buyer that hides things from you is probably hiding hidden costs and extraneous fees. A reputable company will be upfront with costs, rates, and fees, and will fully disclose every penny of the transaction to you before signing and court filing.
Important: Structured settlement factoring is an expensive transaction. It is a financial last resort for someone with significant financial need. It may be in your best interests to find another solution, and a reputable factoring company will go over the financial impact of a structured settlement factoring transaction.
Haste Not, Choose Well
It does take some time to choose the right buyers for your structured settlement payments. But it is well worth your time and effort to find the right partner-one who will consider your needs and tailor a purchase plan to you and your finances, and one who is guilty of doing none of the above. Feel good about your funding choice from the start.
Related posts:
- Why Selling Structured Settlement Payments Might Be The Choice For You
- What Is The Advantage To Only Selling Part Of My Structured Settlement?
- Purchasing Payments from an On-the-Job Injury Settlement
Submitted to Misc Stuff
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