Selling A Structured Settlement

Steps For Selling A Structured Settlement

You were awarded structured settlement money released in periodic payments, and after a few years you have decided to sell it and exchange it for one lump sum. What do you do now? Well, the following are some steps that you should take so that you make the best decision. This will take you through the first part in selling your structured settlement.

1. The first thing you will want to do is to figure out what your financial needs now, present and future.  You will want to talk to an attorney or a financial advisor.

2. The next thing to do will be to get in touch with
the provider of your payments, and find out the amount
left, the number of payments left, and your structured
settlement’s terms. Also get all of the contract
information so that you can give it to the buyer.

3. Figure out how much of your settlement you want to
sell. If you sell payments that will be coming shortly
after you sell, you will be offered more money than
those that are coming in the future.

4. Find a reputable structured settlement buyer and
make certain that you are comfortable with them.

5. Get quotes from different buyers, and weigh all
factors before making a final decision. These factors
include comfort level, experience, and reputation, to
name a few.

6. Finally, you will sign a contract with the buyer.
Make certain that you have your attorney read over the
contract before you sign anything.

You have chosen a buyer for your structured settlement
and you are wondering what the rest of the steps are.
Now we’ll take you through the rest of the process so
that you know what you should do to make the process
as easy as possible.

1. Once you have chosen your buyer, you will need to
provide the buyer with some information. The quicker
you gather the information, the less time it will
take, but the process can last anywhere from two to
fourteen days.

2. After everything is in the buyer’s hands, this is a
good time to ask them what about the underwriting
process and how it works. Beware if the buyer says it
will be a short processing time.

3. Once the underwriting process is done, the buyer
will give it to a judge to review. Ask your attorney
if you should appear, and if it’s in your best
interests. Find out from the buyer what the costs are
and who will be responsible to pay them.

4. If your request is approved, the buyer will give
you the money.

The things that you may need to provide are the
following:

Release/court judgment/settlement agreement
The contract from the payment provider or insurance company
Annuity policy Bank statement or stub to verify payment
Your own personal information, which could include a state issued ID or driver’s license.
Copy of divorce decree or marriage license (if it applies)
Any documents discharging a bankruptcy (if it
applies)
Information about your lawyer

Remember this is just a set of guidelines, and each situation is unique.

This entry was posted on Sunday, September 11th, 2011 at 8:42 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.