If you’re receiving structured settlement payments, then you have a reliable, stable source of income for the long term. This offers significant advantages over a lump sum payment. For instance, it prevents you from blowing through that amount very quickly, which is much more common than you might think. Just look at the number of lottery winners who go bankrupt. However, there are times when having all of your money is not only a good idea, but vital. When these situations occur, you need to know how to find the best structured settlement companies to help you sell your payments.
One of the first things you should look for when comparing your options to find the best structured settlement companies is the length of time they have been in business. While there’s technically nothing wrong with working with a new company, one that has an established history going back several years is a much more stable bet. Brand new companies have no history, no track record for verification and might disappear tomorrow.
Another thing you’ll need to consider is the company’s reputation. Obviously, you want to work with a reputable company, but it can be tough to determine what that reputation is. While most companies will offer testimonials on their website from past customers, these are always suspect. One excellent way to find the best structured settlement companies is to ensure that any company you’re considering is registered with and rated by the Better Business Bureau. This not only ensures that the company is on the up and up, but that you have the means to conduct further research into their business practices, customer satisfaction history and more.
Finally, you’ll discover that when you find the best structure settlement companies, they will have one thing in common – the ability to get you quotes from buyers very quickly. This gives you the ability to start comparing offers right away. By comparing a significant number of offers from different buyers, you can easily get the best possible deal and ensure that you get as much of your money as possible from the sale.
Keep these tips in mind when comparing structured settlement companies and you’ll be able to enjoy all the money that is coming your way from the settlement.
Structured settlements are very common today. You’ll find them in the insurance world, in personal injury and product injury cases, and even with lottery winners. While lump sum payments are still made, structured settlements are the most common option, whether you’re speaking of legal settlements or a lottery payout. How do structured settlements work? What do you need to know about them?
The first thing to do is understand exactly what a structured settlement is. They’re pretty simple. In essence, a structured settlement takes a specific amount of money awarded to you (through whatever means), and breaks it up into periodic payments. These payments are sent to you over a specified period of time, until the entire amount is paid out.
When looking to understand how structured settlements work, it’s important to know the benefits offered here. While it’s true that you won’t have all of your money upfront, there are some advantages. For instance, it won’t be possible to spend the money frivolously – this happens more often than you might think. It ensures that you have money coming in that you can count on for some time to come. It also ensures that you don’t have to pay taxes on those installments (when structured correctly).
When looking at how structured settlements work, you’ll certainly find a few drawbacks to the situation. The single largest drawback is that you don’t have access to all of your money, nor can you change the payment situation once it has been set. Therefore, if your living situation changes or you encounter serious financial problems down the road, there’s very little benefit to your payment plan. In fact, it can be very frustrating to know that you have a considerable amount of money due you that could make a very real difference in your life but not be able to get at it.
For anyone frustrated with how structured settlements work, there are ways around the situation. For instance, there are companies that will buy your payments for a lump sum. You won’t get 100% of the money coming to you, but you’ll receive it all at one time. Moreover, you can use that money for anything you might need, from paying off creditors to renovating your home. If you choose to sell structured settlement payments, make sure you carefully vet each buyer to find the best choice.
Annuitized payments can help offset your bills by providing a stable, reliable source of income over the long term. Most annuities are paid out over a significant period of time (including lifetime payments), which can offer considerable peace of mind for those with a limited income. However, that doesn’t mean that structured payments are ideal for all situations. If you’re asking yourself how do I sell my annuity, chances are good you’re dealing with this type of situation.
First, understand that you cannot sell your annuity for just any old reason. You can’t sell your payments so you can afford a nice vacation. You can’t sell just because you want to buy an RV or want to invest in a second home. All structured settlement sales (including your annuity) have to go before a judge who will determine if there is a need for the sale. That means that the first criteria you have to meet is need – your financial situation must be such that selling your annuity will be beneficial (or vital).
Once you determine if your need is likely to be applicable for sale approval by a judge, you need to find companies that buy annuities. There are plenty of them out there, but it can be hard to locate and contact them on your own. This will require significant legwork and time invested. Once you find several companies, you’ll need to get them to submit an offer and then vet the various offers.
There’s an alternative to going it alone in this tricky situation. You can work with an experienced structured settlement company that has connections to the most reputable companies that buy annuities. When answering the question of how do I sell my annuity, having a helping hand in the process is invaluable. With the right brokerage, you can start receiving offers to buy your payments within mere minutes of submitting your information.
It’s not all about speed, though. Another benefit of working with a brokerage is the fact that you benefit from their experience and connections. This company works on your behalf to ensure that not only do you receive offers fast, but that those offers come from reputable buyers rather than unscrupulous companies. As you can imagine, that helping hand can provide some significant peace of mind, as well as a faster process.