The choice to accept a structured settlement might seem irreversible, but it’s not. Many people find that while a structured settlement makes sense on paper, it doesn’t work well for their personal situation. From back bills to paying for their children’s education, that money could be put to use right away in their lives. There are companies out there that buy structured settlements, though, so you’re not really locked into those periodic payments. What should you know when choosing between companies that buy structured settlements?
Compare, Compare, Compare
The most important thing to remember when selling structured settlements is that not all buyers are the same. Just as with any other industry, there are worthwhile companies and those that should be avoided. How do you tell the difference? The best way to make a wise choice is to compare your options. By comparing offers from various companies, you can determine which ones offer the best benefits.
Key Factors in Your Comparison
During your comparison of different companies that buy structured settlements, it’s vital that you compare several key factors. For instance, you need to ensure that all offers you consider are in compliance with state and federal law. You also need to ensure that you’re working with a company that offers the most cash possible for your structured settlement. No company will offer you 100% of the money that you would eventually receive over the life of your payment program, but you can choose one that offers the chance to receive most of it.
Another factor that you’ll want to consider is a company that will buy only a portion of your structured settlement. You might only need a specific amount of money immediately to pay bills or make ends meet and prefer to keep the rest of your money in structured payments. Not all companies will allow you to sell only part of your settlement, so it pays to compare your options.
What to Know about the Brokerage
The key to making an informed, reasoned decision when comparing companies that buy structured settlements is to work with a brokerage. Ideally, you’ll choose one that has been in business for several years. Industry expert brokers can ensure you receive offers very quickly, and then compare those offers to choose the one that best fits your situation and financial needs.