Structured Settlements are usually bought by companies that rare referred to as Factoring Companies. Before selling your structured settlement to these companies, it is essential that you must make evaluation for their history and rating along with their offers.
Finding best Structured Settlement Buyers:-
If a person is interested in selling their structured settlement than a buyer referred to as Factoring Company is always willing to do so. They buy it in exchange for a lump sum amount of cash. Structured settlements bought by either factoring companies or individual buyers are always bought through secondary market. This secondary market buying and selling is highly regulated due to competitive nature of industry.
Finding the best Structured Settlement Buyer:-
A quick Google search online will reveal many of the annuity or structured settlement buyers on your screen instantly. While choosing these buyers you must consider many factors for choosing the right one. The highly reputable and trustworthy buyers that you should choose have following qualities.
- Helpful Customer Service representatives
- Multiple communication ways to get in touch
- Offer competitive offers
- Offer immediate cash advance option
- Must be licensed and also following proper regulations
- Must have high rating from Better Business Bureau
- Must offer a direct timeline as when you will receive money
- Proven record for Customer satisfaction
- Familiar with state laws
- Must provide full disclosure of the contract
- Must recommend on their own that you should take to a lawyer or an accountant
- Must have positive reviews online or from their Local Chamber of Commerce
- Low denial rates
- Must have stable financial health
You must never feel like you are being rushed, confused, or being forced in selling your structured settlement. If you have any of these feeling then this is a red flag and you must not work with them.
Hiring a broker is also helpful in this selling process. Like a realtor who sells home, broker will get the best quotes for your structured settlements from buyers who they have previously worked with. Broker will also explain everything in detail to you and even fill out the paper work. When hiring a broker, you must ask for their brokerage fees ahead of time and also confirm if they are licensed and certified.
Find the optimum Structured settlement Quote:-
Important part in choosing a buyer for your structured settlement or annuity is to know how much they are offering to pay in receiving the right of your future payments. These quotes can be obtained easily over a phone call. When selling structured settlements, these companies take Discount Rate a certain amount, which you must forfeit to receive the immediate cash against your actual structured settlement payments.
These buyers give quotes based on ever changing factors among which following are the most common one.
- Total money in your annuity
- Due date for annuity payments
- Number of annuity payments you are selling
- Current market rates
- Rating of the insurance company from which your received annuity
- Fees and extra charges
Important questions to ask from Structured Settlement or Annuity Buyers:-
When you make the decision of selling your annuity, you must not hesitate to interview these buyers. Following questions will surely help you in determining the expertise and capability of these buyers.
- What agencies are you certified or licensed from?
- When will my free quote expire?
- How much cash advance does your company offer?
- How long have this company been in business?
- What are the total fees and extra charges associated with purchase of my annuity?
- How much time this whole process takes?
- Will your personal attorneys take care of the whole process?