Understanding the Process of Selling Structured Settlements
Structured settlements are payments made to people who have suffered catastrophic injuries and are usually paid over a lifetime or for several years. While these payments are meant to offer financial peace of mind due to injuries caused, they are not always enough to meet every need. Due to this, some people are considering the option of selling part or even all their structured settlements to get cash they can use for other critical needs. Here are some vital points to keep in mind when it comes to selling structured settlements.
Determine if selling your structured settlements is the most suitable option for you or your family. It’s important to understand the most important questions you should be asking yourself. Is the cash needed urgently? Are you reasons to sell your settlements valid enough? Valid reasons that could be accepted include paying for college education, buying a home, starting a business or paying off credit card debt and other debt. Have you considered other better ways to raise cash? Is this decision going to impact you financially? Unless you have concrete answers to these questions, you should reconsider this decision.
Get to know the value of your structured settlement. You will want to research the most established companies specialized in buying structured settlements. You will have to request for quotes from at least three of them and then make comparisons to help you choose the best one offering competitive offers for your settlement payments. Ensure that the quote comes with written details like home many months of your settlement rights you plan to sell and how much you will be paid. By working with an industry leader, you are assured of a smooth process and getting your money as soon as possible.
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Be prepared to produce documents required for verifying your structured settlements. The paperwork should include the contract you and the insurance company signed authorizing the settlements. Each state has a specific set of regulations outlining how the process should be handled. In most cases, you will need to have a local lawyer to guide you before signing any agreements or consult a qualified professional specializing in structured settlements. If the cash offer is satisfactory, you will be given the necessary documents to sign and send them back so that the legal process can begin.
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After signing all paperwork, a local lawyer will help you file them in court. After that, a date is set for the hearing which can take 30-60 days. In most cases, you can also get a quick settlement cash advance as you wait for the judge’s approval. During the court hearings, you will stand before the judge to explain why you need cash and also prove that your decision will not cause financial problems to your family. If the court accepts the transfer, the issuer is notified of a transfer order which they have to acknowledge before paying you the cash. By following these steps, you will have a better understanding of selling structured settlements.