Structured settlement purchasing companies buy the future payments of structured settlements and pay lump sums in return. For maximum benefits, it is essential to have a deeper understanding of your options and rights as a structured settlement holder. A structured payment can help you achieve long-lasting financial security after your personal injury lawsuit, as you’ll be receiving a steady stream of tax-free income every month.
However, you might happen upon investment opportunities or need money to settle urgent financial needs. In such situations, selling your payments for a lump sum may be a better solution. Going with the right structured settlement company is essential to get the highest amount of money, and out of most structured settlement companies, We Pay More Funding has some of the best offers in the market.
How do They Work?
Structured settlement companies are also called factoring companies. They offer customers lump-sum amounts for their future payments. A structured settlement payment is a court-sanctioned annuity that pays money to a plaintiff on a periodic arrangement.
As mentioned previously, there are numerous reasons why you might wish to sell your structured settlement. Often, people do so to settle outstanding medical bills and sometimes to get down payments for their homes or pay their mortgages off. If you want to sell, it is essential to compare the different settlement companies in the market to get the best deal, and here are some things to
1. The process
Once you reach out to a company, they should give you a quote and take you through the whole process of selling your structured settlement. Overall, this process should be more or less identical across reputable companies.
2. Offering Options
Determining the options presented by the purchasing company is another way to settle on the best deal. Sometimes, they will push you to sell your entire settlement when selling a portion of it will take care of your needs. Be cautious of predatory acts like this.
3. Customer reviews
When reading customer reviews on a particular settlement purchasing company, you are likely to see some complaints. However, you must remember that different people have different experiences dealing with each company, which shapes their opinion. For a better assessment, look for review trends on that particular company.
4. The advance
When plaintiffs are selling their structured payments, the buying company may sometimes offer them an advance, a kind of up-front amount recouped from the lump sum. That might come in handy if you urgently need some money while their deal is still processing.
It is important to note that just because a company offers you an advance doesn’t automatically make it an industry leader.
5. Better Business Bureau score
A Better Business Bureau score measures multiple customer service related topics. While it isn’t the ultimate measure of a structured settlement companies customer satisfaction levels it will help you get a better feel for how they do business.
Selling your structured settlement in cases where a lump sum would be more instrumental and convenient is not irresponsible. However, ensure you work with a great purchasing company for the best price.