Did you know that Apple recently paid $500 million in settlement monies after claims that they deliberately slowed down phone models?
You may not be due this much compensation, however, a large financial settlement can change your life. Many choose to accept the payment as a structured settlement. However, later they realize they need the money upfront or face unexpected costs.
Do you know how to sell your structured settlement? If you would like to know more, why not follow our in-depth article to find out.
Clarify Why You Want to Sell Your Settlement
When considering whether to sell your structured settlement, keep in mind that selling will reduce the overall amount that you receive. Each company that touches your settlement amount will take a cut from the total amount. Selling will likely introduce a third party and thus extra costs.
For this reason and more you will want to think carefully before you make the decision to sell.
Calculate Its Value
After you have made the decision to sell, contact a factoring company. This company will provide a value for your payments. From here you can calculate how much money you can receive for a lump sum settlement.
Ensure that you factor in the fees and commission costs of any transactions. You may want to continue your research until you have received prices from a number of different companies.
Compare Your Options
Now that you have received quotes, analyze each one and compare them until you understand the implications of each offer. If necessary, contact the quote providers and ask any questions that you have.
If possible, talk to previous customers to learn about their experiences and any unforeseen problems or costs that they encountered. After gathering this information, you will be in a position to select a company that meets your needs.
Make the Agreement
To finalize an agreement with a structured settlement purchasing company you will need some basic paperwork. This may include:
- Recognized identification documents
- Completed application form
- Copies of documents related to the structured settlement
- Annuity policy information
The company will take these documents and prepare your case for the next set: going to court.
Go to Court
Although the last thing you may want to do is go back to court, it is in fact a necessary part of the process. Fortunately, the structured settlement company will make many of the arrangements for the day in court.
The judge will ask basic questions regarding your decision. These questions may be related to dependents or family members who may have been expecting to rely on these payments for years to come.
Receive Your Payment
After your day in court, you will be rewarded with full payment according to your agreement. This is often fulfilled between 3 and 5 days after the judge makes their decision.
How to Sell Your Structured Settlement and Much More
Life can change very quickly. While it may have seemed wise to choose a structured settlement during your compensation case, you may not need a lump sum to cover an unexpected expense. In this case, knowing how to sell your structured settlement can give you the cash you need.
If you would like to learn more about developments in the legal and financial world, why not check out our other blog articles. We research the latest topics and share them with you each week.