Structured Settlements: Finding A Partner To Purchase Structured Settlements
Finding a partner to purchase structured settlements is one of the most important steps in the entire process—quite likely the most important step; because without a reliable, knowledgeable funding partner, you cannot maximize the outcome of your structured settlement sale.
Open And Honest Dealings With Your Partner to Purchase Structured Settlements
In all dealings, from the first call to your most minute or complex question, your partner to purchase structured settlements must be open and honest and willing to inform and educate you. You should never feel that they are withholding information, whether it be in regards to your rights as a structured settlement seller or the terms of the contract and sale. Do know that almost every US state has laws that require open disclosure of all terms of the sale, and that it is the law that you be given all details as well as the opportunity and advice to seek the advisement of an uninterested third party (such as a structured settlement attorney, accountant, financial advisor, or another) - this MUST be someone completely separate from your partner to purchase structured settlements.
What To Look For In A Partner To Purchase Structured Settlements
There are a number of things you should look for as you choose your structured settlement partner. You want a professional with the funding behind them, as well as the experience, to back their contract, and one who is at least as interested in helping you (if not more so) as he is in helping himself. In many cases there are legal safeguards to help you choose rightly, but knowing ahead of time what to look for will ensure that there is no room left for an unscrupulous structured settlement buyer to take advantage of you (because unfortunately, there are still vultures out there even with the involvement of the courts).
To put yourself in the best possible position, and hence to reap the greatest rewards from your structured settlement sale, you need to make sure that you check for all of the following.
No False Promises
First off, you should go into your search for a partner to purchase structured settlements with some knowledge behind you. That includes knowledge of the process, knowledge of your rights, and knowledge of the buyer's obligations. When you know something about these things, you'll be able to spot when someone is trying to cut a less than favorable deal.
Be on the lookout for companies making false promises (which indicates that they are not as honest as they should be). One of the biggest promises that structured settlement buyers will make to get your business is to promise faster than average funding. The truth of the matter is that there is almost no way to expedite the process because most structured settlement transfer cases require court approval. That happens at the speed of the court, not the speed of the buyer, and takes an average of 45-90 days, depending on the courts that will reside on your case. The best that a partner to purchase structured settlements can do is to do their part well to make sure all documents are completed accurately and on time, and that time is not wasted prior to filing (or that mistakes be made that would cause the court to deny the transfer).
A Proven Track Record
As in all things, you want to deal with a partner to purchase structured settlements who is a funder that checks out—one with a clean, proven track record. This funder should be able to give you a history of their record for court approval and of successful structured settlement sales. They should be able to provide you with references and testimonials from happy, satisfied clients. And they should also check out favorably (or at least with no complaints) with organizations like the Better Business Bureau and the National Structured Settlements Trade Association. Do note, however, that neither the BBB nor the structured settlement association will endorse any one buyer, but they will be forthcoming with the names of those who have had dealt poorly in the past.
Personal Service And Tailored Structured Settlement Purchase Plans
Above all, look for a buyer of structured settlements that treats you personally. Each sale and transfer of annuities is unique, and the needs of sellers are highly individual. There is no one templated plan that works for all sellers to achieve their end financial goals. It is an absolute must that your partner in the purchase of your structured settlements treats you as an individual and works to develop a customized, tailored plan that is in your best financial interest.
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