Deciding to sell a structured settlement is a big decision for a victim. Deciding that the small payments received from a structured settlement aren’t good enough and a large lump sum would be better takes a lot of thought. Knowing what the process is and how the process works is very important. Here are five steps that happen while selling a structured settlement.
1. Decide to Sell- Deciding to sell the settlement is the first step, of course. But the reason to sell is important. A victim can only sell a structured settlement if it is in their best interest. This can be home or car repair, or furthering education, or even starting a business. These are not the only valid reasons, but are some of the best. A person who has outgrown their settlement can even use the proceeds from the sale of their structured settlement to go on a dream vacation.
2. Get Quotes- Getting a few quotes from different companies may be the most integral thing a victim can do while selling a structured settlement. These quotes will allow the victim to find the company that will do the most for them. Also, different companies will offer different things. Some companies will offer a cash advance while others won’t. Some companies will also be able to get things done faster, which will be covered later.
3. Court Appearances- In some states, the victim will have to appear in front of a judge before they can sell their structured settlements. These appearances are to convince the judge that the sale is in the best interest of the victim. However, in some areas, the victim does not have to appear. The lawyers supplied by the company buying the structured settlement can show up alone.
4. These Steps Will Take Some Time- Selling a structured settlement will take between two to three months. This is the time between petitioning the court for sale and having the sale approved. However, as stated above, some companies will give cash advances, so a victim will most likely not be without funds for long.
5. Take Charge- This is the real motivation behind selling a structured settlement. If a victim is frustrated by the small payments they are getting from their structured settlement, selling can allow them to take control of their lives. Taking care of debt, or settling medical bills, or even starting a business can help a victim move forward with their lives, and take control of the happenings around them. there is a good feeling knowing that the funds are there when problems arise. This can be the best step in selling a structured settlement: Being comfortable.