Going To Sell Structured Settlement Annuity Payments? Here Are Red Flags To Watch Out From
Are you planning to sell structured settlement annuity payments for a lump sum?
There are some red flags to watch out from. Stay away from dishonest structured settlement insurance companies and brokers who want to trick you in, take advantage, exploit or rip you off.
Deal only with honest structured-settlement annuity companies who act in your favor and interest.
Here are the questions you should ask when you are ready to sell structured settlement annuities in order to make sure you are dealing with a reputable and honest factoring company.
- Is the structured settlement buyer pushing me hard to sell my annuity payments?
- Is the buyer offering me a very high discount rate that is lowering the amount I will be getting in the lump sum for selling my annuities?
- In case I'm selling only part of my future payments, is the company trying to commit me to sell possible additional payments only to them and blocking me from selling them to others?
- Is the company trying to persuade me to evade scheduling a court hearing and sell my structured settlement without getting the approval of a judge?
- Is the company communicating to me the process of selling my structured settlement in clear details, or masking things with high language not understandable to me?
- Is the company revealing to me everything that I need to know, or they are hiding something?
- Is the company disclosing to me all the fees and charges involved? Are there hidden charges? Who is paying attorney fees?
- Is the structured settlement buyer giving me a chance to obtain third party advice and take my time to decide on selling my structured settlement?
- In case I'm willing to sell only parts of my payments, will the company honor it, or buy out my whole policy and take over the responsibility from the original company to hand me out my the rest of my periodic payments?
- What is the company's record, financial status, history? Did it every sign bankruptcy?
- Is the buyer friendly, patient, approachable?
Bottom Line: deal only with an honest, trusted, reputable company. Demand that everything is clearly communicated to you in clear detail and in plain English. Ask for a written disclosure. Ask outside advice if necessary (imperative in some States)
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Check Out Also:
Sell Structured Settlement Annuity Payments
Cash Structured Settlement Annuities - How It Works
Tax implications of selling a structured settlement
Structured Settlement Factoring Companies
Frequently Asked Questions