If you just received a settlement, you may find yourself overloaded with a lot of information. From harassing phone calls to having your mail boxes filled with spam, it can be hard to tell what companies want from you and if they’re actually legitimate.
First off- you never have to do anything you’re not comfortable with or ready to do. Never let a salesperson talk you into something that you know nothing about. Do your own research first and determine what the best course of action is for you.
When you’re comfortable and ready to sell your annuity or structured settlement, the first thing you need to determine is how much money you need right now. Have a general figure in mind and also be prepared to explain why you need the money currently instead of waiting for your payments. These will be some of the fist questions you will be asked.
Next, it is important to shop around and check out different companies and what they can offer you. Keep in mind what is important to you at the moment. If it’s the amount you’ll receive or if it’s about how quickly you will receive it. Some companies take a longer time to file and transfer your payments while others can verify your payments and wire you money instantly to hold you over until you receive your sum.
Once you have shopped around and received various quotes, then it’s time to strike up a deal. Be prepared to have all of your settlement or annuity information in hand and ready as this makes the process go much quicker. If you have a benefits letter from the annuity owner (usually your insurance company), make sure you talk to your salesperson about it. Sending a copy of that letter to them can be one of the quickest and easiest ways to verify your payments and get the ball rolling.
From there it is pretty simple. The company will file a petition to transfer the payments of your structured settlement in the county court in which you live. Once it is accepted by the court, you will receive a court date. Some court systems don’t even require you to appear in court. A notary will be sent to your location and all you have to do is sign the dotted line! It doesn’t get much simpler than that!
If you were ever afraid or unsure of the process that it takes to sell your structured settlement or annuity, always do research on the company you are talking with. One of the best ways to better understand is ask the company directly how they operate and what the process will be like. Never be afraid to ask questions! It’s your money and you control it!