Considering selling your future structured settlement payments for a lump sum? If the answer is yes, today’s blog has been written specifically for you. Avoid these five mistakes to make the best long-term financial decision for yourself and your family.
Mistake 1: Rushing into the decision too quickly
One thing is clear: selling your structured settlement payments is an extremely important decision that has serious implications for your financial future. However, even if you are under enormous pressure to get cash as soon as you can, it’s still very important that you do not rush into the transaction. Instead, do your best to carefully weigh all the pros and cons related to selling settlement payments before making your choice.
Mistake 2: Failing to understand all the terms and details of the sale before signing the contract
Are you selling all your payments or just a portion of them? How much money are you selling them for? Is that the exact amount you will ultimately receive or are there any fees or charges you are also facing? When is that check going to get to you in the mail? Do you have the right to cancel the transaction if you change your mind?
These are just a few of the questions you should know the answers to, and you should never be shy about asking more questions about any stage of the process before signing the contract.
Mistake 3: Picking the wrong company with which to do business
This mistake is frankly hard to avoid sometimes because there are many companies that handle structured settlement transactions, and it is hard to know before you engage with them. Your best bet is to do as much research as you can about the company with which you are considering doing business before signing with them. Find one that has both an experienced track record and a reputation.
Mistake 4: Getting that lump sum in the mail – and spending it too quickly
Another mistake far too many folks make when they sell their structured settlement payments is spending the money from the sale recklessly. Flush with cash, they sometimes forget all their long-term planning and rush out for a big-ticket purchase that they may not needed. So when that lump sum gets to you, hold onto it a bit; reflect again on both your short and long-term financial needs and do your best to spend that money wisely.
Mistake 5: Not having a conversation with J.G. Wentworth about all your options
Finally, one of the steps you should make is to place a call with J.G. Wentworth to discuss all your options. We are a nationally known company that has been business for over two decades. We have handled over 50,000 structured settlement and annuity transactions for over $4 billion. We also have a Better Business Bureau rating of A+.
Our trained customer representatives will take whatever time you need to your financial needs and discuss your options. We will also patiently explain to you every detail about the structured settlement transaction until it is clear to you; then – and only then – will we began the process that will ultimately lead to you getting the money you need into your pocket as soon as we can get it to you.
We hope you avoid each of these mistakes and set yourself up for the successful financial future you deserve. If you have any questions about what we’ve written here, or want to speak to J.G. Wentworth directly, please call the company anytime at 877-227-4713.