If you are thinking about selling your structured settlement payments for cash, but aren’t exactly sure where or how to start, today’s blog is for you. While selling structured settlement payments is a choice no one should make lightly, it also is not as complicated a process as it may at first seem. Here is our five-step guide to how to get started selling settlement payments for cash.
1) Weigh the pros and cons of getting money now instead of at future dates
Some people like the idea of a dedicated date when a certain amount of money will come to them months, years, even decades in the future; it helps them keep their finances and budgeting on track. Others are tired of waiting for these distant dates, and would rather have money in their pocket now. Whatever your situation and preference, make sure you carefully weigh all pros and cons related to forgoing future payments versus having that money now. Then, and only then, should you proceed to step two:
2) Do research into existing structured settlement payment purchasing companies
Not every structured settlement payment purchasing company is created equal! Selling your structured settlement payments is a major decision, so make sure you engage in a transaction with a company that has the experience, know-how, and reputation you’ll need to get the job done right. It should come as no surprise to our regular blog readers, of course, that only J.G. Wentworth has been in business for over two decades, has handled over $4 billion in settlement payment sale transactions, and has a Better Business Bureau rating of A+!
3) Understand the terms of your own structured settlement agreement
Among the questions you should find out about your own structured settlement: How much money are you scheduled to receive, and over how long a period is that money scheduled to arrive? Are there balloon payments scheduled, or is the same amount of money scheduled to be delivered to you at set time periods? These questions will not only help you understand the true value of your settlement payments but also guide you in any conversations you have with the structured settlement payment purchasing company.
4) Don’t rush into making any decisions
Selling structured settlement payments is a major decision, and one you should only make if you both understand the terms you are being offered, and are comfortable with the decision you are making.
5) Make sure you are clear about what the process of selling settlement payments entails
Just for starters, it is important to know that selling settlement payments for cash is a process that generally takes from 60 to 90 days. There will be a court-ordered review of the transaction before it is confirmed. Yet these are just general facts, it is extremely important that all the specifics related to your own structured settlement are clear to you before selling. The good news? – Once that process concludes, you get your cash!
We hope these five steps give you a good basic understanding of how to get started selling settlement payments, as well as some sense of what to expect along the way. Please bear in mind that everyone’s financial situation is unique, and that the more preparation you do regarding your own situation, the more smoothly this process should go. And as always, if you have specific questions about what your structured settlement payment sale process would be like, or simply want to hear a free, no-obligation quote regarding how much cash J.G. Wentworth would offer you for your future payments, call us anytime at 877-227-4713.