So you’ve been awarded a structured settlement. Maybe these payments are a recent acquisition, or perhaps you’ve been receiving them for over a decade. Either way, the time has come when you need a lump sum of cash for a legitimate financial need. Unexpected medical expenses or home repair emergencies may prompt you to sell future payments from your structured settlement. People who find themselves in these situations often feel panicked, as making the wrong move could mean getting less money for their payments. Before you go with the first offer on the table, take a deep breath and prepare yourself for the paperwork and possible legal endeavors that might be ahead.
Countless TV and Internet ads promise sellers to get cash NOW or FAST, but in actuality, all firms are required to engage in the same paperwork that takes 30 days or more to complete. At RSL Funding, we’re upfront with those interested in selling their structured settlements and pride ourselves on fully answering all questions truthfully. In this article, we’ll explore why it’s important to perform your due diligence when selecting a firm to work with, the pitfalls of choosing a less than reliable company, and why RSL Funding is the best choice for your structured settlement buyout.
The Importance of Choosing a Reputable Company to Handle Your Structured Settlement
When you’re ready to sell all, some, or partial payments, it’s imperative you determine the best place to sell your structured settlement or annuity. You should weigh factors such as the amount of time until you receive your payout, and the reputation of the company you will be working with. It’s equally important to understand the legal process you will be undertaking as well as the state and federal regulations concerning structured settlement buyouts. Remember, at the end of the day it’s up to you to do your research, and above all, read the fine print.
What to Expect During Your Structured Settlement Buyout
Once you’ve decided that selling structured settlement payments is beneficial to your immediate and long-term financial future, the first step is to determine how much money you need to accomplish your goal. It’s important to sell only what you need, whether it’s for putting a down payment on a new home or paying off college loans. Remember just because you WANT the money doesn’t mean a structured settlement company can or will approve your request.
In fact, when you speak with a customer service representative from RSL Funding, he or she will ask you for all the details of your request before you are approved. This is because nearly every state requires you and the firm of your choosing to go before a judge for final approval. If a company feels you do not have a sufficient reason for converting your structured settlements into a lump sum of cash, a judge will not approve your claim, and your request will be denied.
Should RSL Funding determine you have a valid reason for selling your structured settlement payments, you’ll be required to be present at a court hearing and bring along relevant paperwork. If you’re approved, it could take up to 30 days for you to receive your cash. The TV ads you’ve seen from large structured settlement companies want to reel you in, but the process is the same for all funding companies.
Selecting the Right Buyout Firm
By taking the time to get a general understanding of what to expect when applying for a quote, you will have a better chance of choosing the right company for your structured settlement payout. But where do you begin looking for the right company to partner with? You could start with a quick Google search using keyword phrases such as “how to sell annuity payment” or “best place to sell your structured settlement.” Maybe you will prefer to ask friends and family for recommendations. No matter where you begin your search, here are some helpful hints for selling your structured settlement:
- Ask for and compare quotes from several companies—the best firm to buy your structured settlement may not be the first one you choose. Therefore, obtain several quotes before finalizing your decision. This gives you the opportunity to compare the amounts each company is offering you to see which ones may be over promising or short-changing you. Be wary of those who offer you too much or too little money.
- Research each company and their reputation—though each firm you receive a quote from must go through the same legal process, some do it with more integrity than others. Read online reviews to see what others say about companies that buy structured settlements nationwide. Ask people you know and trust that have been in similar situations. Check with the Better Business Bureau to see if any complaints have been filed.
- Get everything agreed upon in writing—do not rely on phone calls to be sufficient for negotiations. Have the company you are working with put all important details in writing, even if only in emails.
- Sell only the amount needed—If you need $20,000 to pay off debt, only sell the amount, time valued adjusted. Remember you’ll be going without payments for some time and may need money in the future.
- Plan for the future—When you need cash for a present need, it may be difficult to think about the years to come. By taking into consideration what you’ll need down the road and creating a budget, you can more effectively plan your financial future.
- Have an attorney or financial advisor review the contract before signing—don’t sign anything until you’ve had an attorney or financial advisor of your choosing look over the paperwork. Have them check for hidden fees or clauses that could interfere with how you receive future payments and payouts.
The Dangers of Working With a Less Than Reliable Company to Handle Your Claim
You know you need to get ahold of a lump sum of cash rather quickly, but how you go about choosing the right company makes all the difference in the world. You may feel overwhelmed with debt or anxious your dream house will be sold before you can put money down on it, but remember the best option for selling your structured settlement is not often the fastest one. Many of RSL Funding’s competitor companies— J.G. Wentworth, Stone Street, Peachtree, and Novation Capital— aggressively pursue people like you through compelling TV and Internet ads with promises of quick, easy cash. Be wary of those who make promises they can’t deliver because there is no quick route to receiving payments for a structured settlement buyout. By recognizing the warning signs and false claims early in your research process, you’ll get the money you deserve with less headaches and more peace of mind.
Warning Signs A Company is Less Than Reputable
When it comes to selecting a firm for your structured settlement funding, one of the most important rules is don’t believe everything you read. It’s crucial to understand that the ads you see on TV and online are marketing ploys designed to lure unassuming or desperate people in need of quick cash. When an offer sounds too good to be true, it probably is. If any red flags appear while performing your research, consider other options, especially if the company:
- Has poor reviews—Ask friends or family members that have received structured settlement funding about their experiences and if they recommend the firm they used. The Internet has a plethora of websites and forums dedicated to reviews, criticisms, and evaluations of companies that buy structured settlements nationwide.
- Does not answer your questions fully and/or in a timely manner—If it takes days or weeks to get a reply, or even worse, you never get one, chances are you want to take your business elsewhere. Similarly when an agent seems evasive and doesn’t answer your questions, you may want to question what else they are hiding.
- Provides misinformation—often times a company will first tell you what you want to hear or a partial truth, then later give you the “full truth” and by then it may be too late. Avoid being fed misinformation by familiarizing yourself with the buyout process, including the legal obligations of the buyer and seller before you sell your structured settlement.
- Pushes for you to sell all your payments—you don’t have to sell all your payments at once. Any company that encourages you to do so is sending a red flag.
- Pressures you to make a decision “right now”—You don’t have to decide whether or not you want sell your settlement to a structured settlement funding company before you hang up the phone. The person on the other end is giving you a sales pitch; you need to choose the arrangement that benefits you both short-term and long-term.
- Offers you too little for your structured settlement buyout—Many competitors will tell you that your money is worth more now than in the future. Sure, inflation will play a small part, but the rate of return should still be substantial./li>
- Puts you in a position that causes you to fall short of your future financial goals—Those who are no longer able to work, possibly from an accident for which they’re receiving a structured settlement, often rely on their monthly or annual payments to cover bills and for other living expenses. Don’t jeopardize your future by selling off payments you need to make ends meet. You and the company of your choosing should work together to ensure you won’t fall into financial ruin.
- Refuses to put a “special” rate or offer in writing—if you communicate primarily via phone and you’re approved a promotional offer or rate, make sure you get it in writing. Do not proceed until you have that information in written form (emails are fine) and saved.
Common False Promises Other Firms Make
Structured settlement companies, though operating within legal confines, often engage in gray-area practices to benefit themselves, leaving the seller out to dry. In order to get your business, they will make promises then renege on guarantees discussed in earlier negotiations. Recognizing a false promise when you hear one and steer clear of companies that use any of the phrases or techniques to persuade you:
- Your money is worth more now than later
- You have to sell all your structured settlement or annuity payments
- Selling your payments is a one-time deal
RSL Funding Goes Above and Beyond the Competition
Whether you’re looking to work with a factoring company in Houston, TX or nationwide, RSL Funding upholds the highest standards of integrity when it comes to getting you the most money. We recognize it’s a privilege to do business with you, which is why we are happy to provide prompt responses and honest answers even before you sign on with us. Not only has RSL Funding proven time and time again that we offer more money than our competitors, we do so through transparent communication and the proper legal channels.
Read What Previous Client Have to Say About RSL Funding
“I was thrilled that I could get more than Novation offered. I felt I was being taken advantage of by Novation at that point and signed up with RSL Funding.” D. Williams- Phoenix, AZ
“I was in a transaction with J. G. Wentworth for the sum of $5,000.00. As it went on, I was told that my take home pay would only be $2,800.00. I then canceled the transaction approximately a year or so ago. I have since then started a transaction with RSL Funding, and at this point am very satisfied and wish to complete the transaction with them. My take home will be $5,000.00 with no other fees attached, presently or in the future.” J. Broussard- Tampa, FL
“RSL Funding has been a lifesaver for me and my family. Because of them, I was able to keep my house, my truck, and get myself out of debt. The account executive was very helpful and understanding of my needs and the needs of my family. I will forever be grateful towards RSL Funding.” D. Jones- Houston, TX
How to Receive a Free Quote and Begin Receiving Structured Settlement Funding
If you’re ready to see how RSL Funding can help change your financial future and get you the most for your structured settlement, call us today at web_phone or fill out our form for a free quote.
