Yes, you can sell your structured settlement to a structured settlement purchasing company for immediate money. While you first have to get court approval, you can legally, entirely or partly, cash out your payments to a structured settlement buyer who will take over your future payments rights.
Generally, structured settlements are carefully regulated through state and federal laws. However, you shouldn’t view this as proof that selling yours will hurt your finances. On the contrary, getting a lump sum amount by transferring your payment rights could help you achieve goals that would otherwise be out of reach.
If you have been searching online to sell my structured settlement, We Pay More Funding is the go-to factoring company. Follow these steps when looking for a structured settlement purchasing company.
1. Assess your needs
The first step is to decide the amount of money you need and how much of the structured settlement you are willing to sell. Always remember that the total amount of payments you receive in the long run will be higher than the amount the factoring company has to offer.
Carefully consider how much you are willing to sacrifice. Usually people sell part of their payment instead of the full structured settlement. Ensure that you sell enough payments to cover whichever debt or expense you are using it for.
2. Get the quotes
Once done with the first step, contact the different companies you are considering for the quotes. This will inform you of the amount the company is willing to pay for the payments. Also, consider checking out their ratings from the Better Business Bureau and Google.
Ensure that each offer contains all the fees and commissions you are expected to pay as it is always ideal to go into any deal with your eyes open.
3. Evaluate your options
Once you have all the quotes, the next step is to compare them. Go through the contract and know all the terms of engagement before making any important decision. Ensure that all your questions are covered and that you are comfortable working with that buyer. Don’t shy away from asking vital questions.
Research into each factoring company until you are satisfied that they are reputable and legitimate.
4. Choose the purchasing company
Once satisfied, go with the company you are most comfortable with.
5. Ask for an advance
If you urgently need money, ask your factoring company for an advance. It is a partial payment, usually around $1,000, that you can have until the deal is fully funded. It might take a few months to receive your lump-sum payment.
Once done with all these five steps, the next important step is to get the court’s approval. Once that is through, you’ll receive your money. Remember to consult financial and tax pro’s to ensure you are fully informed on what to expect from their perspective as well.