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Once you’ve made the decision to sell all or a portion of your structured settlement, it’s time to get the ball rolling and turn those future payments into cash today. The process can see daunting if you’ve never done it or thought about doing it before but it’s actually pretty simple.

Start by doing your own research. It’s important to understand what a structured settlement is and how your particular settlement is structured. Start by finding your settlement paperwork either from your original court settlement documents or from the insurance company that issues your payments. If you cannot locate these documents, call your insurance company and request an updated benefits letter. A benefits letter will show you what remains on the annuity that is due to you and can sometimes show any previously assigned transactions (if you have done a transaction in the past). By gaining a better understanding of your annuity, you can use this knowledge to your advantage when speaking with different companies to come up with a reasonable deal.

Use simple internet searches to find reputable companies or businesses that purchase structured settlements or annuities and see what kind of services they can offer. Start by checking out their websites and reading reviews from previous clients. Investigating the company yourself will help you make a confident decision when deciding who to work with.

Once you have done some independent research, it’s time to gather some quotes for your payments. Having your benefits letter handy is very helpful and will help you get the most accurate quote. Most companies will give you a quote online or with a simple phone call. There is nothing to be afraid of why calling and talking to a salesperson from a company- you don’t have to commit to anything right away. Getting multiple quotes will ensure that you’re getting the best possible deal from the companies you have talked to. Once you are confident in your choice, it’s time to begin the transaction process for selling your settlement payments.

Before diving headfirst into a transaction, get more information regarding discount rates and current interest rates to ensure you’re receiving a fair deal from a company. Negotiate if you have to in order to get the best deal possible. Once you have agreed to a deal, the salesperson will need to verify your payments, typically through your insurance company. If you have an updated benefits letter, then they may ask you to send them a copy. It is sometimes possible to verify your payments with a simple phone call to your insurance provider.

Once everything is confirmed and verified, you will need to sign a sales agreement and contract. These typically have to be notarized and the settlement company will usually set this up for you. They will also make you aware that you have the option to speak to an independent financial advisor or lawyer to discuss the benefits and drawbacks of selling your settlement payments. This is completely up to you- if you believe you have done enough of your own research to be confident, then all you have to do is sign a form and move on.

Once all of the paperwork is signed and taken care of, the rest of the process is in the hands of the company. They will file the paperwork with the appropriate court jurisdiction and you will need to wait until a court date becomes available. All settlement transactions and transfers must go through the court system and be approved by a judge in order to avoid a tax penalty. This also helps ensure that you are receiving a fair deal and you understand what you are doing. Waiting for a court date can take as little as 1 day.

When your court date arrives, the company purchasing your settlement payments will inform you whether you need to be present in court or not. If you do, then showing up and explaining your reasoning for selling your payment to the judge is all you need to do. Once the petition is approved by the judge, the company will be able to give you the money for your settlement.  Receiving the funds for your payments can take as little as 24 hours, typically through a wire to your bank account.

While the process of selling your annuity payments or your settlement can seem scary at first, doing a little research can go a long way. It’s a lot easier than you think and takes a lot less time than you would expect. Before selling your settlement, confirm that this transaction is in your best interests.

If this sounds like something you want to do, call or email Annuity Sold and we can help you in every step of the process and get you the money you deserve.