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Don't Sell Your Structured Settlement Until You Read This!
 April 1, 2018

What is the number one mistake people make when selling their structured settlement? Obviously getting the most money in your pocket is key, but you may live to regret missing a few other critical considerations.

Show Me The Money!

Basically, when you are selling some or all of your structured settlement payments, you are selling future cash payments. Since the payments are coming in the future but you want to get paid today, the buyer will only pay a discounted amount. The amount of this discount depends on the buyer you choose and the current market conditions.

Timing Is Everything

image-1 Great. You got a price quote that works for you. Send me the check, right? Wrong. Several things have to happen first.

  1. The buyer will verify the payments exist and haven't been sold off already.
  2. The buyer must have an attorney go in front of a judge (probably the one that ruled on your case) to approve the transaction.
  3. Papers are filed and the payment is made.
The entire process will generally take 2 to 3 months. Anyone who promises you something different isn't being honest with you.

Can You Get It Done?

This is a key point. Not all companies that buy structured settlements can get the transaction done. Sure, they may give you a great offer but then they have to go find an attorney and hope to get things done when they promised you. Be smart and try to work with a buyer that has presence in your state. At the very least, ask about this before you agree to anything.

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15 Comments
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Carl G.May 12, 2018

I had an offer made to me and then they tried to change the amount. That's another trick to watch out for. They hooked me with a sweet offer and then tried to cut it way down.

Jim J.May 10, 2018

Is this really a good idea? Didn't you get a structured settlement for a reason in the first place?

 
Marco S. May 11, 2018

Things come up. One of my kids got into a college out of state and I didn't have the money to send her. Selling part of my settlement gave me enough for her to follow her dream. The monthly payments don't always fit your needs.

Zadie S. May 11, 2018

It's your money. Why should you have to wait?

Marcie A. May 1, 2018

The ads on TV are so cheesy. I could never deal with those guys.

 
Josh M. May 1, 2018

I thought those were a joke.

Jack W. May 2, 2018

Seriously. Who could trust someone like that.

Marla T. Apr 18, 2018

It's scary. I need the money but I don't want to mess this up. Thanks for the advice.

Grace H. Apr 19, 2018

It is a lot to deal with but the judge will help make sure you get a fair deal or she won't approve it. Also, ask about timing and their ability to complete the deal. While money is the main goal you don't want to be penny wise and pound foolish. It may end up costing you more.

Randy F. Apr 12, 2018

I wish I had read this before I sold my payments a few years ago. It was a total nightmare. They took 6 months because they didn't have any experience in my area. Then they tried to pass on some of the extra costs to me. What a headache. I wouldn't wish it on anyone.

 
Greg P. Apr 13, 2018

Sorry to hear that you had to go through that. Learning about the gotchas in the process is so important.

Randy F. Apr 14, 2018

Yeah, it's too late for me but I hope someone else follows this advice.

Cynthia R. Apr 9, 2018

Do you know if you can sell lottery winnings this way too?

 
Amy C. Apr 10, 2018

You definitely can. In some ways it's an easier process because you're in charge of it, not a judge.

Cynthia R. Apr 13, 2018

True, if you change your mind you should be able to get your money when you want it.

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