STRUCTURED SETTLEMENT “TRAPS”

An old proverb saying “if anything can go wrong, will“. No matter how careful you have been with the purchase of your structured settlement, the unexpected may damage your transaction. In my today post, I would to give you some structured settlement tips about all the things to be aware of.

Not so fast
Don’t let any structured settlement purchaser promise to turn around your sale in less than 45 days. All countries have a process for structured settlement factoring transactions and 45 days is a minimum. Several countries can take months! If you need your cash in 2 days, it’s too late to consider selling your structured settlement.

Change of plans
Structured settlement purchaser are in business to earn profits and can change their minds if they want to buying your return isn’t in their best interest! For instance, several buyers will put a good offer out there to get you to bite, only to cut it down later or decide they don’t want to sell definitevely. Therefore, be prepared to resist high pressure to get you to allow a subsequent offer much lower than the first or the addition of new fees that you didn’t agree to.

Delay
When you checked out prospective purchaser of your structured settlement, and hopefully you did this by checking the Better Business Bureau, you can have noticed that other sellers complained that buyers intentionally delayed the process! This happens when a buyer is trying to manipulate the return on his investment. If you find that the buyer is having unexpected delays or not communicating with you, consider other ways.

We are….broke!
If you believe this or not, several unscrupulous structured settlement buyers have entered into contracts to buy structured settlements, followed the process all the way through, only to assert that they were broke when it was time to pay up! If this is true, an honorable structured settlement purchaser will release you from your agreement, but these bad guys won’t. There is no crystal ball, but your vetting of structured settlement buyers should lead you to the Better Business Bureau, and you should look specifically for complaints of this kind.

Court
All countries have a structured settlement factoring transaction process which normally includes approval by a judge. You can even have to appear in Court to talk about why you need the money and why selling your settlement is the better option. So, if the judge decides that the transaction isn’t in your best interest, normally because the discount rate is too high for his liking, he can cancel the entire deal.