Recents in Beach

Can I Sell My Structured Settlement Payments?

It may be possible for to sell your structured settlement payments. To find if you are able to sell the future payments from your structured settlement, a financial professional or qualified broker would need to sit down and review your settlement and release documents, as well as your annuity policy documents.

When reading your settlement documents, there may be a line which says the settlement payments are 'non-assignable'. This is not as it sounds. In a lot of cases, it will not hinder your efforts to sell all or a portion of your structured settlement payments.

The 2002 federal law that originally created the framework for selling structured settlement payments will now tell you that the "non-assignable" language should be ignored as it is no longer valid.

As the seller, having an attorney during the process of selling your structured settlement payments is a good idea. By having a legal professional, they will be able to answer your questions and protect your interests.

This is why having an attorney is always recommended. You may be responsible for any fees for your attorney. In certain states, they will require that you consult an attorney for the duration of the process.

The payment of any court costs as well as the fees for your attorney can be paid by you or the buyer.

Some buyers will not pay for your attorney and will expect you to pay these costs. However, some buyers will pay these costs.

So when you are comparing the quotes you have received from interested buyers, you need to check and find out if you or they will pay the court costs and the fees for the attorney who presents your request in court.

A quote may look better at first until you find out that you have to pay these additional costs.

It is also worth knowing that some buyers will pay all costs even if in the worst case where the judge turns down your request to sell your future settlement payments.

How much you will get is of course dependent on who you are selling to. The majority of buyers will usually be able to give you a figure within 24 hours.

That is an average time to allow for the gathering of any information about your circumstances, as well as the details of your structured settlement. A good buyer will not charge you for a quote.

As with anything financial, take a little time to read and research as just having a little knowledge on structured settlements can save you a lot of money.