Payments Companies that purchase structured settlement
and annuity payments form what is known as a secondary market. There are many buyers on the secondary market and if youre looking to sell there are
some key points you need to know to obtain the best price for your payments along with
good customer service. Trying to figure out where to sell payments
from your annuity or structured settlement? We can help Although the task may seem difficult, it really
isnt. There are firms specializing in buying payments,
and they can get the process started with just one call from you.
The journey begins with learning what a buyer
does, steps to consider, and finding a buyer who is right for you. People interested in selling annuities and
structured settlement payments turn to structured settlement companies in what is known as a
secondary market. The secondary market started about 25 years
ago and has grown dramatically as it has developed into a competitive and regulated industry. Buyers are individual investors and businesses
who are willing to purchase payment streams in exchange for lump- sum payments.
Whether you have a settlement from a personal
injury, or an annuity you inherited from a family member getting money in the near future requires
finding a quality buyer who will deliver the best service available. What Is the Buyers Role? Structured settlement companies acting as
buyers are available online and by telephone to discuss your interest in selling payments. A buyer will review your situation and in
most cases provide you with an offer if the terms of your annuity or structured settlement
allow you to sell your payments. Buyers benefit by purchasing your payments
at a discount.
Although you lose some of the value of your
payments the ability to receive money in a lump sum
can be an advantage, especially if you have a financial emergency or want to make a major
purchase such as a car or house. The secondary market stays competitive as
buyers use their available resources to provide you with up-front cash, in exchange for waiting
months or years for the payments you sold them While they benefit from the profit margin
related to the discount rate and waiting for a long-term payout, you benefit from receiving
money now. Selling Your Payments in the Secondary Market The primary market for structured settlements
is estimated at $6 billion in sales a year, and the secondary market buys its products
from the primary market As these businesses developed, the industry
has become highly regulated and closely monitored to protect the sellers best interest. Because there are about a dozen companies
prominently involved in the secondary market, buying annuity payments, it makes sense to
shop around and compare rates.
Remember that companies buying structured
settlements are businesses trying to make money. They charge fees for their service, similar
to the way banks charge fees for loans or credit card accounts The fees for structured settlements pay for
legal, administrative, recording, filing and miscellaneous work. These fees are usually factored into the settlement. Once you have chosen a company, they should
send you a contract and disclosure statement.
You should review the contract and disclosure
statement, either with your attorney or a financial advisor When you sign it and return it to the company
buying the annuity payments, they must file it with the appropriate court to get a judges
approval. The court then convenes a hearing and may
ask you to attend the hearing to answer questions about why you want to sell the structured
settlement. If the court agrees to the payout, the judge
will approve the transfer and you will receive a lump-sum payment. You can check with the Better Business Bureau
or Chamber of Commerce where the business is located to see how other people in your
situation have felt about working with a particular company.
You should feel comfortable throughout the
process of getting a quote. Avoid companies that put undue pressure on
you to sell immediately or have poor ratings from the Better Business Bureau A trustworthy company should be able to get
you money quickly but also take the time to answer any questions you have along the way. Links
http://paymaster.Co/structured-settlement-companies/.
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