We are back… where were we? oh yes, here are points that you need to know when you sell your structured settlements.
1. Don’t judge a book by its cover
Slick buyers will try to impress you with all sorts of “facts”-which may or may not be relevant to your situation. They may tell you great things they’ve done for their great customers, the size of their business, and annual revenues.
All well and good, but these statistics don’t guarantee the buyer will treat you fairly and find the best solution for both your short-term and long-term goals. So how do you know if a potential buyer really walks the walk, so to speak?
When the buyer talks, consider whether he or she has:
- Listened to your current and future cash needs.
- Gathered a firm idea of why you are selling structured settlements.
- Offered suggestions to help you reach your current needs without selling your settlement.
- Given you more than one option in addition to just selling structured settlement payments.
When the buyer listens, consider whether he or she has:
- Actively listened to you explain your problems before giving you any answers. (If a buyer is really listening, he or she might change his/her mind about what he/she thought would be a good answer to your problem. This kind of open-mindedness is a very good sign.)
- Focused intently on you as if you were the center of the universe. (Your buyer should treat you as if you were the only customer they have today.)
2. Who, What, Where, Why, When, & How…
Who are these people?
Research the buyer and company on the internet. Look past the sales pitch and check out the history. Just being in the business of buying settlements doesn’t guarantee the company is reliable and surely doesn’t guarantee they will give you the right solution for your situation.
What are the company’s values and ethics?
Find out if the company practices what it preaches. There are reputable companies in this business. And there are quick turn artists who treat clients like numbers. Make sure you know the difference.
When will you get your money? Really?
Selling your structured settlements or an annuity doesn’t happen overnight. It’s a process with many behind-the-scenes steps that have to be done in the correct order. So watch out for companies that claim: “we can put cash in your pocket in a few days.” Don’t believe it. Find out how long you will realistically have to wait for your money before you sell. If it sounds too good to be true: it is.
Where do they do business?
We work with residents of all 50 states and the US Territories.
How do they treat clients? Do you feel pressured?
Professional settlement and annuity buying companies hire the best industry experts and top financial leaders. These buyers will advise you and help you make the right decision. A reputable buyer will ask you why you are selling and will offer alternatives and suggestions to help you make the best decision. You may feel pressured to make a quick decision. Don’t. Your buyer should take the time to understand you and should give you the time to understand the consequences of your decision.
3. Only sell what you need and not a penny more Of course you want to sell your structured settlement or annuity because you need cash and you need it now. Right? Maybe not. Before you sell, ask yourself a few questions to make sure your reasons make sense.
Why are you selling?
Just because you need money now doesn’t mean you have to sell your entire settlement or annuity. If your reasons are solid and are an investment in your future, maybe it makes sense to sell. Maybe you need to:
- Buy a house or save one from foreclosure.
- Consolidate credit card debt.
- Finance education for yourself or your child.
- Pay an immediate medical expense.
If you don’t have solid reasons to sell structured settlement payments, proceed with caution. A good buyer will tell you this and will offer options that meet your current need for cash, but also provide long-term security. There is no good reason to sell your entire annuity if you only need a portion of it for your immediate needs.
How much do you really need?
Add it up and write it down. Then put it away. After a night’s sleep, look at your number and your reasons. Do they still look smart? When it comes to a decision as big as selling your structured settlement or annuity, make sure your reasons pass the overnight test.
It’s uncomfortable, sure, but do it anyway. Check your buyer’s references. Make sure you ask previous clients if there is anything the buyer could have done better. Is there anything that should concern you? Remember, you’re not hiring someone to change your oil or cut your hair. You’re hiring someone to manage a large financial transaction for you.
5. Ask questions
There are some things you should know before you sign a contract. Here’s one: ask your buyer what he or she doesn’t do well. A good buyer understands that limitations create focus and focus creates value. Admitting mistakes is a good sign of honesty, integrity, and intelligence. Here’s something else you should know: are there any alternatives to just selling your settlementoutright? A good buyer will give you options-and alternatives may mean more money for you. Bottom line: the only stupid questions are the ones you don’t ask.
6. Know the danger signs
Beware of a buyer who:
- Calls you three or more times a day
- Has you speak with someone different each time you call their office
- Argues with you
- Doesn’t argue with you
- Doesn’t return your calls
- Says: “don’t worry about it” or “trust us, we do this all the time”
- Talks more about the dollar amount in the quote than about what you will do with the money
- Knows less about structured settlements and annuities than you
7. Our pledge to you and yours to us
- We will be honest with you and we want you to be honest with us. This means we are on the same team. We will communicate openly throughout the process and we expect you to do the same.
- There will be no surprises. If something changes, we will each tell the other the moment it happens.
Receive a quote for your structured settlement payment?
Should you wish to proceed or to receive a structured settlement quote please contact us. We guarantee you a fair price, with quick service and an easy process that puts you and your interests first. We can buy all payments, a number of payments or a portion of each of your structured settlements payment. Speak to an expert at Strategic Capital about the options available to you.
At Strategic Capital, we believe the quality of the client-buyer relationship is critical to gaining your trust-and your business. So we wonder: why don’t more sellers ask how they can get more from us, the buyers of their settlements and annuities?