How You Can Avoid Getting Ripped Off By Your Structured Settlement Buyer

Bad things happen to good people. And vice versa. Especially when you choose the wrong structure settlement buyer. There are simply times when we try to do what is right but we end up making poor decisions. Or, what seemed like a good decision backfires. Sometimes, we all get ripped off.

You may have a structured settlement but need cash now – that’s understandable. But before you sell your structured settlement payments there are 10 things that you can do to avoid getting ripped off:

1. Don’t Believe Everything that You Read.

Advertising is designed to get you in the door. A structure settlement buyer can embellish when they advertise – they stretch the truth. And if you are lucky they may put the truth in microscopic text that flashes by at the bottom of an advertisement. So be cautious. Be a careful consumer and look into a company before you buy into their marketing campaigns. At Strategic Capital we do not advertise. We don’t need to. We get our clients through word of mouth, and we only buy a structured settlement if it is truly in the client’s best interests.

2. Get Multiple Quotes.

The best way to avoid getting ripped off is to get multiple quotes before you commit to a company. You can use the quoting process to ensure that you are getting the best price, but also as a way of testing out a company and ensuring that they are easy to work with.

3. Sell Only What You Must.

You do not have to sell all of your payments; don’t let any structure settlement buyer tell you that you do. You should keep as many payments intact as possible, selling only what you must to meet your current need. You have a structured settlement but need cash now, but this doesn’t mean that you have to sell it all.

4. Choose the Right Structure Settlement Buyer.

Next to deciding to sell your payments at all, the most important decision that you will make is who to sell them too. You should “Interview” companies. That is, you should ask them questions and get to know them before you choose to work with them.

5. Get Everything in Writing.

Be sure that you have your quote from your structured settlements buyer in writing, of course. Also, get something (even an email) that says you will have no out of pocket fees and answers any other questions that you feel are important.

6. Consult a Lawyer or Financial Advisor.

You should get independent professional advice to help you make the right decision. We know, a lawyer can be expensive, but you can often hire a financial advisor for a small, hourly fee. Consider it. When you call Strategic Capital ask them if there is any way that they can help you get this advice for free.

7. Read Structured Settlement Companies Reviews Online.

Online reviews can be a great asset in choosing a structure settlement buyer to work with. Some people like to use the BBB, but they have limited usefulness as they generally don’t tell you what complaints were made or how they were resolved. And their rating system has little to do with how many complaints a structured settlements buyer receives. Instead, do a general web search for the name of the company you are considering and the word “complaints” or “review” and see what you find. You can also try “Company Name Endorsement” and see who gives the company you are considering a thumbs up. To see what endorsements Strategic Capital has, simply click here:

8. Don’t Count on the Judge to Save You.

The judicial approval is designed to help ensure that you have thought the sale through well. Do not count on the judge to make the decision for you.

9. Create a Budget to Secure Your Future.

The sale of your payments is not the end of your responsibilities. Now, you have to do what needs to be done with the money, and get along in the future. Creating a budget can help you to do both.

10. Reduce Your Spending.

The biggest way that people get into financial trouble is through overspending. Reduce your spending and your entire financial life will improve.

Do not buy into the hype!

Advertising has been around for generations, as have salesmen. People have been selling snake oil and other meaningless concoctions for years. Just watch a little late night TV and you will see from the infomercials that people will say anything to get your money. So, again, this means it is up to you to wade through the rhetoric and find the truth before you commit to selling your settlement.

Protecting Yourself

Terry Taylor, an experienced professional in structured settlements whose credentials include serving as president of the National Structured Settlements Trade Association (NSSTA), says that while he is generally in favor of structured settlements, he knows that sometimes a bad situation can cause a client to want to sell their payments. Taylor cautions, though, that many factoring companies are not to be trusted. Yet, Taylor says, “There are companies out there that are concerned more with the person selling their structured settlement than the profit they can make from the sale. I was fortunate enough to find one of those companies in Strategic Capital. When I first started referring business to them I was shocked to find that they actually talked one of my referrals out of selling his structure before filing bankruptcy, when I could not convince him to do that.” This quote by Taylor highlights the importance of you doing your research and finding a caring company, like Strategic Capital, to sell your payments to, not just going with the one that advertises the most or gives you the hard sell.