5 Tips for Selling Legal Settlements
If you've received a legal settlement, you're probably left wondering what to do with it. Perhaps it's structured to pay off small amounts over time, and you'd like to see if there's some way to use this settlement to make a larger impact in your life right now? The answer is a resounding 'yes'. There are many firms and private employees that make it their business to purchase legal settlements. They have an investment they can structure in many different ways moving forward, and you get a lump sum payment you can use to pay off debts, make a large payment or invest in another way that's more palatable for you. Although these sales happen all the time you don't want to jump into it blind. Here are five tips for selling legal settlements.
First of all, take the time to research various buyers. As with most things in life you don't want to take the first offer that's put on the table, and there are a lot of options out there. Ask each company for a look at their business documents. Do some research online and see what past clients have to say about them. If you get any sort of shady feeling, reach out to the Better Business Bureau for confirmation. It's all about getting maximum value, and you will want to have several legitimate possibilities to choose between.
You should also ask the company for some sort of financial verification. There are a lot of hucksters out there looking to take advantage of people who are desperate for immediate cash. The internet gives you many ways to research, but it also helps illegitimate companies create their own narrative. Make sure you receive proof they have the funds available, in a bank statement or through legally verified documents.
Remember that these companies purchase settlements all the time, but for you this could be a brand new experience. So take the time to understand your rights in the matter. The law is very specific, and you don't want to lose out on anything because of ignorance. Check in with an attorney prior to negotiating the deal if you are at all uncomfortable.
Also look out for other avenues of advice that could come in useful. Do you have any friends who have sold settlements before? Do you know an accountant, an investment manager or a financial planner? With this much money on the line it is time to call in whatever favors you might have, and receive some free or low cost advice.
Finally, make sure your choice to sell structured settlement comes out of a carefully considered, long term strategy. It's easy to get swayed by the thought of a chunk of cash now, but will you regret it six months down the line? Your legal settlement could be worth more if you hang on to it. At the same time, perhaps now is the perfect moment to sell. Regardless, just don't be too quick to react. Think it through and write down your goals. If you can sleep on it and return to your plan with full confidence you'll know you are on the right track.
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