If you started to think about selling your structured settlement, then there’s a good chance that you already started looking at companies or maybe even requested a quote.
However, before you sign the paperwork and make everything official, it’s important that you’re making the right choice when choosing the right structured settlement company. Since there are so many companies out there that only think about their profit margins and not their customer, you’re going to want to make sure you’re looking out for the following when making an educated decision:
When getting quotes, make sure that you ask for the names so that you can research these people online. While researching a company name can help, you will want to take it one step further and find out who’s working behind the scenes. The last person you’re going to want to work with is someone who scammed people of millions in the past. Since this industry isn’t regulated like many other industries, it’s important you’re see what customers from the past are saying.
Since most settlements will be created by insurance companies, the payments will only be as secure as the company that is issuing it. This is why it’s going to be extremely important to work with insurance companies that have a good rating.
A solid company will have financial stability, solid underwriting and will be monitored by firms like A.M. Best and Moody’s. The last thing that you want to have happen is find out you’re not going to receive any payments in the future.
Dedicated Customer Support
When considering a company, it’s important that you have a dedicated staff member who can help you. A dedicated person is going to know your case, help you with any questions and point you in the right direction. If you’re talking with a new person each time you call, this can often lead to more confusion or even lost paperwork.
Since there’s a good chance you’re dealing with a lot of money, you’re going to want to make sure that these companies are paying close personal attention. If the company sends out forms that don’t address you personally, this is a huge red flag, especially if the form doesn’t talk about your personal situation.
Any good structured settlement company is going to respect your time. If you’re not receiving a response to your inquiries within 48 hours, then there’s a good chance they will do the same thing when working on your settlement. It’s important to choose a company that answers your questions in a prompt fashion.
If you’re uncertain you want to sell your structured settlement, you may be calling a few companies to see what they have to say. A good company will be able to talk about the benefits, the negatives and urge you to think things through. If the company is pushing you to sell that very minute and ignore your concerns, then there’s a pretty good chance they are just looking to make a hefty profit and only care about themselves.
An ethical company will be more than happy to allow you to get quotes from other companies. If the company encourages you to get other quotes, this could be a good sign because they know that they have the best support and quotes online.
Like a pushy sales staff, you’re going to want to keep your eyes peeled for a company that thinks about your situation. A good company will recommend a lawyer, financial advisor and even give honest advice on your situation. If the company just gives you answers you want to hear, then again, it could mean they are doing anything for you to sign that contract.
While the Internet is a great place to review potential companies, you won’t want to forget about the Better Business Bureau. The BBB is an agency that uses specific criteria to develop a letter grade. When researching a BBB grade, be sure to look into the specific complaints to see what others have said in the past.
In the end, take your time research these companies. Since it’s extremely easy to get scammed, no one is going to be looking out for you and your best interests.