Every year, more than three million drivers and passengers get injured in car accidents in the United States alone. Though many of those accidents get settled with the other driver’s insurance company, some end up going to court. When they do, the court often awards a cash award to the injured party that gets distributed through a structured settlement. This allows you to get payments on a monthly basis until the full settlement amount gets paid in full. So, what happens when you need the cash upfront? You can and should sell your structured settlement. Here’s how to do it.
Research Different Companies
The first thing you’ll realize when you start looking into how to sell a structured settlement is that there are tons of buyers out there. Some companies, like JG Wentworth, are well known in the industry. Others aren’t but that doesn’t mean they can’t buy your structured settlement.
The best thing you can do is research different buyers in detail. Look at the reviews from others that sold settlements in the past and see what they thought of the experience.
If most people feel satisfied with a buyer, consider working with them. However, if most of the reviews mention issues with the process, it’s best to keep looking.
Get Quotes From Several Buyers
Once you have a few structured settlement companies or buyers in mind, get quotes from each one you’re interested in working with. Different companies will offer you different lump-sum payments because they charge different rates for their services.
You’ll want to compare the rates in detail, paying close attention to the total amount you’ll receive when you sell your structured settlement for cash. Choose the company that offers you the best structured settlement quote.
Fill Out the Paperwork
Once you accept the quote, the buyer will walk you through the sales process. You’ll have to fill out paperwork to document the sale and provide details about your settlement so the buyer can wrap things up.
As a general rule, you’ll need to have several forms of identification (think passport and driver’s license), the settlement contract, and a signed agreement giving the buyer rights to the original settlement.
Once you fill everything out, the company will process your application. This should take about a month but it may take longer depending on your situation.
Accept the Funds
Assuming everything gets taken care of on time, you’ll get your payment from the buyer shortly after they process everything. If you’re worried about delays, stay in contact with the buyer so you’ll know what’s going on every step of the way.
Selling a Structured Settlement Is Simple
As long as you follow these steps, you’ll be able to sell your structured settlement quickly. Once you do, you’ll have the cash you need to cover your expenses, pay your bills, or even finance that vacation you’ve been dreaming of.
Selling a structured settlement is just one part of getting back on your feet after an accident. For more tips to help you speed your recovery, check out the rest of our blog.