This article because you're thinking about selling your structured settlement payments. Perhaps you've seen one of those amusing, but annoying videos on television. We're seeing an equally amusing or annoying ad on the Internet. Either way, you might have a particular situation in, which you have been you're thinking about selling your structured settlement. You might very well have a valid reason, and I'm not against people selling their structured settlements for the right reasons. There are some very valid reasons for people to sell their structured settlements. But, what's very-very important in the purpose of this bid this very brief article is that. You just simply can't let your guard down. You can't simply a 100% trust the first person that you're talking to because you have no idea whether that person is qualified to give you structured settlement advice. I'm going to tell you a brief story.

Structured Settlement Protection Act

This individual had called the lawyer and said. "There any way that we could sue this big company, one of the companies that you see on TV. She had sold some structured settlement payments to them in the past. And she claims that she told these to only sell a portion of her income stream or sell her income stream. Not touch her lump sum payments. When push came to shove she alleges at least two meets, she alleges to the lawyer on the phone. That it turns out that all the payments were sold. The lawyer said well this doesn't make any sense, you're from Florida. There's a “structured settlement Protection Act”. Where there's a structured settlement on protection act, there must be, any court approval of the structured so-called structured settlement selling factoring transaction. You cannot sell your structured settlement payment rights without the court approval.

If you did it without court approval. Let's say somebody did do that, and then what would end up happening? Is the purchaser would get tagged with a 40% excise tax. It's the United States Internal Revenue Code. A purchaser of structured settlements is highly unlikely to want to purchase structured settlements without court approval. Just doesn't make any sense. Lawyer discussed this, with the woman and it turns out, that she said. She didn't have to go to court because she had a notary. And it turns out that she didn't read her documents.

What can one do for a person in this particular situation? Apparently, she'd go on to a couple of lawyers and those couple of lawyers didn't really want to take her case. Because they really saw that, there was no case. What's the message here? I'm not here to chastise one individual; I'm here to take to help instruct people. Who are consumers, who are honestly trying to have some resolution to their financial problems, this is the reason. Why there are secondary market facilities for structured settlements.

Must Read the Documents

You must read the documents. You have to read the documents as long and boring as they are, you have to read them. You need to have somebody explain to your questions. Don't be so blinded. If you're in a bad situation, you're desperate for cash. It's very easy when you're going through that particular passage or journey to lose sight. How you're going to get to the other side? The important elements of the navigation to get to the other side. You just want to jump over the top but, you really need to deal with some of the little twists and turns along the way. It's important to read your documents and it's also important to work with people who are qualified.

Work With Qualified People

Somebody who is sitting at a call center is more than likely not qualified to give you financial advice. Perhaps they are, but if you what you need to do? Is check their credentials ask what credentials do you have, are you a chartered life underwriter, are you a certified financial planner, are you a lawyer, what academic credentials do you have, or professional certifications that do you have, that can make me feel comfortable about the advice. That you're giving this is extremely important, there are many qualified people who are in the structured settlements secondary market. There are people in the primary market, who provide independent financial advice to people who are considering selling structured settlements. Sometimes that advice is maybe, there are some alternatives for you other than selling your structured settlement payments.

Think About These Things

Think about it, if you see an ad on TV; Search the internet look at the qualifications looks for stories about that particular company. If there are any people have had, legitimate bad experiences. Don't go to consumer complaint sites, when it comes to financial services a lot of the stuff is made up, from what, we can see. it's much more credible for you, go to a regulatory organization. If you're dealing with somebody with securities, there's FINRA broker check there's the SEC's financial advisor check. If you're dealing with somebody, who is a licensed insurance agent? You can go to your local state insurance department. You can go to the “Secretary of State” in your state to see whether or not that business is. Even registered to a business in your state. And this is something that you're going to find When you go and seek information about selling your structured settlement.

Beware of Fake Companies

There are a lot of people out there, who are not registered to a business in your state. Yet they're soliciting you. And one of the things that I've found out of research over the last year. There are one or two companies where they're actually using aliases or fake names can you imagine. Somebody's actually soliciting, somebody to sell their structured settlement payments using a fake name or an alias. You don't even know, who you're dealing with. They could be in Timbuktu for all you know, if they're being they may not be in the location that they purportedly are. There are websites out there that don't that either. Don't have phone numbers, don't have legitimate addresses. There is one or there are at least two companies that we know or two websites that are soliciting consumers. Where they faked academic credentials.

There was no such person, at UCLA, and there was no such person that Florida State. Unfortunately, there is virtually no regulation regarding the solicitation practices of these companies. The best thing you can do the things that. I'm recommending to you.

·         Check the Secretary of State,

·         Check FINRA broker,

·         Check the SEC

·         Check your insurance department

·         Check the CPA

·         Check the Board of standards

·         Check law they admitted to the bar in your states

If you're dealing with somebody, who has a securities license. These are very important things. 

I hope this has been helpful.