Do I Need to Use a Structured Settlement Company?

When trying to determine if you need to use a structured settlement company you would need to be in a position of wanting to sell the money attached.  These companies can prove very beneficial in some instances but unfortunately, there are many more interested in making money off the high fees associated with the sale rather than helping you get the finances needed but without paying big bucks.  It is important to understand that structured settlement companies typically come into play for two specific scenarios.

When trying to determine if you need to use a structured settlement company you would need to be in a position of wanting to sell the money attached.  These companies can prove very beneficial in some instances but unfortunately, there are many more interested in making money off the high fees associated with the sale rather than helping you get the finances needed but without paying big bucks.  It is important to understand that structured settlement companies typically come into play for two specific scenarios.

If you agree to settle your lawsuit from personal injury outside the court system you would choose a lump sum payout or scheduled payments in the form of a structured settlement.  If you take the payout, you would receive all the money at once whereas with payments, the money agreed to would be paid over a period of many years or for your entire life.  Even with this, you would have the option of assigning a beneficiary who would benefit from the money after your death.  However, sometimes people will take the structured settlement only to face a major situation in which you need a lot of money.

Now, with this type of situation, the only way the settlement could be reversed would be to get court approval, which is difficult.  The only option would be to sell the settlement to a structured settlement company in exchange for a fee.  Another scenario in which a company such as this would be of assistance is if you decided to accept a larger payout toward the end of the agreement.  In either case, it is imperative that you choose the company carefully.  The goal is to find a reputable company that has reasonable rates.

To help you get started if you felt you needed to use a structured settlement company, we have provided some helpful information so you would know what to look for and questions to ask.  That way, your chance of working with a solid company would be improved.

•    For starters, do your homework prior to actually needing a structured settlement.  In other words, if you have not yet come to an agreement on the settlement or you have just finalized things, start looking for a company now.  This provides you with time to do complete research so ultimately, you end up with professional service.
 
•    Next, take the time to ask about the company.  For instance, you have both the right and responsibility to question the number of years in business, current financials, expertise of the professionals with the company, and so on.  More importantly, find out how many years of experience specific to structured settlements and the number of cases handled.  You can also visit the Better Business Bureau at www.bbb.org to see if the company has had complaints against it and if so the type, number, and whether resolution has been reached.

•    If you think you may need to use a structured settlement company you should also ask for references from past and present clientele.  Honest companies that operate on a foundation of integrity should have no problem in providing this information so if you find any hesitation, you should be wary.

•    While it is critical to find out if the company’s best interest is on you and not their own financial growth, sometimes getting to the bottom is difficult.  For this, ask about rates and then do comparisons with other structured settlement companies.  If you find the fees are significantly higher, more than likely that company is focused on their best interest and not yours.

•    Finally, a good structured settlement company should provide financial guidance in addition to buying out your payments.  A reputable company would be concerned about your money, eager to do what it takes to protect it.  Therefore, a company that provides this type of support along with buyout services is likely one to consider.

While a number of qualified structured settlement companies exist, the following are some of the ones that come highly recommended to consider.

•    J.G. Wentworth – www.jgwentworth.com
•    Patriot Settlements – www.patriotsettlement.com
•    Solid Funding – www.solidfunding.com
•    Settlement Quotes – www.structuredsettlement-quotes.com
•    Woodbridge Investments – www.woodbridgeinvestments.com
•    Strategic Capital – www.strategicapital.com