Consumers choose to sell structured settlements for many reasons. While many sell their payments to help with college tuition, debt reduction, medical expenses mortgage payments, most people sell their settlement to gain financial flexibility when personal or financial needs change. 

However, consumers often are unaware of their options when selling structured settlements.

What price is too low? Which company is reliable? Can I sell just part of my settlement?

These are just some of the many questions that arise when considering selling your structured settlement. Here are six tips to consider before you sell structured settlements.

Things to Consider Before You Sell Structured Settlements

1.    Search for specialty finance companies (such as Woodbridge Structured Funding and JG Wentworth) that are able to purchase your structured settlement. Be sure to research their reputation and testimonials – what clients (past and current) say is invaluable.

2.    Do not accept the first offer to purchase your policy. Why? Browse multiple companies to make sure you’re getting the most value for your settlement.

3.    Evaluate your current financial standings, and then decide whether you need to sell all or part of your structured settlement.

4.    If you can’t understand the legal jargon, consult an attorney. Make sure you understand the documents and any tax ramifications that occur when you sell structured settlements.

5.    Evaluate your financial obligations that will accrue in the future. Re-consider whether selling all or part of your structured settlement will be beneficial for you. Also, consider how accessing your assets will affect your income.

6.    Before you sell structured settlements, be sure that the company you’ve chosen addresses all legal ramifications. As much as possible, go for a company that does the most – if not all – of the work needed to get court approval.