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 Structured Settlement
 Pre-Settlement
 Lottery

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Things You Need To Know Before You Sell Structured Settlement Payments.

1. Know your payment amounts.
You will be asked for your payment information for an accurate structured settlement quote. So you will need to make sure you include your monthly payments and future lump sums if applicable.

2. Have your paperwork ready.
You will need to make a copy of your current driver’s license or state ID card as well as a copy of your social security card.  Also you will need to have a copy of your annuity contract or benefits letter from the insurance company as well as a copy of the settlement agreement.  Faxing or emailing these to the funding company will reduce the quoting process time.

3. Coming up with a purchase price.
This is the fun part of selling a structured settlement.  Most companies will try to buy all of your structured settlement payments.  In some cases that might be what is necessary to come up with the money that you are trying to generate.  But most of the time you will only need to sell a portion of your structured settlement payments.  A good company will work with you and tailor a plan that is based on your needs as well as your life’s situation. Splitting or buying partial payments is recommended because you will still have money coming in.

4. Paperwork time.
Now its paperwork time. Most states have their own structured settlement transfer act, or follow the federal structured settlement transfer act.  Either way the same basic process is followed.  You will receive a disclosure letter in the mail stating the payments being purchased as well as the amount to be funded.  Depending on the state you will typically have a 3 to 10 day wait until the actual transfer agreement and a few other forms are sent out.  Once the transfer agreement is signed and returned a court date is set.  Depending on the state you may, or may not have to appear.  Now its just a waiting game for the court to order the transfer of the purchased structured settlement payments.  The court process protects both you and the company that will purchase your settlement.

5. The funding process.
Now that the court has approved the transfer of your structured settlement payments, it is now time to get your money.  You can either request a wire transfer or a check.  Wire transfer is the preferred method.  After court approval the insurance company is notified and the funding company will usually fund your money in about a week.

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