When You Should A Person Sell Their Structured Settlement
When should a person sell their structured settlement? Well, there needs to be, or should be, pressing financial hardship or knowledge and a plan of how the monies will greatly improve the quality of life you are currently living or to prevent existing financial harm. Good reasons for selling your annuity can range everywhere from avoiding a possible eviction or saving your house from foreclosure to putting a down payment on a new house, or seeking to establish or repair credit by purchasing reliable transportation and using the funds from a transfer as a large down payment.
Other Reasons that fall within the range of good reasons include moving yourself or your family to a better neighborhood, furthering your education to get a better job, paying off any kind of debt such as medical bills, credit card, traffic tickets, personal loans from friends or family, or investing in a business. Attorney fees for other matters such as criminal, civil, and divorce are also highly acceptable reasons for selling a structured settlement.
It is best to discuss any of the reasons listed above, or other reasons you may have, with your own independent professional advisor (IPA). As a person selling a portion of their structured settlement in the state of California, it is your right to speak to an IPA at no cost to you to advise and assist you in the sale of your annuity. The company seeking to purchase your payments is also legally required pay for such IPA advice (up to $1,500.00). A “qualified” IPA should:
1. Review your documents prepared by the company you have chosen to do the transfer with.
2. Advise you as to whether or not you are getting the best deal and, if you are not, help you get fair market value for your payment stream.
3. Help you prepare for the Court hearing by making sure you have well thought out, specific reasons or needs for the funds.
4. Appear with you at the hearing.
It also important to know that you may wish to consider contacting an IPA first before choosing the company you will do business with. If so, the IPA should be able to shop your deal for you and get you the most money for payment stream. Not all companies in the business of purchasing structured settlements are the same and having an IPA negotiate the best deal for you is really the smartest way to go about selling your structured settlement payments.
You should know that not all IPA’s are the same either. You will want to find an advisor that is experienced in the sale of annuities and has the same computer software as the companies to determine the fair market value for you the payments. Not all advisors that review purchase documents are able to determine if you are getting a fair price.
So do your homework! Check the internet for “IPA” or “Independent Professional Advisor” and “structured settlement” and make some calls it could mean the difference of thousands of dollars! If you are reading this and you are interested in selling a portion of your annuity, it is our hope that you will seek to exercise your legal right to get an IPA to help in the sale of your structured settlement without costing you a penny!
We, here at the Law Offices of Eugene A. Ahtirski, will help you to get you the best deal on your transfer. Please give us a call and allow us the privilege to assist you in the process without costing you a penny.