"If there is anything we wish to change in the child, we should first examine it and see whether it is not something that could better be changed in ourselves."Carl G. Jung
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5 Mistakes People Make When Selling Structured Settlements
structured settlements, lottery winnings, annuities
Mistake One: Agreeing to sell to the highest bidder.
Unfortunately, some brokers or structured settlement/annuity sources will make a high offer just to get someone under contract. Then they will start making excuses and reduce the offer. Once you are under contract with a funding source, it is very difficult to back out. Even if you are able to pull out, you will have to start the whole process over again losing valuable time. Mistake Two: Believing the funding source when they say they can close very quickly.
The time to close is mostly dictated by individual state laws, both the state the insurance company has their home office and the state where the client resides. In some states, it is possible to close in about a month. In other states, it can take as long as four months. With the rest, it is somewhere in between. Don't believe it if someone says they can close in a week or two.
Mistake Three: Not determining how much you really need and thinking you must sell the entire remainder of the structured settlement or annuity.
Why sell a $200,000 settlement when you only need $30,000? If you need additional cash sometime in the future you will be able to sell more payments or lump sums at that time. By doing it this way, you will receive more cash over time than if you sell all payments at once; and it allows you options. Mistake Four: Letting emotions or being desperate control our decisions.
We have all gotten excited or felt desperate when faced with various situations. We could be excited about buying a home or starting a new career; or we could be feeling desperate because we are about to lose our home or are facing high medical expenses. Even though we are excited or desperate, we really must think through our decision. Some brokers or funding sources will try to take advantage of us and our situation. We should discuss our situation with a trusted family member, friend, attorney, pastor or whomever. We do not want to ruin tomorrow's financial options by making irrational decisions today.
Mistake Five: Not doing your due diligence on the structured settlement/annuity purchaser.
Call the attorney general in your residence state and the state where your funding source is located to see if there are any complaints about that funding source. If there are a lot of complaints against the source you are considering, take that as a red flag and move onto the next source. Your due diligence should be completed before agreeing to anything or signing any agreements.
About the author:
You could spend hours researching all of your options and still not have a clear idea of what to do... You need a professional on your side. With over a decade of experience, Louise Pointer can help you avoid the mistakes in this article as well as a few more. Click -> http://www.NationalFundingResources.com
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Ringler Associates Names New Board MembersEON: Enhanced Online News (press release)(EON: Enhanced Online News)--Ringler Associates, Inc, the largest structured settlement company in the nation, is pleased to announce the election of two new members to the Ringler Board of Directors. Cindy Chanley, CSSC, based in the Ringler ...and more » |
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Hennepin County judge: Texas firm must provide recordsMinneapolis Star TribuneHennepin County District judge found "reasonable grounds to believe" company that bought structured settlements violated law. A Hennepin County District judge has ordered a Texas company to comply with an investigation by the Minnesota attorney ...and more » |
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Taking Stock: Appointments, Promotions, AchievementsWisconsin Rapids TribuneMichael Westcott, structured settlement broker with Ringler Associates, was selected to speak at the 2012 annual conference of the Claims and Litigation Management Alliance on the topic of "The impact of Medicare compliance on the litigation process ...and more » |
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