by Structured Settlement Watchdog
I often receive a call or an email from someone who sold the rights to their structured settlement payments to a factoring company, settlement transfer company, or settlement purchaser, who now regrets their decision and is seeking recourse. Unfortunately for many of them it's a case of caveat venditor, or "seller beware"
Today's email involved a gentleman who, in 1997, sold rights to $867,000 in future payments over the then following 23 years to JG Wentworth for $110,000! That was a hefty discount even then. The payment rights sold were deferred tax free lump sums clearly set to milestone years in this man's life. Clearly he wishes he had those structured settlement payments to look forward to now.
If you are considering selling your structured settlement payment rights speak with a financial professional, unrelated to the company seeking to buy your payment rights. to make sure there are no better options. At the very least, sleep on it and then, with a fresh mind, think of the long term implications. Learn from the experiences of these other folks.
And read this!
Selling A Structured Settlement in 2023? Get The 411 on Cash Now. Don't Be a Victim (4structures.com)
And, if you have resolved that you must sell, don't succumb to pressure tactics from the buyer. If you make it through the Court approval process now required in all 50 states and Washinbgton DC, make sure to write down your reasons on a piece of paper, and save it. This way should you come to regret the decision in the future you can open your "time capsule" and have a reminder of why your younger self traded away your long term security. Learn from the experiences of others!
Last updated September 4, 2023