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January 8, 2014:
Comparison sites allow for best rates.

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Lump Sum:

Note that if you didn't take the lump sum originally, you are likely to get even less with a payout on an annuity if you change your mind later.

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Don't take the first quote on your structured settlement

Guess what. When you are selling your structured settlement and call for a quote, you are talking to salespeople who are on commission. They make more money if they can give you a lower payout. If you come forewarned, and shop around, you may get thousands of dollars more for the same periodic payment judgment. Commissioned salespeople also have a quota of sales to make every month, and there are often contests with prizes based on the number of monthly sales. These people may cut you a better deal just to get one sale closer to their goal, or even to keep their jobs.

When getting quotes on a full or partial sale of the rights to your structured settlement, you should try to avoid high-pressure tactics designed to work on your fears and needs. Certainly, you would not be contacting the firm if you did not have a need. They are still trying to give you fifty cents on the dollar, or less, for your money. They don't have to be fortune tellers to know that you have bills to pay, or need to make a major purchase. These people are also counting on the fact that your dollars are an asset-backed security, and will get added to their portfolio, which they then will sell to a management firm for a quick turnaround.

 

Notes and Special Information

Special note: An important consideration is to make sure that quotes you get aren't really all from the same company. If the offer amount is surprisingly similar across different brokers, you might be dealing with independent agents or affiliates of the same organization, who are getting their figures from an online source that tells them what to offer. Ask who the broker represents, whether they are a 1099 representative or a full-time employee, and what company backs the transactions. Remember once again that you are not the one in a hurry to make a transaction, but your agent is in a hurry to make a sales goal.