Selling Your Structured Settlement Future Payments Pitfalls

Interested in selling your future payments from your structured settlements? Be careful. Even though this secondary market is regulated, unethical companies (factoring companies) have just gotten more sneaky and more creative on how to rip sellers off. Just yesterday I was researching companies that advertise to buy your future payments. One really spoke to me. I began to admire their website and their mission, and I thought, “What a trustworthy company…” I researched the president and the vice – president. It turned out the vice – president of the company was in prison as of 2010 for 4 years for over a hundred felony counts that include identity theft, forgery, grand theft and conspiracy. All the money he ripped off from over 300 victims supported his lavish lifestyle. And he was posing as a professional that you could trust. The phonies, the scams are out there. Our government has created laws that make selling your future payments safe and legal, and there still is evidence of scam artists, prolific thieves that dress well, look the part, say the right things and seduce you with “cash now”. A lot of times, a company devoted to buying your structured settlement payments will want sensitive information from you, just for a “free quote”. Some of the requested documents would be: • completed application (name, address, birth date, social security number) • your annuity policy • the Extended Release / Settlement Agreement • A copy of your most recent Annuity Check or Check Stub (If direct deposit, attach copy of bank statement showing deposit) • A copy of front page of most recent Tax Return • Copies of two forms of ID • A copy of Marriage License • A copy of Divorce Decree(s)/and property settlements(s) • A copy of Will and Probate Papers if you are receiving payments as the result of a probated estate • A copy of the Court Judgment • Copies of Assignments, Revisions, or other important papers related to the Annuity or Settlement Agreement, and Bankruptcy discharge papers Are you really going to blindly submit all of this sensitive information to a company you know nothing about, except that you liked their website? You are the unwary consumer they hope will visit their website. You are their prey. Only a legal professional with a strong moral compass can protect and represent you. Do your research, hire a lawyer and get the best possible deal.