When you decide to sell annuity payments, it’s kind of a big deal. You’re giving up some of your overall settlement so you can take advantage of a sweet, large sum of a money…it’s your money, sooner. It can be a damn good experience, but if you don’t play your cards right, things could go south, fast.
Annuity buyers out there like J.G. Wentworth try hard to convince customers that they’re going to give you the best deal. But how do you really know that you’re selling your annuity for the Most Cash? What are some of the things you can point to that can instill confidence in your decision? Here’s a handy checklist to help with this very thing:
1) You’re Shopping Around
You’ve called J.G. Wentworth, Peachtree, 123 Lump Sum, RSL Funding, and a few other structured settlement buyers to see what they’re going to offer you for your payments. They may have even offered some sort of incentive to get your attention (a cash advance, faster service, etc.). But once you’ve gotten past the nice, shiny introductions, you could easily see which companies were going to come through for you with the most cash for your annuity.
It takes a bit of legwork to find the best buyer. Your best bet is to call around, then rinse and repeat. Chances are, you’ll see which company shines through; the people who’re going to support you throughout the selling process and give you the absolute best deal. More than likely, RSL will come out on top. In fact, in 2018, RSL paid $7,000.00 more on average than J.G. Wentworth!†
Good on you for doing your research and weeding out the companies who’d be doing you a disservice.
2) You’re Not Falling Into The Usual Traps
We know for a fact that there are companies out there that are misleading customers. They tell bold-faced lies and withhold information. It’s all in the name of big business profits. So as part of your checklist, be sure not to fall into the usual traps.
To illustrate the point, let’s say you’ve accepted a quote to sell your annuity. You’ve been told by the company’s sales rep that you can’t back out. Your decision is set in stone and it’s in your best interest to stay the course. It’s absolute rubbish!
You can cancel your deal right up until your court hearing. All transactions involving the selling of long-term payments for a lump sum must be approved by a judge. Don’t show up to the court hearing, and your deal is canceled. It’s that easy!
That’s just one example. We’ve heard it all: Structured settlement transactions can happen in a matter of days. (What?!) Only big companies can offer the highest lump sums. (Nope.) RSL will take months to pay customers. (Uh, wrong again).
Selling annuity payments typically take about 45 days no matter which company you go with. The size of the annuity buyer has nothing to do with its ability to buy your payments. And RSL issues payments upon the judge’s approval of the transfer of payments.
So, keep your eyes on the prize. Don’t fall into the usual traps.
3) You’re Reading the Reviews
It’s a good practice to check reviews before selling your annuity payments. Google Reviews, the BBB, and other review sites provide a clear window into what real people are saying about the structured settlement and annuity buyers out there. Of course, if the reviews are legit, there will be some percentage of customers who were less than satisfied. But you’ll see the trends.
If you’ve checked out RSL Funding, you’ll find the company to be responsive, accommodating, transparent, and truthful.
When reviewing competitors, you’ll perhaps come across customers who’re rightfully angry for being lowballed on the sale of their payments.
Bottom line: Cast aside the companies having consistently bad reviews. Avoid the stress. Go with your gut.
4) You Feel Good About Your Upcoming Transaction
If you’ve submitted the required documents; completed all the steps, and you’ve made it all the way up to your court date – congrats! At this point, you should be feeling pretty good about your upcoming transaction. If there have been hassles with your buyer thus far, you may want to reconsider who you’re working with (keeping in mind that insurance companies can hold up the process).
You should ask yourself, “Has my Account Executive/sales rep answered all of my questions?…Has he/she been responsive?…Did I really get the Most Cash for my annuity?”
If you answered yes, then you’re in a good place. It means that everything that was supposed to happen happened and has gone smoothly. It means that the chances of you getting your lump sum of cash without a hitch is very high.
If you answered no to these questions, re-examine things. Call around again for better quotes. If you’re feeling good, then you’ve done everything right.
5) You’re Accomplishing Your Goals
Once you’ve received your lump sum of cash, then you should be able to accomplish some real life goals. If you’re planning on starting a business, going back to school, buying a home, or paying off debt so you can start fresh—you’re on the right track. That said, you should insist on choosing the annuity buyer who has your best interest in mind and who will give you the Most Cash. Ultimately, the decision is yours. But know that RSL Funding will be there for you from the very first call.
Use this checklist to guide you on your journey.
Ready to Sell Your Annuity? Contact RSL Funding now at 1-800-543-6513.
†J.G. Wentworth claim: Based on an analysis of competitive lump sum offers reported by potential customers during 2018, RSL Funding offered customers lump sums that were over $7,000.00 greater on average than offered by J.G. Wentworth in exchange for the same structured settlement, annuity, or lottery payments.