Hi everybody. J.G. Wentworth here.
You know we’re coming up on out 20th year in the business. That’s a long time. But, do you want to know the question I’ve heard most over the years?: ‘Mr. Wentworth, is selling some or all of my structured settlement payments a good idea or not?’
It’s not really a black and white answer. There are pros and cons.
Here are some of the pros:
· There are, generally speaking, no costs associated with selling your structured settlement payments.
· Similarly, the sale of structured settlement payments is considered to be a tax-free transaction.
· When you sell structured settlement payments you do not go into debt.
· When you sell structured settlement payments, the discount rate is often much lower than other forms of financing, particularly credit cards.
· When you sell structured settlement payments, you can structure the sale so that you can continue receiving some of your regular payment stream.
Of course, the pros must be balanced against some cons, namely:
· Selling structured settlement payments takes time. Our sales representatives advise our customers that the process can take four to six weeks, sometime longer due to special circumstances.
· Selling structured settlement payments will reduce the amount of income you get from your regular payments from the insurance company.
· You need to keep your guard up. There are some unscrupulous firms out there that don’t always have your best interests in mind.
Everyone’s circumstances are different. The best thing I can recommend is to learn as much as you can about the process and your own financial needs, and then call us to talk over your options with a trained account representative. If you like what you hear, that’s a good indication that selling your structured settlement payments may be the right transaction for you!