If there is any time your clients could get ripped off when genuinely thinking they are getting a fair deal, it is when they are selling their structural settlement. They will believe they are making a good decision, but, at the end of the day, the decision could backfire spectacularly. Today, we will look at some of the best advice you can give to clients looking to sell their structured settlements.
They must not believe the hype
The goal of advertising is to get the client to walk through the door of an establishment; sometimes the virtual door to a website. Structured settlementvendor adverts can be somewhat misleading. In some cases details that may scare away a client are put at the bottom of adverts, in extremely small font. Therefore, you should advise the client to exercise caution. They should ignore the promises in the adverts and focus on what the company can bring to the table. It’s not all bad. Fortunately, some of the newer companies, like moneyupfront.net are more transparent with their advertising.
They need to get multiple quotes
Getting multiple quotes is one of the best ways to avoid getting ripped off when looking to commit to a company. The quote process will help them ensure they are getting the best possible deal, and also get first-hand experience of what it is like to work with a particular company. Here is a good link for locating trustworthy companies to work with.
Remind them to only sell what they must
Some of your clients may not know that they do not have to sell all their payments in the deal, and, thus, they may be talked into giving up everything. Educate them so that they sell what they need, and keep regular payments for the rest. Urgent cash needs shouldn’t translate to losing a secure financial future.
They need to read reviews
What are people saying about a particular structured settlements company? If there is more negative than positive, that’s a red flag. They should keep an eye on complaints made and how they were dealt with by the company! Most businesses understand the importance of reviews so any business that ignores bad reviews should be avoided.
They should talk in detail with potential buyers
The decision of who to sell payments to is perhaps one of the most important decisions the individual will make. Therefore, they need to understand that it is perfectly normal to interview these companies and understand how they work before choosing them. This should be part of the due diligence process even if they have glowing reviews all over the web.
They need to understand the need for documentation
Quotes from a structured settlement buyer should be documented. Also, answers to questions,such as about admin and other fees, must be documented. This will make your task much easier should there be any need to seek redress in court.
Let them understand the need for going through the final details with you
Your initial advice will count for nothing if the client goes ahead to make binding decisions without your knowledge. Therefore, they need to understand the need for regular meetings with you, or indeed any other legal team if they so desire. Understanding the sometimes very complex paperwork is a job for a professional.
With these tips, your client will be in a better position to avoid getting ripped off by a structured settlement buyer.