How to avoid hidden fees when selling your structured settlement or annuity payments:

There are several companies that will purchase structured settlement or annuity payments however, not every company can be trusted. If you are considering selling your payments you must be aware that there can be hidden fees. You do not want to be caught by surprise when your transaction is closing.
First, you must receive a Disclosure Statement stating the basic facts of your transaction. One of the most important things you can do to prevent hidden fees is review the disclosure statement very carefully. When reviewing, you need to look at and confirm the following things: (1) what payments you have agreed to sell, (2) the NET amount you will be receiving in exchange for what you are selling, (3) whether or not you will be charged any processing, notary, legal or administrative fees.
The review of these documents are critical because often companies will try to purchase more than you have agreed to sell or will try to give you less money than they initially offered. This can be done by changing the payments on your disclosure or Transfer Agreement. The Disclosure statement should match exactly what you agreed to. You should be given 3 -10 days to review your disclosure statement before you are required to sign any type of contract.
The next step you can take to avoid hidden fees is to review your Transfer Agreement very carefully. The payments you are selling and what you are receiving should be listed in the Transfer Agreement or Terms Rider to the Transfer Agreement. You should review these things very carefully and confirm that they match exactly what you have agreed to. If these items are not listed, you should request that they be added.
Taking these simple steps should prevent you from being a victim of hidden fees.

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