Why Do Consumers Want to Sell? Changed Financial Circumstances is
the #1 Reason
Judicial Review of Every Transaction Addresses Questions of
Appropriateness
BRYN MAWR, Pa., Feb. 27, 2008 (PRIME NEWSWIRE) -- With over 15 years of experience in purchasing legal settlements (also known as structured settlements), specialty finance company J.G. Wentworth has heard many reasons why consumers want to sell some or all of their future payments. But the most common reason is the need for flexibility when personal or financial circumstances change.
"The long payout periods of most structured settlements -- typically up to 30 years -- work well for many holders, but not all," said Andrew Torre, Chief Compliance Manager for J.G. Wentworth. "Many people find that they need access to their money now to pay for legitimate needs like college tuition, debt reduction, medical expenses or mortgage payments."
Torre offers these 5 tips to consumers considering selling a structured settlement:
1. Do your research on firms that can purchase your structured
settlement to ensure they have a reputation of offering fair
value.
2. Do not take the first offer to purchase your policy, but shop
around to get the most value for your structured settlement.
3. Depending on your financial needs, decide on whether you need to
sell your entire structured settlement or just part of it.
4. Consult with an attorney to make sure you understand and document
any tax ramifications.
5. Think about your financial needs going forward and how selling
all or part of your structured settlement may impact your income
later.
"We urge consumers to do their homework when considering selling their structured settlements," said Torre.
Before purchasing all or part of any structured settlement, J.G. Wentworth always seeks approval from a judge who has examined the appropriateness of the transaction, including state legislation.
About the J.G. Wentworth family of companies
J.G. Wentworth, Inc., based in Bryn Mawr, PA, is the nation's oldest, largest and most respected buyer of deferred payments for illiquid financial assets like structured settlements, annuities and life insurance policies. Since 1992, J.G. Wentworth has purchased over $2.5 billion of future payment obligations from consumers and is also the nation's largest securitizer of structured settlement and annuity backed notes. The company's notes are rated AAA by Standard & Poor's and Aaa by Moody's.
For more information about J.G. Wentworth, go to www.jgwentworth.com.