Purchase Structured Settlements without Being Scammed
How to go about choosing structured settlements and make sure you don’t get cheated. When you purchase a structured settlement you need to make sure you take every possible step to make sure you don’t get cheated. You should be aware that there are many people waiting to create a scam and make a quick buck. This is mainly because most Americans cannot tell the difference between legitimate documentation and fake ones. Con artists will go so far as to create fake office locations with nice office furniture. Recently a couple made a large upfront payment in an effort to create a long term payback, unfortunately they purchased a fake structured settlement.
The con men had even set up a fake court room to hold the legal proceedings. The couple were convinced they were buying a settlement that was funded by someone who had recently won the lottery. They met the fake ‘attorney’s’ in an office that was set up to look like the offices of the lottery funding the settlement. They met at these offices to make sure the couple believed the settlement was actually funded by this lottery pay out. The court room was set up on the same block as the actual city court building which went even further to convince the couple they were buying a legitimate settlement – they actually thought that they needed to purchase structured settlement in order to fund their retirement.
What ended up being the icing on the cake for this couple was that the person who had won the lottery was willing to settle for significantly less than what was actually won in the lottery. He had won 6 million but was willing to take just 2 million in upfront payout. From an investment standpoint this meant the couple would be paying 2 million now to receive 4 million back over time. Because of the greed of the couple they chose not to look any further into the legitimacy of the company selling the settlement. In the end it was this poor judgment that lost this couple their life savings.
So in order to make sure you are not taken advantage of when you purchase structured settlement you need to make a thorough evaluation of the company you are considering making the purchase from. A history of their previous dealings and state and federal licensing information will help you determine whether or not they are financially viable. Make a checklist of questions to ask when you evaluate different companies and make sure YOU are the one who seeks out the purchase don’t let people come and try to sell it to you.
