With the current economic crisis world wide, you might feel that you want to sell structured settlement payment so as to reduce the financial burden that you are experiencing. Of late you will find that the companies that are known to buy such settlements have been overloaded with people who want to sell structured settlement payment.
As a result, you will find that the rate for these settlements has gone down and also there is the risk of getting a rip off from such settlements. You will find that some people will not have the patience to wait for the right time to be able to sell. This will in turn subject them to unscrupulous dealers who will buy their structured settlements at an all time low price. An example would be the one of the homeless man who won the lottery.
Since he had never handled such large amounts of money, the lottery decided that he would be paid in the form of a structured settlement. This would ensure that he had a steady source of income as well as security in the future. But being human, he got greedy. He decided that he wanted to live the luxurious life of driving fancy cars and living in mansions.
At this point, one of his friends advised him to sell structured settlement payment. The so called friend told him that he could do this secretly with a shylock. This would in turn be very discreet and he would only be charged a reasonable fee. So he decided to go ahead and sell it. As we all know, shylocks are mostly predators that are out to make a quick buck.
They will do everything necessary in their power to make sure that they get the most out of the deal that is being done. They will also charge exorbitant prices and give a low turnaround. The homeless person being a drug abuser and high at the moment signed the papers that would allow the transfer of his structured payment. He was given a down payment and was to return the following day for the rest.
The next day the shylock was nowhere to be seen. As you can seen, this would be avoided if the necessary precautions.
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