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Why Do I Need To Sign An Authorization To Sell My Structured Settlement Payments

Why Do I Need To Sign An Authorization To Sell My Structured Settlement Payments

When selling your structured settlement payments you are either mailed a large packet of documents or scheduled to meet a notary with a large packet of documents for you to sign. Within this packet you typically have a transfer agreement, a statement of dependents, an affidavit in support, a preferred method of funding, a change of beneficiary, a certificate of marital status and an authorization. Depending on your state and the structured settlement purchasing company you are working with you may have more or less documents.
Often clients call the structured settlement companies and ask to have the documents explained to them because it can be overwhelming to receive such a large packet. Additionally, understanding exactly what you are signing is very important. You should always look over all of the documents before you sign them. It might be a good idea to ask the company you are working with to send you any documents you are expected to sign a few days in advance so you can review them without feeling rushed.
In regards to the authorization you are asked to sign. This authorization form is required because the structured settlement purchasing company you are working with needs your permission or authorization to deal with other individuals while completing the transfer. Specifically, they may need to speak with your insurance company to clarify payments or maybe they need to speak to your original settlement lawyer in an attempt to locate some documents. Likewise, each company will want to pull both a lien and a credit report on you. In order to do so, they need to have your express written authorization.

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