Posted by sobeit on 6/25/09 3:41pm
Msg #293594

Structured Settlements Pricing??

New to the structured settlements. Would appreciate any input on what fees your would charge. Don't want to low ball and take the market down. TIA

Reply by Linda_H/FL on 6/25/09 4:18pm
Msg #293599

I limit them to my home county as they normally don't pay much (the only one I ever did I was flat-out told "we'll pay for notarizations only - we don't pay travel" - 4 hours later and over 100 miles and I got a whopping $100.

Personally, for me in my location here, I'd ask at least $100.00 - $125.00 - they're small packages but the signers usually have to fill out part of the paperwork - don't know how - don't have information - not sure if they want to go through with it. I did get one assigned to me not so long ago- got the papers in and NOTHING was filled out - it was totally blank....so glad that one canceled by signer.

You have to take into account your travel distance and time, time at the table, etc etc and set a price that makes it profitable for you..

Reply by janCA on 6/25/09 4:39pm
Msg #293605

The one's I have done, docs are sent to borrower, they've looked them over, and I just have to do the notarizations which are usually 10-12. Coverage area, no further than 5-10 miles. Fees have been $100.

Reply by Linda_H/FL on 6/25/09 9:00pm
Msg #293631

Re: Structured Settlements Pricing??...Jan

Yeah..that's what I was told - the guy had the package....but he never even opened it!!...ugh

Reply by Barbara___IL on 6/25/09 4:36pm
Msg #293604

I have received $100 each time, but haven't had any calls lately. Sometimes, they are in scary neighborhoods, so you might want to ask the address before you accept, or perhaps, meet at another location.

Good luck. Barbara

Reply by CopperheadVA on 6/25/09 7:16pm
Msg #293617

You have to be careful when taking these... some companies try not to pay the notary if the structured settlement buyout is not approved by the court. There have been so many payment issues with some companies on these - I will only accept them from the signing service Inscribing Pursuits, as I've had excellent payment history with them on these. I don't get many call for them though, which is OK because I don't enjoy doing them.

On the overnighted ones, be sure to let the signer know when you call to confirm that they must review the package before your arrival and have any questions answered by the company that is offering the buyout. The first one I did, the signer never looked at the package and assumed that I would explain everything to her. And of course we could not get a hold of the hiring company!

Reply by John Schenk on 6/25/09 7:37pm
Msg #293623

Very good post, and I agree. I've done 6 of them and they were for W.G. Wentworth. I charged the same as for a regular refi with edocs, $125 in town plus extra for travel out of town. Don't think I ever had one that lasted over 15 minutes, and got paid on each. I'd gladly take another.

One thing I would use caution on is when the individual selling out the annuity has just reached majority. THAT is where the highest risk is involved on getting court approval, IMHO. Every structure for a young person I have done includes a college plan, and I have done a bunch of them. Those are usually set up to cover tuition and books in the fall and spring, and low monthly payment during the term of college. They're designed to make the kids have to work while going to school, and that is on purpose. There may be a lump sum payment at the time the individual graduates, and I usually stick one there, and then the next lump sum payment at the age of 25. It's all relative as to how much money you have to work with as to how they are set up, but the younger the person is that you're doing it for, the greater the chance the Court "may" not approve it.

On the flip side, if the structure has been set up for someone that is elderly, the Court may look at that pretty hard too. Had a lady in a van rollover case that was a result of a blowout from Bridgestone/Firestone tires that the Court found out that she had some 45 year old guy that was fleecing her out of her money and was the one that wanted to sell off the structure. The Court may also not look favorably in a situation where someone is preying on the elderly.

For those in between, I've found the odds much better that the Court will approve it. They buy those annuities for such a discounted rate that they can pay a reasonable fee for you to go sign them.

My agreement on the ones I've done is that I get paid my signing fee regardless of whether the Court approves it or not. Luckily, I've never had to try to enforce that.

JJ

Reply by Yowheelz on 6/27/09 7:55am
Msg #293784

I have a couple of people that I go see yearly. I can pretty much put them on my calendar a year ahead although one is always in the area but never in the same location.