What is a Structured Settlement?
A structured settlement payment is a method of compensating injury victims. Structured settlements are voluntary agreements reached between two parties, typically a plaintiff and a defendant, under which the injured person (the plaintiff) is provided a stream of periodic cash payments purchased on behalf of the defendant for compensation of damages. Structured Settlements are completely voluntary agreements between both the injury victim and the defendant.
Selling Your Structured Settlement
Many people who have obtained structured settlements through their personal injury or workers' compensation claims wonder if they should try to sell their settlement in return for a lump sum payment. This may be a relatively modest curiosity, piqued by an advertisement announcing "It's your money!" and promising cash payment. Or it may be based upon an immediate need for funds. However, selling a structured settlement is not always possible, and it is not necessarily an economically wise decision.
Consult a Lawyer
It is wise to consult a lawyer in relation to the sale of your settlement before signing a contract. A lawyer can help ensure that your rights are protected, and that you will not be subject to consequences for events outside of your control, for example if the company which purchases your settlement is later unable to collect payments from the insurance company which issued the annuities in your settlement package. A lawyer will be able to tell you if the terms of the purchase agreement are reasonable, and may also be able to advise you as to whether the offer made for your settlement is adequate.
How to Turn Your Structured Settlement into Cash
A lot of people who have been a party to a structured settlement agreement often find that the cash payments they receive on a periodic basis are not what they need. However there are now buyers who are more than willing to offer cash for structured settlements. Meaning that these people could soon have the funds they need in a lump sum amount.
But unfortunately there are some states where the selling of such agreements isn't allowed. This is because there may be restrictions placed on the annuity to ensure that payment of the settlement is completed.
However if you do live in a state where such can take place what are the benefits to be had from cashing in yours? Below we take a look at just a number of.
1. By selling yours you will have the money you need quickly so of course if you want to purchase something like a house or a car then you will have the funds to do so. This of course then means no need to take out a loan to make such a huge purchase and of course no monies needing to be paid back in the future.
2. When you do get cash for structured settlements you can then use the money to invest in other ways that will achieve a much higher return for you. Certainly it is a good idea before you do consider selling yours you look at the kinds of way that the money you receive can be invested to provide a much more comfortable financial future for you. Therefore spend time speaking with your financial adviser as well as with your lawyer before you may the decision to cash in on your settlement.
It is important that before you do actually sell yours that you consider what impact this will have on your life in the future. One important thing that you need to remember is that you don't need to actually sell the whole settlement if you don't need to or don't wish to. In fact the situation may be one where you just need a sum of money that will cover certain expenses that you are faced with, yet will then receive the usual payments as well.
Also before you do actually accept any of the offers made for selling your structured settlement ask a lawyer to review them. If you don't then there are certain consequences that you could be faced with later that can affect your financial situation in the future.
Another thing it is important to do when looking to get cash for structured settlement you have is to arrange for a lawyer to be present when you attend court to request approval for the selling of it. Your lawyer will be there to make sure that you understanding everything that is happening. This will in turn help to ensure that you make the most informed decision with regards to the sale that is right for your particular situation.
Selling Structured Settlements Now
This site is dedicated to helping you get the information you need to sell your structured settlement quickly and for the most money possible. Take a moment to read through the information here so that you can get started on turning your small monthly payments into a larger lump sum of cash.
The most important thing when making a financial decision along these lines is to make sure you do extensive research on the options available to you as well as the various settlement purchasing companies that you can work with. There are many structured settlement brokers that will help you to negotiate this process as well as companies that will pay cash for your settlement. This is why it’s a good idea to do research on other people’s experience with these companies so that you can be better prepared when you go to auction off your settlement.
Another thing that we would like to talk about is the reasons for selling your structured settlement and whether or not it is the best decision for you. For instance, many times the small monthly payments could be invested in another investment that could produce a higher return with the money. In this case, it makes complete sense to sell your payments and change your investment strategy. On the other hand, if you are using this money for a more frivolous purchase then you need to look closely at the decision you’re making because it could make more financial sense to keep the payments coming and make no changes to your current situation.
Part of what we hope to create with this site is a place where people can share their experiences with this transaction as well as ask and get their questions answered. So don’t hesitate to leave with where you are in the process or your experiences with specific companies or brokers. This way everyone can learn from each other’s situation and be better prepared when making their own financial choices.
Thank you for visiting and I look forward to having you back to Selling Structured Settlements Now soon.
