Many people have structured settlements from lawsuits deriving from personal injuries, wrongful deaths, and other types of legal action taken against a person or company. When it is decided that you have won your suit and you are to receive a sum of money, it may not always come in the lump sum form you were hoping for. Often times, the settlements are given to you in a structured fashion which ultimately gives you more money in return but doesn’t account for the funds you need now. If you need money now to accomplish your financial goals or heal a financial emergency, selling your structured settlement payments may be a good option for you.
Deciding to sell structured settlement payments can be a tough decision that can scare a lot of people. It seems like companies are coming after you constantly looking to buy your payments and make money off of you. It can be a difficult task to begin but the payoff is always worth it if you decide that selling your payments will help you reach your financial goals.
Find the best company: Shop around for which company is going to offer you the best deal for your structured settlement payments. Don’t let a company charge you any fees for their quotes or services. Don’t be afraid to stand your ground and don’t let a company pressure you into anything you’re not comfortable with. Don’t proceed with a company until they have fully explained the process to you and what you will be receiving. If you are at all skeptical, ask more questions and take your time. If they are really looking to help, they will be there for you and walk you through the steps necessary.
Understanding your structured settlement: Do some research on your settlement. Call the insurer who distributes the payments and find out the terms. Ask for a benefit letter if you do not have one already. This will help you by knowing exactly what you have and companies can give you more accurate quotes when you have this information available. Also make sure that your structured settlement is transferable- some policies are non-transferable such as many workers’ compensation policies. Knowing this beforehand will save you a lot of time and headache in the long run. This information will also help you decide how much you will need to sell in order to accomplish your financial goals. In the end, the settlement is worth what ever it means to you. Depending on your goals will determine the amount of money your payments are worth at this time.
Decide what you want: If is important to know what you are looking to get out of your transaction by selling your structured settlement payments. If there is a particular amount of money you had in mind, make sure to let the company know this. Also know that you are not required to sell all of your structured settlement- you can choose to sell only a portion of your monthly payments or a portion of a lump sum you are to receive later on.
The best advice that can be given about selling your structure settlement payment rights is to do your research, be confident in the transaction you are completing, and make sure it is the right thing to do for your personal financial situation.