Receiving structured settlements can be seen as nothing short of a blessing. Whether winning a personal injury claim or settling a general lawsuit, these payments tend to be a big part of your income for months or even years after attaining them, making them a great asset when handling small payments.
That said, there may come a time in your life when a sudden financial expense occurs and you need a lump sum of money, fast. Your structured settlement payout isn’t enough to take care of the hefty bill, so what do you do?
Selling structured settlements may be the answer that you need. Although you can’t turn your structured settlement into a lump sum, you can sell part or all of your settlement to get the money you need now. Read on to find out how this works!
Find Out if You Qualify
Before you begin looking into a lump sum payment, you need to make sure you actually qualify to receive one. This means making sure that your structured settlement is indeed a structured settlement.
By definition, a structured settlement is an arrangement that is established by an agreement for the periodical payment of compensation usually given after a claim has been legally settled. If your payments were not given to you in this manner, you may not qualify for a lump sum payment.
Decide How Much to Sell
The next step is to determine how much of the settlement you wish to sell. Even though it may be tempting to sell a significant portion to get a lot of money at once, you’ll want to keep in mind that the lump sum amount that you withdraw will always be less than the total dollar amount of your payments, so only draw what you need.
For example, if the purchasing company in question gives a lump sum total of 50 percent of your total future payments, and you get $1,000 a month through your settlement, you would be receiving $500 per sold structured payment.
Get Plenty of Quotes
As much as you might want to take a quick way out and sell to the first company you meet, it’s always a smart idea to shop around a bit and get a few quotes first before you sell.
Many companies specialize in buying structured settlements. But each one may handle the process differently and give you various offers. Find out which company offers the best option before sealing the deal.
Now that you know how to turn your settlement into a lump sum payment, you need to find out where to go to collect the money you deserve. Luckily, there are plenty of places that can turn your structured settlement into readily available cash and help get your life back on track!
Now You Know About Selling Structured Settlements
Selling structured settlements is a pretty straightforward task, and now that you know how to do it, you can get the money that you need instantly.
Make sure to check out our site for more tips and tricks to help you navigate life and reach your next level of success!
